Derivatives exchange Cboe said it plans to introduce “Continuous futures” for bitcoin and ether (ETH) on Nov. 10, pending regulatory clearance. The products are designed to resemble perpetual futures contracts popular on offshore exchanges, but with modifications to fit U.S. regulatory structures.
Unlike traditional futures, which expire monthly or quarterly, Cboe’s new contracts will last up to 10 years. That long horizon reduces the need for traders to continually “roll” their positions into new contracts, a costly and time-consuming process. Instead, the futures will be adjusted daily against spot prices through a transparent funding rate mechanism.
In practice, that means a trader seeking to maintain long-term exposure to bitcoin could buy a Continuous futures contract and hold it for years without rebalancing. At the same time, the contracts are cash-settled, so no bitcoin or ether ever changes hands — settlement is in dollars, with payouts tied to crypto’s spot price.
“Perpetual-style futures have gained strong adoption in offshore markets,” said Catherine Clay, Cboe’s head of derivatives. “We expect Continuous futures to appeal to not only institutional market participants and existing CFE customers, but also to a growing segment of retail traders seeking access to crypto derivatives.”
Cboe’s futures will clear through Cboe Clear U.S., a derivatives clearinghouse overseen by the Commodity Futures Trading Commission (CFTC), the company said.
