Cboe eyes perpetual Bitcoin and Ether futures in US market

Cboe may convert its Bitcoin and Ether continuous futures into true perpetuals, aligning with crypto-native products and signaling traditional finance's embrace of crypto innovation.

Cboe Global Markets is considering converting its existing Bitcoin and Ether continuous futures contracts into true perpetual futures. This move would introduce a popular crypto-native trading instrument to the regulated US market. Currently, Cboe offers continuous futures for Bitcoin (PBT) and Ether (PET) with 10-year expiration terms, using daily cash adjustments to closely mimic perpetual contracts. The potential shift follows new regulatory acceptance and CFTC no-action relief, which allows exchanges to remove expiration dates from perpetual-style contracts if certain conditions are met. Transitioning to true perpetual futures would eliminate the main structural difference between Cboe’s products and crypto-native perpetuals, which have no expiration date and use funding rate mechanisms to align prices with underlying assets. This reflects a broader trend of traditional financial institutions adapting to crypto innovations, as perpetual futures have become a cornerstone of global crypto trading but have been largely absent from regulated US exchanges until now.