Cboe to launch bitcoin (BTC), ether (eth) ‘Perpetual-style’ crypto futures on December 15
Cboe Global Markets to debut in Bitcoin and ether “Perpetual futures” on December 15, making it the first US exchange to offer crypto derivatives designed to function like perpetual futures.
The new contracts—Bitcoin Persistent Futures (PBT) and Ether Persistent Futures (PET)—will be listed on the CBOE futures exchange, and are aimed at traders who want long-term crypto exposure without the hassle of rolling futures contracts. Each will have a 10-year list expiration and be cash-settled, with daily fund adjustments to maintain alignment with spot prices.
Cboe First announced The products in September, framing them as a response to the popularity of perpetual futures on offshore platforms. Perpetual futureswhile first proposed in 1993.
CBOE products, unlike their onshore counterparts, are designed to meet US regulatory standards, with clearing held through CBOE Clear Us, a CFTC-regulated clearinghouse.
“CBOE’s continuous futures structure is designed to enable streamlined and efficient portfolio and risk management, while providing investors with a controlled way to gain some leveraged exposure to digital assets,” Rob Hocking, CBOE’s global head of derivatives, said in a statement.
Instead of physical delivery, contracts are settled in cash. A daily funding amount—similar to the interest payments used in perpetual futures—adjusts open positions based on the real-time CBOE Kaiko rate for Bitcoin and ether.
The products may appeal to hedge funds, asset managers and sophisticated retail traders who are wary of using offshore crypto platforms due to uncertainty or counterparty risks. The contracts will also allow for shorting and margin trading, with potential cross-margining against other cboe crypto futures such as financial-fixed Bitcoin (FBT) and ether (FET) products.
Trading will run almost around the clock, from Sunday 6 pm to Friday 5 pm, with a one-hour break each day.
