Exchange brings long-dated crypto contracts pending regulatory approval
Cboe Global Markets has announced plans to launch futures contracts for Bitcoin and Ethereum with 10-year expirations, marking a significant step in expanding US crypto derivatives. The products are expected to go live on November 10, subject to regulatory clearance.
Long-dated futures inspired by DeFi
The new contracts, referred to as “continuous futures,” will provide traders with single, long-dated positions that eliminate the need for frequent rollovers. Unlike traditional futures, which expire quarterly or monthly, these contracts function more like perpetuals popular in decentralized finance (DeFi) but with a fixed 10-year maturity.
“Perpetual-style futures have gained strong adoption in offshore markets. Now, Cboe is bringing that same utility to our US-regulated futures exchange,” said Catherine Clay, Cboe’s global head of derivatives.
The contracts will be cash-settled against spot Bitcoin and Ether prices, providing traders with exposure without requiring custody of the underlying assets.
Growing demand for crypto derivatives
According to Kaiko Research, perpetual futures account for 68% of all Bitcoin trading volume in 2025, underscoring strong market appetite. Open interest in crypto perpetuals reached $876 billion, highlighting the scale of the market that US exchanges are now seeking to capture.
Cboe first introduced Bitcoin futures in 2017 but scaled back its crypto derivatives offerings in the following years. This new launch represents a renewed effort to compete in the fast-growing market.
Competitive landscape in the US
While innovative for Cboe, it is not the first to enter the perpetual-style futures space in the US. Bitnomial debuted the first perpetual contracts in April 2025, followed by Coinbase’s nano Bitcoin and Ether perpetual futures in July.
Cboe’s new contracts differ by providing longer-term stability with a 10-year horizon, designed for institutional traders and funds seeking simplified position management without the costs of frequent contract rollovers.
The launch comes as US regulators adopt a more open stance toward crypto derivatives under the current administration, after years of blocking similar products. Analysts believe Cboe’s entry could legitimize perpetual-style futures in regulated US markets and expand institutional participation.
If approved, Cboe’s continuous futures could redefine how US traders access long-term exposure to Bitcoin and Ethereum within a regulated framework.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.
