In the shadow of the almighty dollar, Cboe Futures Exchange dares to chain the volatile spirits of Bitcoin and Ether into a decade-long servitude, beginning December 15. A bold move, or a fool’s errand? Only time will tell.
The Cboe Futures Exchange (CFE), in its unending quest to tame the untamable, shall unleash “Continuous Futures” for Bitcoin (PBT) and Ethereum (PET) on December 15, 2025. These 10-year contracts, with their daily cash adjustments, promise to offer institutional investors a perpetual-style exposure. A grand scheme, indeed, but one must wonder: who shall bear the weight of such a gamble? 🧐
Cboe’s New Contracts: A Perpetual Dance with the Devil?
This structure, they say, shall enhance capital efficiency and ease risk management. By removing the need to roll expiring futures positions, Cboe claims to simplify the lives of traders. Yet, in this world of smoke and mirrors, one cannot help but question: is this a blessing or a curse in disguise? The contracts, cleared through Cboe Clear U.S., remain under the watchful eye of the CFTC, a small comfort in a sea of uncertainty. A first for the U.S. regulated markets, they proclaim, but at what cost? 🤔
On December 15, Cboe will launch Continuous Futures for Bitcoin () and Ether (), bringing the benefits of perpetual-style exposure into a transparent, U.S.-regulated environment. Or so they say. 🌪️
Learn more and prepare for trading:
– Cboe (@Cboe)
Rob Hocking, Cboe’s Global Head of Derivatives, proclaims his excitement with the fervor of a true believer. Perpetual futures, once the domain of offshore venues, are now to be domesticated, he says. A transparent, intermediary-friendly environment, regulated by the U.S. government. But is this not merely a gilded cage for the wild beasts of crypto? Controlled leveraged exposure, they promise, but who shall control the controllers? 🤡
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The Continuous Futures, we are told, shall offer the same benefits as traditional futures: capital efficiency, volatility management, and the ability to take short positions. Based on the Cboe Kaiko Real-Time Rate, they aim to monitor the price of the underlying digital assets with precision. Yet, in this game of numbers and algorithms, where is the human touch? Where is the soul? 🧮
Daily Adjustments and Central Clearing: A Safety Net or a Noose?
The “Funding Amount,” a daily cash adjustment, is hailed as a critical factor. It promotes a price match between the Continuous Future and the underlying spot asset price, they say. But is this not merely a band-aid on a gaping wound? A mechanism for a “perpetual-style” contract structure, indeed, but at what cost to the integrity of the market? 🩹
Anne-Claire Maurice, Managing Director of Derived Data at Kaiko, applauds the innovation. Perpetual-style futures in regulated markets, she says, meet a real institutional need. No operational friction, no constant position rolling. Yet, one cannot help but wonder: is this progress, or merely a new form of bondage? The oversight of regulated markets, she claims, is preserved. But who watches the watchers? 👀
The Continuous Futures, settled in cash and centrally cleared through Cboe Clear U.S., are said to mitigate counterparty risk. Margin requirements, transparent and CFTC-compliant, promise a fair game. But in this world of high stakes and higher risks, is fairness truly possible? Cross-margining of offsets, they say, will increase capital efficiency. But for whom? The market participants, or the masters of the game? 🎭
The Options Institute, Cboe’s educational division, shall host courses on the characteristics and use cases of the Continuous Futures. Open to the public, these sessions are scheduled for December 17, 2025, and January 13, 2026. A noble endeavor, perhaps, but can education truly prepare one for the whims of the market? Or is it merely another tool in the arsenal of those who seek to control the uncontrollable? 📚
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2025-11-18 08:15