Cboe perpetual Bitcoin and Ethereum futures are scheduled to launch for U.S. customers in November, pending regulatory approval. The move from Cboe aims to give traders continuous, intermediated access to Bitcoin and Ethereum without the typical expiry cycle. These contracts will be cash-settled and tied to real-time spot prices, letting U.S. investors mirror offshore perpetual futures exposure inside a regulated framework. Catherine Clay, Cboe’s Global Head of Derivatives, frames the product as a transparent bridge for onshore crypto trading.
Cboe November launch
Cboe expects to roll out the contracts once the SEC signs off on related rule changes. By offering Cboe perpetual Bitcoin and Ethereum futures in the U.S., the exchange hopes to meet rising demand for regulated crypto derivatives. The product is structured to last up to 10 years, giving investors a long-duration tool while maintaining cash settlement mechanics to match actual market values.
Perpetual futures explained
Perpetual futures let traders hold continuous exposure without set expirations like traditional futures. Cboe perpetual Bitcoin and Ethereum futures replicate that model but use cash settlement to avoid physical delivery issues. The contracts will follow market pricing closely, reducing basis risk by aligning with real-time spot prices that reflect live Bitcoin and Ethereum markets.
Cash settlement aligned
The cash settlement feature means final payments are made based on a reference price instead of asset delivery. Cboe’s design ties settlements to real-time spot prices so that the Cboe perpetual Bitcoin and Ethereum futures reflect immediate market conditions. This alignment makes the contracts useful for hedgers, traders, and institutions seeking a clear price link to Bitcoin and Ethereum.
SEC regulatory approval
Regulatory approval remains the critical path for Cboe’s plan. The exchange has filed rule changes with the SEC and signaled broader ambitions, including ETF support tied to major altcoins. If the SEC grants regulatory approval, Cboe perpetual Bitcoin and Ethereum futures could offer a compliant option for U.S. retail and institutional participants who want perpetual futures exposure under domestic rules.
Why U.S. crypto futures matter
U.S. crypto futures play a growing role in market infrastructure as ETFs and derivatives expand. Cboe perpetual Bitcoin and Ethereum futures aim to strengthen crypto trading infrastructure by providing a regulated perpetual-style product. That could increase liquidity, improve price discovery for Bitcoin and Ethereum, and draw more institutional capital onshore.
Crypto trading infrastructure gains
For traders, the biggest wins are predictability and access. Cboe perpetual Bitcoin and Ethereum futures give a continuous tool for position management with cash settlement tied to real-time spot prices. With Cboe backing and a clear regulatory path, the contracts could reduce counterparty complexity for U.S. traders and help integrate crypto into mainstream trading workflows.
Frequently asked questions about Cboe perpetual Bitcoin and Ethereum futures (FAQ)
Q: what are Cboe perpetual Bitcoin and Ethereum futures?
A: They are perpetual-style, cash-settled futures contracts offered by Cboe to provide continuous exposure to Bitcoin and Ethereum without standard expirations.
Q: when will they launch?
A: Cboe expects a November debut for U.S. customers, subject to SEC regulatory approval.
Q: how is settlement handled?
A: Settlement is cash-based and aligned to real-time spot prices to keep contract value close to live Bitcoin and Ethereum markets.
Q: who benefits from these futures?
A: Traders, hedgers, and institutions seeking regulated perpetual exposure to Bitcoin and Ethereum in the U.S. market benefit most.
Q: are these the same as offshore perpetual futures?
A: They mirror offshore perpetual futures in exposure but are tailored for U.S. regs via cash settlement and exchange oversight.
Sources to this article
Cboe Global Markets (2025) Filing for perpetual-style Bitcoin and Ethereum futures. Securities and Exchange Commission (2025) Rule change submissions and related correspondence regarding crypto derivatives and ETFs.
