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Cboe Global Markets is preparing to make Bitcoin (BTC) and Ether (ETH) futures with a 10-year expiry available to US traders starting November 10, pending regulatory review. These “continuous futures” contracts are designed to provide a single, long-dated solution that reduces the need for traders to frequently roll over positions, offering simplicity and efficiency in position management.
Cboe, a prominent derivatives exchange operating under the Chicago Board Options Exchange, emphasizes that these contracts are cash-settled and aligned with spot prices, providing transparency and mitigating settlement risk. Unlike traditional futures that require periodic adjustments, continuous futures function similarly to perpetual contracts popular in decentralized finance (DeFi) and international markets.
Perpetual-Style Futures Gain US Recognition
Catherine Clay, Cboe’s global head of derivatives, highlighted the significance of this product: “Perpetual-style futures have gained strong adoption in offshore markets. Now, Cboe is bringing that same utility to our US-regulated futures exchange.”
These products mirror trends seen globally, where perpetual contracts now account for a substantial portion of crypto trading. According to Kaiko research, perpetual contracts represent 68% of all Bitcoin trading volume so far in 2025, and open interest across crypto perpetuals totals $876 billion.
By offering US-based traders access to these instruments, Cboe aligns itself with evolving market demand while maintaining regulatory compliance and risk management standards.
How Continuous Futures Differ From Traditional Contracts
The continuous futures for BTC and ETH differ significantly from Cboe’s prior crypto derivatives offerings. Traditional futures typically have shorter expirations, requiring traders to roll positions periodically. Continuous contracts, however, extend the timeframe to ten years and remove the constant need for rollover, simplifying trading strategies and reducing operational overhead for investors.
Cash settlement ensures that gains and losses are calculated based on the underlying spot prices, avoiding the delivery of the actual cryptocurrency. This structure appeals to institutional traders, market makers, and professional fund managers who prioritize liquidity, efficiency, and compliance with US regulatory standards.
Expanding Crypto Derivatives in the US
Cboe’s introduction of continuous futures reflects a broader trend in US markets toward more complex crypto derivatives products. While regulatory hurdles have historically limited such offerings, recent changes in oversight have provided greater clarity for exchanges, opening the door for sophisticated instruments that mirror offshore markets.
Although Cboe is not the first to provide perpetual-style crypto contracts in the US, its move builds on a growing ecosystem. Bitnomial initially brought US perpetual futures contracts in April 2025, followed by Coinbase with its nano Bitcoin and Ether perpetual futures in July. Cboe’s product aims to complement these offerings by delivering a longer-dated alternative, appealing to traders with a strategic, long-term outlook.
Implications for Traders and Institutions
The availability of 10-year BTC and ETH contracts offers multiple advantages. Traders can now adopt long-term positions without the operational hassle of rolling contracts every few months. Additionally, cash settlement and transparent pricing reduce the potential for settlement risk while maintaining exposure to crypto price movements.
Institutions benefit from these products as well. Long-dated contracts allow asset managers, hedge funds, and family offices to incorporate crypto into strategic portfolios, hedge exposure, or manage risk over an extended timeframe. The structure aligns with institutional requirements for regulatory compliance, reporting, and risk management, making crypto futures a viable addition to traditional investment approaches.
Market Outlook and Adoption Trends
Cboe’s move comes at a time when cryptocurrency derivatives are rapidly expanding in the US. Regulatory bodies have shown increased willingness to accommodate innovative products while ensuring investor protection. Continuous futures provide a bridge between DeFi-style trading strategies and regulated, institutional-friendly environments.
By extending the contract horizon to ten years, these futures also support long-term speculation, hedging, and capital allocation strategies. As the US market continues to mature, the introduction of such instruments signals growing sophistication and acceptance of crypto assets within mainstream finance.
Conclusion
Cboe’s 10-year Bitcoin and Ether futures represent a significant step in bringing advanced crypto derivatives to US markets. By combining long-term exposure, cash settlement, and alignment with spot prices, the contracts offer both individual traders and institutions a powerful tool for strategic planning.
As continuous futures become available, market participants can expect improved liquidity, simplified position management, and greater alignment with offshore trading practices. While regulatory approval remains pending, Cboe’s initiative highlights a new era of institutional-grade crypto derivatives accessible to US traders, bridging the gap between DeFi innovation and traditional financial oversight.
