Cboe Launches First U.S.-Regulated Perpetual Futures

Cboe Global Markets is set to launch Cboe Bitcoin Continuous Futures (PBT) and Cboe Ether Continuous Futures (PET) as the first U.S.-regulated perpetual futures on December 15, 2025. Trading will occur on the Cboe Futures Exchange, pending regulatory approval.

The contracts offer 23x5 trading and have 10-year expirations. These products are designed to mimic perpetual futures exposure and are subject to regulatory review, providing a transparent trading environment.

Cboe's Futures to Enhance Institutional Access

Institutional investors are expected to benefit from the regulatory clarity of these centrally cleared futures. Cboe’s approach could boost crypto market credibility and accessibility, catering to a growing demand for regulated alternatives.

According to Rob Hocking from Cboe, the efficient risk management structure of these futures aligns with institutional needs. Historical data suggest potential increased adoption and price transparency in U.S. crypto markets. He stated, "As perpetual futures have historically been traded offshore, Cboe is excited to help expand access to these products within a U.S.-regulated, transparent, and intermediary-friendly environment... We are excited to keep diversifying CFE’s offerings to meet growing customer demand, and equally focused on expanding our education efforts to help market participants understand the utility of these new futures."

Continuous Futures Reflect Global Regulatory Shifts

Similar earlier launches, such as CME’s BTC and ETH futures, spurred institutional interest despite lacking a continuous model. The shift to U.S. regulation mirrors global trends toward transparency in financial markets.

Anne-Claire Maurice of Kaiko highlighted that these contracts reduce the operational challenges associated with rolling positions. Current data indicate a possible rise in institutional participation within regulated crypto markets.