Cboe’s December Crypto Gambit: Perpetual Futures Without the Peril 😏

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Cboe, that paragon of financial innovation, is set to unveil its latest brainchild-Bitcoin and Ether continuous futures-on Dec. 15, 2025. A marvel of modern finance, these contracts promise to deliver the thrill of crypto exposure while sparing the investor the agonies of perpetual roll-overs. One might call it the “tea and crumpets” approach to derivatives.

U.S. Traders Get Perpetual-Style Bitcoin and Ether Futures via Cboe in December

Cboe Global Markets, ever the host with the most, plans to roll out its bitcoin and Ether continuous futures on Dec. 15, 2025. A decade-long engagement ring for the crypto market, these contracts spare traders the tedious ritual of rolling expiring futures. One must commend Cboe for finally inventing a system where the only thing expiring is one’s patience for traditional finance.

The products-Cboe Bitcoin Continuous Futures (PBT) and Cboe Ether Continuous Futures (PET)-are adorned with a 10-year expiration and a daily cash adjustment. In layman’s terms, this means traders may now enjoy perpetual-style exposure without the need for a passport (or a therapist). Historically, such indulgences were reserved for offshore havens, but Cboe insists on democratizing the experience, aligning futures pricing with spot levels via its Cboe Kaiko Real-Time Rates. A noble endeavor, if one ignores the faint smell of regulatory hubris.

Clearing will be handled by Cboe Clear U.S., a CFTC-regulated derivatives clearing organization. Central clearing and transparent margining frameworks, they claim, reduce counterparty risk. One suspects this is code for “we’ve hired more lawyers.” Cross-margining offsets with existing Cboe products, such as financially settled bitcoin and Ether futures, may also be available. A boon for institutional investors, who now need not juggle portfolios like a Victorian tightrope walker.

Cboe’s derivatives team, in a statement as dry as a martini, described the new products as tools for “long-term exposure, volatility management, and tactical strategies.” One imagines them sipping Darjeeling while whispering, “This is how you tame a dragon.” The daily cash adjustment-dubbed the “Funding Amount”-acts as a gentle nudge to keep futures and spot prices from drifting apart. A mechanism so elegant, it could only have been devised by someone who’s never owned a pet goldfish.

The continuous futures will trade 23 hours a day, five days a week. A schedule as relentless as a London fog. Traders, both domestic and international, may now access markets from Sunday evening to Friday afternoon, Eastern time. One wonders if this is an attempt to outdo the global crypto venues, which seem to operate on the premise that “fragmented schedules” are a feature, not a bug.

To ease users into this brave new world, Cboe’s Options Institute will host educational webinars on Dec. 17 and Jan. 13. These crash courses for the uninitiated will cover “potential use cases and technical details.” Registration is open to the public, which may or may not include the ghost of J.M. Keynes, who once said, “Markets can stay irrational longer than you can stay solvent.”

FAQ ❓

  • When do Cboe’s bitcoin and Ether continuous futures begin trading?
    They are scheduled to start trading on Dec. 15, 2025. A date that may or may not be circled in red on the SEC’s calendar.
  • What makes these “continuous” futures different?
    They use a 10-year expiration and daily cash adjustment to mimic perpetual-style exposure. A decade-long romance, minus the awkward third date.
  • Will these contracts be regulated in the U.S.?
    Yes, they will trade on CFE and clear through Cboe Clear U.S., a CFTC-regulated clearinghouse. One can only hope the regulators aren’t all on vacation.
  • How often can traders access these markets?
    The futures will be available 23 hours a day, five days a week. Because who doesn’t want to trade during their siesta?

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2025-11-17 20:14