TL;DR
- Cboe is reportedly evaluating a transition from continuous Bitcoin and Ether futures into perpetual-style contracts, a structure widely used across offshore crypto exchanges.
- The proposal arrives as U.S. regulators show greater openness toward crypto derivatives, while competition between Cboe, CME, Coinbase, and Kalshi continues to intensify.
- Perpetual futures generated nearly $61.7 trillion in trading volume during 2025, reinforcing their position as the dominant instrument in global digital asset markets.
Cboe is exploring a possible conversion of its Bitcoin and Ether continuous futures products into perpetual-style contracts, according to recent comments shared by ETF Store president Nate Geraci. The potential change would bring one of the most common crypto-native trading structures closer to regulated U.S. markets.
Cboe considering converting its btc & eth continuous futures into perpetual futures…
Entrenched tradfi incumbents are now continually forced to react to crypto-native innovations.
Just the beginning.
via @kryshur @Vlajournaliste pic.twitter.com/SKeCUQe4uh
— Nate Geraci (@NateGeraci) June 23, 2026
At present, Cboe offers Bitcoin Continuous Futures and Ether Continuous Futures as cash-settled products tied to spot market indexes. These instruments already resemble perpetual contracts in several ways because they automatically roll exposure forward and settle daily, reducing the need for traders to manually rotate positions between expirations.
Crypto derivatives have become one of the fastest-growing segments of digital asset trading over the last few years. Offshore exchanges such as Binance, OKX, and Bybit currently dominate the perpetual futures sector, attracting both institutional desks and retail traders searching for continuous market exposure.
Why Bitcoin Perpetual Futures Matter
Perpetual futures have evolved into the preferred trading vehicle for Bitcoin and Ether because they eliminate fixed expiration dates. Instead of closing or rolling positions every month, traders maintain exposure indefinitely through funding rate mechanisms that keep prices aligned with spot markets.
According to market data cited by CryptoQuant, perpetual futures trading volume reached approximately $61.7 trillion in 2025. That figure reflects how deeply leveraged products are integrated into crypto market activity.
For U.S. exchanges, launching regulated perpetual-style instruments could create a pathway for attracting liquidity currently flowing to offshore platforms. Institutions operating under stricter compliance frameworks may prefer exposure through regulated venues rather than overseas exchanges.
Regulatory Competition Intensifies
The discussion around perpetual products accelerated after the Commodity Futures Trading Commission released updated guidance on May 29 that gave exchanges additional flexibility to develop crypto derivatives. The agency also approved a perpetual-style Bitcoin contract tied to Kalshi’s regulated framework.
That decision increased pressure on established derivatives operators. CME continues to dominate institutional crypto futures trading, but competitors are testing alternative models that reduce trading friction and simplify long-term positioning.
Coinbase has also expanded access to perpetual futures through offshore partnerships, while Cboe appears positioned between traditional futures infrastructure and crypto-native market design.Â
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