Cboe Global Markets plans to launch 10-year “continuous futures” contracts for bitcoin and ether starting November 10 on a regulated Futures Contract exchange in the United States, pending regulatory approval. The contracts combine daily cash settlement with a fixed expiry.
Traders can maintain long-term positions without having to renew contracts frequently, providing a more transparent framework for institutional and retail investors.
Long-term contracts for Bitcoin and Ether
Cboe Global Markets, a major stock and Derivative exchange operator, has announced plans to launch Continuous futures on the Cboe Futures Exchange (CFE). The launch is subject to regulatory approval and is expected to take place on November 10, 2025. The products will include bitcoin and ether contracts with maturities of up to 10 years, unlike traditional Futures Contract that require regular renewals.
Continuous futures are long-term contracts similar to perpetual futures offered on offshore platforms. However, unlike perpetuals, they have a fixed maturity of up to 10 years. They also use daily funding adjustments tied to the spot price. This setup allows traders to maintain positions for long periods of time without having to renew contracts quarterly or monthly. Additionally, this design provides a regulated alternative to offshore perpetual futures, which can be more volatile and often lack centralized settlement.
The contracts are cash-settled, with daily adjustments linked to the spot price. This mechanism allows traders to manage long-term positions efficiently and simplifies operational management compared to contracts that expire sequentially. Moreover, observers note that these features could make the product more accessible to institutional and retail investors in the US market.
Legal framework and market surveillance
Cboe designs its contracts to comply with US regulations. All trades are cleared through Cboe Clear US, which is overseen by the Commodity Futures Trading Commission (CFTC ). This ensures the contracts operate within a regulated settlement framework.
Perpetual contracts have become popular onoffshore platforms , market experts explain, while Cboe’s product offers a similar structure in a regulated environment in the U.S. The Cboe Options Institute will host public classes on Oct. 30 and Nov. 20. These will cover contract design, trading mechanics, and settlement processes.
The launch will represent one of the longest-dated cryptocurrency Futures Contract regulated in the U.S. This reflects the growing institutional interest in cryptocurrency investment products while still complying with domestic regulatory requirements.
