CBOE weighs Bitcoin and Ether perpetual futures

The Chicago Board Options Exchange (CBOE) is considering converting its existing Bitcoin and Ether continuous futures contracts into perpetual futures, a move that would bring a popular crypto-native trading instrument into the regulated U.S. derivatives market. The potential shift, highlighted by industry executive Nate Geraci on June 23, follows recent regulatory actions that have opened a pathway for such products on registered U.S. exchanges.

CBOE launched its cash-settled Bitcoin (PBT) and Ether (PET) continuous futures in December 2025. These contracts, with expiration terms extending up to ten years, were designed to mimic perpetual futures by using daily cash adjustment mechanisms to keep prices aligned with the underlying assets, thereby avoiding the need for traders to manually roll over positions. A conversion to true perpetual futures would eliminate the expiration dates entirely, creating contracts that never settle.

The consideration comes in the wake of a pivotal regulatory development. On May 29, 2026, the U.S. Commodity Futures Trading Commission (CFTC) approved a Bitcoin perpetual futures contract for the prediction market platform Kalshi and issued guidance...