International derivatives and securities exchange network Cboe Global Markets, Inc today announced its new Cboe Bitcoin Continuous Futures (PBT) and Cboe Ether Continuous Futures (PET) are planned to begin trading on Cboe Futures Exchange, LLC (CFE) beginning December 15, 2025, subject to regulatory review.

Cboe’s Continuous Futures are designed to offer traders long-term exposure to bitcoin and ether. The contracts will have a 10-year expiration at listing and a daily cash adjustment, effectively creating perpetual-style exposure while eliminating the need to periodically roll positions. Continuous Futures are designed to provide the same benefits many investors utilize traditional futures for, such as capital efficiency, volatility management, tactical trading, and the ability to enter short positions.

“As perpetual futures have historically been traded offshore, Cboe is excited to help expand access to these products within a U.S.-regulated, transparent, and intermediary-friendly environment,” said Rob Hocking, Global Head of Derivatives at Cboe. “The structure of Cboe’s Continuous Futures is designed to enable streamlined and efficient portfolio and risk management, while providing investors a controlled way to gain some leveraged exposure to digital assets. We are excited to keep diversifying CFE’s offerings to meet growing customer demand, and equally focused on expanding our education efforts to help market participants understand the utility of these new futures.”

The PBT and PET futures will use their respective Cboe Kaiko Real-Time Rate to track the underlying digital asset. A Funding Amount (the daily cash adjustment) will be applied daily to open positions to promote price alignment between the Continuous Future and the underlying asset prices.

“Bringing perpetual-style futures to U.S. regulated markets addresses a real need for institutional investors seeking efficient, long-term crypto exposure,” said Anne-Claire Maurice, Managing Director of Derived Data at Kaiko. “These continuous futures eliminate the operational friction of rolling positions while maintaining the transparency and oversight that regulated markets provide. We’re pleased our real-time rates can support this innovation.”

The Continuous Futures will be cash-settled and centrally cleared through Cboe Clear U.S., helping mitigate counterparty risk. Margin requirements will be transparent and in compliance with CFTC rules and regulations, and there will be potential for cross-margining offsets with other CFE-listed products cleared by Cboe Clear U.S., such as the Financially Settled Bitcoin (FBT) and Financially Settled Ether (FET) futures.

PBT and PET futures will be available to trade on a 23×5 basis, from Sunday to Friday from 6 p.m. ET to 5 p.m. ET.