Cboe Launches First U.S.-Regulated Perpetual Crypto Futures Contracts

Cboe Global Markets is set to launch the first U.S.-regulated perpetual-style cryptocurrency futures contracts on December 15, pending final regulatory approval. The Cboe Futures Exchange will offer Continuous Futures for Bitcoin and Ether, which will bring a product structure previously available only on offshore platforms into the domestic regulatory framework.

The new contracts will have a 10-year expiration date and employ daily cash adjustments similar to the funding payments used in perpetual swaps. This design eliminates the need to roll expiring futures contracts, addressing operational friction that institutional investors face with standard monthly or quarterly expirations.

Regulatory constraints have kept domestic exchanges from offering these instruments, leaving American institutional investors to either accept the rollover burden of standard futures or venture into less-regulated offshore venues. Cboe's Continuous Futures attempt to bridge this gap and provide a supervised pathway to leveraged digital asset exposure.