Cboe Global Markets is preparing to roll out perpetual futures for Bitcoin and Ethereum on November 10, 2025, marking one of the most significant steps yet toward bringing crypto derivatives into the U.S. regulatory mainstream.
Unlike traditional futures that expire and require rollover, Cboe’s design will feature contracts with maturities of up to 10 years. That structure is aimed at simplifying long-term exposure for investors while cutting the costs and complications of constantly resetting positions.
Catherine Clay, Cboe’s global derivatives chief, said perpetuals have already gained traction in offshore venues and that the U.S. market is overdue for a regulated alternative.
“We see demand from institutions, existing CFE clients, and even retail traders who want access to crypto derivatives in a transparent, centrally cleared environment,” she noted.
The new products are expected to appeal to investors looking for more efficient ways to manage risk and deploy long-term strategies. Their launch also represents a milestone for U.S. oversight of digital asset markets, which until now have largely ceded perpetual trading to offshore exchanges.
If successful, Cboe’s move could reshape how American investors trade Bitcoin and Ethereum, offering the familiarity of regulated markets with the flexibility of perpetual exposure.
The Growing Demand For Futures Products
Catherine Clay, Global Head of Derivatives at Cboe, had noted that perpetual-style futures have gained strong adoption in offshore markets. Now, her exchange is looking to bring the same utility to the U.S. market within a regulated environment, enabling traders to access these products with “confidence.”
Meanwhile, Clay stated that they expect the Cboe 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.
She also noted that these futures are the next steps towards advancing their product innovation roadmap as they continue to expand their offerings to serve all types of market participants.
It is worth noting that this move comes ahead of the SEC CFTC roundtable, where both agencies intend to discuss whether to consider onshoring perpetual contracts that meet investor and consumer protection. If approved, these products could trade on a regulated U.S. exchange like Cboe.
This is part of their plans to harmonize their regulatory frameworks for the crypto industry. Additionally, the SEC and CFTC have already opened the door for U.S.-regulated exchanges to offer crypto spot trading.
