Key Takeaways
- • Cboe Global Markets will launch Bitcoin Continuous Futures (PBT) and Ether Continuous Futures (PET) on December 15, 2025, on its Cboe Futures Exchange (CFE), establishing the first U.S.-regulated perpetual-style crypto futures offerings.
- • The new contracts eliminate rollover requirements through daily cash adjustments and feature a 10-year expiration at listing, allowing investors to maintain long-term exposure without periodic contract closures and repositioning.
- • Trading will operate on a 24×5 cycle from Sunday through Friday, 6 p.m. to 5 p.m. EST, with central clearing through Cboe Clear US, a CFTC-regulated derivatives clearing organization, ensuring institutional-grade regulatory oversight.
- • The launch positions Cboe ahead of international competitors; Singapore Exchange Derivatives announced its own Bitcoin and Ethereum perpetual futures launch for November 24, 2025, marking accelerating institutional adoption of crypto derivatives globally.
- • The perpetual-style structure addresses a key friction point in traditional crypto futures markets, where six- and twelve-month contract expirations force investors to repeatedly close and reopen positions, creating operational complexity and potential slippage.
Summary
Cboe Global Markets has announced December 15, 2025, as the official launch date for its new Cboe Bitcoin Continuous Futures (PBT) and Cboe Ether Continuous Futures (PET) contracts on the Cboe Futures Exchange (CFE). This launch represents a significant institutional milestone, making Cboe the first U.S. exchange to offer regulated perpetual-style cryptocurrency futures. The products were originally announced in early September and have now received confirmation for imminent market introduction.
The structural innovation underlying these offerings addresses a persistent inefficiency in traditional cryptocurrency futures markets. Conventional crypto futures contracts typically expire on six- or twelve-month cycles, requiring holders to close positions and reopen new contracts to maintain continuous exposure—a process that generates transaction costs, operational friction, and potential price slippage. In contrast, Cboe's perpetual-style contracts employ daily cash adjustments to eliminate rollover requirements entirely, enabling investors to maintain uninterrupted long-term positions. Both PBT and PET contracts will feature a 10-year expiration at listing, fundamentally changing the mechanics of institutional crypto exposure management.
Trading will operate on a 24×5 schedule, opening Sunday through Friday from 6 p.m. to 5 p.m. EST (UTC-5), accommodating the global nature of cryptocurrency markets while maintaining synchronization with U.S. market hours. Central clearing will flow through Cboe Clear US, a CFTC-regulated derivatives clearing organization, ensuring the institutional-grade risk management and regulatory compliance that sophisticated investors require. This clearinghouse arrangement distinguishes these products from decentralized or non-cleared alternatives.
The timing of Cboe's launch reflects intensifying global competition in crypto derivatives infrastructure. Singapore Exchange Derivatives announced its own launch of Bitcoin and Ethereum perpetual futures for November 24, 2025, positioning itself as the first major Asian exchange to offer exchange-cleared crypto perpetual futures. This parallel development underscores accelerating institutional acceptance of cryptocurrency derivatives and the growing importance of perpetual-style contract structures for both domestic and international financial infrastructure.
The structural innovation underlying these offerings addresses a persistent inefficiency in traditional cryptocurrency futures markets. Conventional crypto futures contracts typically expire on six- or twelve-month cycles, requiring holders to close positions and reopen new contracts to maintain continuous exposure—a process that generates transaction costs, operational friction, and potential price slippage. In contrast, Cboe's perpetual-style contracts employ daily cash adjustments to eliminate rollover requirements entirely, enabling investors to maintain uninterrupted long-term positions. Both PBT and PET contracts will feature a 10-year expiration at listing, fundamentally changing the mechanics of institutional crypto exposure management.
Trading will operate on a 24×5 schedule, opening Sunday through Friday from 6 p.m. to 5 p.m. EST (UTC-5), accommodating the global nature of cryptocurrency markets while maintaining synchronization with U.S. market hours. Central clearing will flow through Cboe Clear US, a CFTC-regulated derivatives clearing organization, ensuring the institutional-grade risk management and regulatory compliance that sophisticated investors require. This clearinghouse arrangement distinguishes these products from decentralized or non-cleared alternatives.
The timing of Cboe's launch reflects intensifying global competition in crypto derivatives infrastructure. Singapore Exchange Derivatives announced its own launch of Bitcoin and Ethereum perpetual futures for November 24, 2025, positioning itself as the first major Asian exchange to offer exchange-cleared crypto perpetual futures. This parallel development underscores accelerating institutional acceptance of cryptocurrency derivatives and the growing importance of perpetual-style contract structures for both domestic and international financial infrastructure.
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