Cboe Global Markets announced plans to launch Bitcoin and Ether Continuous Futures on December 15, 2025, pending regulatory review. The new products, trading under the tickers PBT and PET on Cboe Futures Exchange, represent a significant development in bringing perpetual-style cryptocurrency futures to U.S. regulated markets. According to Rob Hocking, Global Head of Derivatives at Cboe, the launch addresses growing institutional demand while moving these products from offshore venues into a transparent, intermediary-friendly environment with regulatory oversight.
Each contract will have a 10-year expiration at listing and incorporate a daily cash adjustment called a Funding Amount, which promotes price alignment between the futures and underlying asset prices. This design effectively creates perpetual-style exposure while offering investors benefits associated with traditional futures, including volatility management, tactical trading capabilities, and the ability to enter short positions. The contracts will track their respective cryptocurrencies using the Cboe Kaiko Real-Time Rate.
The new products will be cash-settled and centrally cleared through Cboe Clear U.S. Margin requirements will be transparent and comply with CFTC rules and regulations, with potential for cross-margining offsets alongside other Cboe listed products such as Financially Settled Bitcoin (FBT) and Financially Settled Ether (FET) futures. Trading will be available on a 23×5 basis, operating from Sunday to Friday between 6 p.m. ET (11 p.m GMT) and 5 p.m. ET (10 p.m. GMT).
Cboe’s Options Institute will host educational courses on December 17, 2025, and January 13, 2026, with registration open to the public.
Reference:
Full Cboe Press Release: https://www.prnewswire.com/news-releases/cboe-futures-exchange-to-offer-trading-in-continuous-futures-for-bitcoin-and-ether-on-december-15-302617230.html
