Cboe launches 10-year “continuous” futures on Bitcoin and Ethereum: cash-settled, debut set for N...

Cboe Global Markets is preparing “Continuous Futures” contracts on Bitcoin and Ethereum, with a ten-year duration and cash settlement, to offer investors long-term exposure in a regulated environment as stated by PR Newswire and in the official Cboe release published on the company’s website.

According to the official statement published on September 9, 2025, the launch is planned for November 10, 2025. Market analysts following crypto derivatives note that instruments with decade-long maturities can reduce rollover costs for static allocations and support long-term hedging strategies. Industry reports and news also indicate an increase in institutional interest for regulated cash-settled products following the evolution of spot ETFs in the US market.

Futures Bitcoin Ethereum Cboe: what will arrive on the market

Cboe Global Markets has introduced “Continuous Futures” contracts on Bitcoin (BTC) and Ethereum (ETH), designed to provide long-term exposure without the traditional monthly rolls of standard futures. Each contract has a duration of ten years and is cash-settled; the daily settlement (mark-to-market) aims to contain rotation costs and replicate, within a regulated framework, some of the typical dynamics of offshore perpetuals.

According to the statement, the goal is to reduce operational friction and lower costs associated with rollover, bringing the qualities of perpetual contracts in a regulated manner. In this context, the continuity of exposure aims to promote more stable strategies over time.

Timelines and Regulatory Process

The launch is scheduled for November 10, 2025, subject to the outcome of regulatory procedures by Cboe Futures Exchange (CFE) and in compliance with applicable CFTC regulations.

Technical Specifications: What We Know and What Remains to Be Defined

Confirmations

Structure: “Continuous Futures” contracts on BTC and ETH with a duration of 10 years and daily settlement (mark-to-market).

Settlement: cash-settled, with reference to an index/benchmark that will be defined in the official product specs.

Purpose: reduce the need for frequent rolls and ensure continuity in market liquidity.

Details Pending Publication

Contract size and tick size.

Margins (initial and maintenance) and position limits.

Definition of the pricing/settlement index, trading hours, and any funding or adjustment mechanisms.

Information regarding the clearing house and the fees applied.

Cboe has not yet disclosed all these specifications; the complete details will be made available on the CFE website before the official launch. It should be noted that the publication of the product specs will clarify sizing, margins, and pricing methods.

Positioning with respect to offshore perpetuals and traditional futures

Continuous Futures offer an “always active” exposure similar to that of perpetuals, but operating in a supervised context with standardized margining and clearing rules as explained in our guide on crypto perpetual futures. Compared to monthly or quarterly futures, a decennial horizon reduces the need for roll, with potential benefits in terms of slippage and indirect costs.

In the current US landscape, while the CME dominates with a range of standard and micro futures on BTC and ETH, Cboe’s initiative presents itself as a structured alternative for hedging needs and long-term portfolio allocations. That said, adoption will also depend on the support of major market participants.

Possible Effects on the US Market

Volume migration: the presence of instruments similar to perpetuals, but in a regulated setting, could attract some of the trading flows that currently operate offshore.

Transparency: public monitoring of prices, margins, and rules could strengthen transparency, in line with regulatory requirements.

More linear strategies: the reduction of operational complexity, thanks to the decrease in frequent rolls, may benefit trading desks and market makers.

The context is marked by a renewed interest in regulated products, especially after the development of spot Bitcoin ETFs in the USA as reported by Investing.com, thus expanding the options for institutional investors.

Risks and Critical Issues

Regulation: the timing and conditions of listing depend on the outcome of the authorization processes at CFE and CFTC.

Crypto volatility: the wide price fluctuations of Bitcoin and Ethereum can impact margins and risk management.

Tracking: potential discrepancies between the settlement index and the spot market could create unexpected deviations (basis).

Initial liquidity: success in terms of volume is not guaranteed and will require active market making activity.

Who Can Benefit

Asset managers and hedge funds with a multi-year investment horizon.

Trading desks and market makers seeking greater depth and continuity in the order book.

Operators interested in reducing rollover costs and maintaining stable hedges over time.

Reactions and Competitive Context

The specialized publications have highlighted the interest in the initiative, emphasizing the attempt to “bring onshore” the logic of perpetuals. The move by Cboe is part of a competitive context in which the CME currently leads the cryptocurrency futures market.

Quick FAQ

When is the launch expected? The launch is scheduled for November 10, 2025, subject to the outcome of the regulatory process with CFE and CFTC.

Are the contracts physical? No, they are cash-settled.

What is the duration? Each contract covers a period of ten years.

Are the technical specifications final? Some parameters, such as contract size, tick size, and margins, will be defined in the official product specs on the CFE website.

How do they differ from perpetuals? These futures, being traded on a regulated exchange, adopt standard margining and clearing rules without the typical funding rate of offshore perpetuals, except for any official adjustment mechanisms.

Documents and sources

Cboe: launch plan for Continuous Futures (PR Newswire)

Cboe Futures Exchange (CFE): official information and product specs

News and Insights: Investing.com

Guide: what are crypto perpetual futures

Conclusion

With Continuous Futures on Bitcoin and Ethereum, Cboe offers a long-term and cash-settled solution that combines market exposure continuity with the governance typical of a regulated environment. The impact on the market will depend on the final technical specifications, liquidity at the time of launch, and the response of institutional operators.