Key Takeaways
- • Cboe Global Markets is evaluating conversion of its Bitcoin (PBT) and Ether (PET) Continuous Futures contracts into true perpetual futures, eliminating the current 10-year expiration structure and enabling contracts that never expire.
- • Cboe's existing Continuous Futures, launched December 15, 2025, currently use daily cash adjustment mechanisms and 10-year expirations to functionally mimic perpetual futures within a regulated US framework—the proposed conversion would remove this regulatory workaround.
- • The CFTC's late-May 2026 approval of Kalshi's bitcoin perpetual futures contract established regulatory precedent, creating a viable pathway for Cboe to formally transition to perpetual products and expanding institutional access to crypto-native trading instruments.
- • The conversion represents natural product evolution within six months of Cboe's initial launch, signaling traditional finance's structural adaptation to institutional demand for perpetual-style crypto exposure through regulated US derivatives exchanges.
Summary
Cboe Global Markets is actively considering converting its Bitcoin and Ether Continuous Futures into perpetual futures contracts, according to remarks by Nate Geraci, president of ETF Store, flagged on June 23, 2026. The move would mark a significant evolution of products Cboe introduced only six months prior, representing a formal shift toward crypto-native trading instruments within the traditional US regulatory framework.
Cboe's current offering—Bitcoin Continuous Futures (PBT) and Ether Continuous Futures (PET), launched December 15, 2025—already functions similarly to perpetual contracts through a regulatory workaround. The contracts carry 10-year expiration terms and employ daily cash adjustment mechanisms that replicate perpetual futures behavior. These daily adjustments serve the same economic function as funding rates in offshore perpetual markets, preventing contract prices from drifting significantly from the underlying asset. The contracts reference Cboe Kaiko Bitcoin and Ether Real-Time Rates, anchoring pricing to real-time market data rather than lagging indices.
A formal conversion to true perpetual futures would eliminate the 10-year expiration entirely, creating contracts that settle continuously and never expire. This structural simplification would bring offshore crypto-native products fully into regulated US derivatives markets, potentially broadening institutional adoption.
The regulatory environment has shifted favorably to enable this transition. The CFTC's approval of Kalshi's bitcoin perpetual futures contract in late May 2026 established precedent for perpetual futures within the US derivatives framework—a product category regulators had previously viewed with skepticism. This approval effectively opened a regulatory pathway that the crypto derivatives industry had pursued for years, providing Cboe with the legal foundation to pursue full perpetual conversion without requiring additional regulatory innovation.
The timing reflects both market readiness and institutional demand for long-duration crypto exposure through regulated venues. Whether Cboe proceeds with the conversion remains to be confirmed, but the company's consideration signals accelerating convergence between traditional finance infrastructure and crypto-market structures.
Cboe's current offering—Bitcoin Continuous Futures (PBT) and Ether Continuous Futures (PET), launched December 15, 2025—already functions similarly to perpetual contracts through a regulatory workaround. The contracts carry 10-year expiration terms and employ daily cash adjustment mechanisms that replicate perpetual futures behavior. These daily adjustments serve the same economic function as funding rates in offshore perpetual markets, preventing contract prices from drifting significantly from the underlying asset. The contracts reference Cboe Kaiko Bitcoin and Ether Real-Time Rates, anchoring pricing to real-time market data rather than lagging indices.
A formal conversion to true perpetual futures would eliminate the 10-year expiration entirely, creating contracts that settle continuously and never expire. This structural simplification would bring offshore crypto-native products fully into regulated US derivatives markets, potentially broadening institutional adoption.
The regulatory environment has shifted favorably to enable this transition. The CFTC's approval of Kalshi's bitcoin perpetual futures contract in late May 2026 established precedent for perpetual futures within the US derivatives framework—a product category regulators had previously viewed with skepticism. This approval effectively opened a regulatory pathway that the crypto derivatives industry had pursued for years, providing Cboe with the legal foundation to pursue full perpetual conversion without requiring additional regulatory innovation.
The timing reflects both market readiness and institutional demand for long-duration crypto exposure through regulated venues. Whether Cboe proceeds with the conversion remains to be confirmed, but the company's consideration signals accelerating convergence between traditional finance infrastructure and crypto-market structures.
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