Cboe Global is to begin trading bitcoin (PBT) and ether (PET) continuous futures on its Cboe Futures Exchange from 15 December, 2025, pending regulatory approval, with the contracts providing US investors with perpetual-style exposure to the two largest digital assets.
The new continuous futures have a 10-year expiration and incorporate a daily cash adjustment, effectively offering long-term, roll-free exposure similar to offshore perpetual futures. This structure is intended to appeal to institutional investors, including hedge funds, looking to manage volatility, optimise capital efficiency, or implement tactical crypto strategies, including short positions.
The contracts will track the underlying assets using Cboe Kaiko Real-Time Rates, with a daily funding amount applied to maintain alignment between the futures and spot prices. They will be centrally cleared through Cboe Clear US, a CFTC-regulated clearinghouse, helping to mitigate counterparty risk. Cross-margining with other CFE-listed products, such as Financially Settled Bitcoin (FBT) and Ether (FET) futures, will also be possible.
The PBT and PET contracts will trade on a 23×5 schedule, from Sunday evening to Friday afternoon ET.
