Cboe Introduces Nation’s First Regulated 10-Year Crypto Futures to Address Institutional Needs

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Cboe Introduces Nation’s First Regulated 10-Year Crypto Futures to Address Institutional Needs

Bitget-RWA2025/11/17 20:22

By:Bitget-RWA

- Cboe launches first U.S.-regulated 10-year Bitcoin/Ether Continuous Futures (PBT/PET) on Dec 15, 2025, offering institutional investors long-term crypto exposure without offshore reliance. - Products feature daily cash adjustments to spot prices, eliminating rollovers, and are centrally cleared via CFTC-regulated Cboe Clear U.S., enabling cross-margining with existing FBT/FET futures. - 23×5 trading schedule and Funding Amount mechanism align with market conditions, addressing operational friction while

Cboe Global Markets is preparing to transform the U.S. crypto derivatives sector with the introduction of its

Bitcoin

and

Ether

Continuous Futures, which will debut on December 15, 2025. These offerings provide institutional investors with a regulated U.S. alternative to offshore perpetual futures. The contracts, identified as PBT and PET, will have a 10-year maturity and will be adjusted daily in cash to reflect spot market prices, removing the necessity for rolling over contracts

according to CoinCodex

. This development meets the increasing need for long-term crypto investment options within the framework of U.S. regulations,

representing the first instance

such products are available in the U.S. market.

The futures will settle in cash and be cleared centrally by Cboe Clear U.S., which is overseen by the CFTC,

reducing counterparty risk

and allowing for cross-margining with other CFE-listed contracts such as Financially Settled Bitcoin (FBT) and Ether (FET) futures. Trading will be available 23 hours a day, five days a week,

beginning Sunday at 6 p.m. ET

and ending Friday at 5 p.m. ET, making it accessible to both U.S. and global traders. Rob Hocking, Cboe’s Global Head of Derivatives, highlighted the significance: "Since perpetual futures have mainly been traded on offshore platforms, Cboe is thrilled to broaden access to these instruments within a regulated, transparent, and intermediary-friendly U.S. environment"

according to BeInCrypto

This launch comes amid wider regulatory changes under the Trump administration, which has shown a willingness to embrace crypto innovation. In March, the CFTC sought public input on perpetual derivatives, and

Bitnomial recently became the first exchange

to introduce CFTC-approved

XRP

futures. Cboe’s Continuous Futures are designed to close the gap between conventional futures and the perpetual swaps favored on offshore exchanges,

providing capital efficiency

and risk management solutions for institutional clients.

Anne-Claire Maurice from Kaiko, the provider of real-time reference rates for these contracts, pointed out the product’s ability to streamline operations: "These continuous futures remove the operational hassle of rolling positions while preserving the oversight and transparency of regulated markets"

according to PR Newswire

. The daily "Funding Amount" feature will update open positions to track spot prices,

keeping them in line with market trends

Cboe’s initiative also comes as global competition in crypto derivatives intensifies. The Singapore Exchange (SGX) recently introduced its own perpetual futures on November 24,

referencing CoinDesk indices

. However, Cboe’s U.S.-regulated approach sets it apart by specifically addressing the needs of domestic institutional investors and adhering to more rigorous compliance requirements.

To encourage uptake, Cboe’s Options Institute will conduct educational webinars on December 17 and January 13, 2026, to explain use cases and technical details

according to PR Newswire

. With institutional investors holding 82.67% of Cboe’s shares,

they are anticipated to drive early interest

in these new contracts.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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