Cboe considers shifting Bitcoin and Ether continuous futures to perpetual futures

Cboe is weighing whether to convert its Bitcoin and Ether continuous futures into perpetual futures, a move that would push a crypto-native derivatives format further into regulated U.S. markets. Nate Geraci, president of ETF Store, said the possibility shows traditional exchanges adapting structures first established on offshore crypto platforms. Cboe entered regulated crypto derivatives in 2022 with Bitcoin Continuous Futures and Ether Continuous Futures, known as PBT and PET. The contracts are cash-settled, trade day and night, settle daily to spot crypto indices and are designed to replicate rolling exposure while reducing the need for traders to manually shift positions across expiries. A transition to perpetual futures would remove expiry altogether and instead rely on a funding-rate mechanism. The potential shift comes as U.S. exchanges compete for a market where perpetual futures dominate trading activity. CryptoQuant-referenced market statistics put 2025 perpetual futures trading volume at about $61.7 trillion. Offshore venues including Binance, OKX and Bybit remain the main centers for leveraged BTC and ETH trading, while regulated U.S. firms are taking different approaches: Kalshi offers perpetual-style Bitcoin exposure through event contracts, CME Group continues to focus on fixed-expiry benchmark futures, and Coinbase links U.S. users to offshore perpetual liquidity through its derivatives platform and intermediary arrangements. The backdrop has turned more competitive since the Commodity Futures Trading Commission on May 29 issued policy guidance and approvals that gave regulated markets more room to list perpetual-style derivatives, including approval of Kalshi’s perpetual-style Bitcoin contract. Investors have been assessing how that could affect exchange economics, with market reports saying Cboe shares fell 9% at the start of June and CME Group and Intercontinental Exchange also declined. On June 18, CME sued the CFTC, arguing perpetual futures should be treated as swaps under the Commodity Exchange Act, a position the regulator rejected. Whether liquidity actually shifts onshore remains uncertain. Higher margin requirements, lower leverage and position limits on U.S. venues may appeal to institutions seeking tighter risk controls, but could remain less attractive than offshore platforms for active traders. Cboe has not announced a plan or filed for a regulated perpetual product.