Cboe Global Markets is weighing a major change to how its Bitcoin and Ether futures work, according to recent comments highlighted online. The exchange is considering turning its existing “continuous futures” contracts for Bitcoin and Ether into true perpetual futures with no set end date. That move would push a core crypto-native product further into the U.S. regulated markets where Cboe operates.
Cboe’s current products, launched in late 2025 under the tickers PBT for Bitcoin and PET for ether, already mimic perpetual swaps by using a 10-year term and daily cash adjustments. Those contracts track Cboe Kaiko’s real-time Bitcoin and Ether rates and aim to deliver “continuous, long-term exposure” without constant rolling.
However, a move to full perpetuals would remove even the 10-year expiry, aligning the structure more closely with offshore crypto derivatives.
How Cboe’s Continuous Futures Already Mimic Perpetual Swaps
News of the review surfaced after ETF Store president Nate Geraci posted that “Cboe is considering converting its BTC & ETH continuous futures into perpetual futures.”
He also said that established traditional finance companies now have to keep up with new ideas coming from the crypto world. For example, traditional exchanges are starting to adopt features first tested on platforms like Binance and Bybit. His comments show that perpetual swaps are now a common tool for crypto traders, even though regulators are still figuring out how to handle their risks.
Cboe has already been promoting continuous futures as a way to offer “perpetual-style” exposure in a U.S.-regulated, centrally cleared framework. Traders can maintain a single long-dated contract rather than rolling monthly positions, with daily funding-style modifications keeping prices close to spot markets. Moving to real perpetuals would likely see those safeguards remain, but bring the product even closer to the structures used on offshore crypto derivatives venues.
If Cboe pulls the trigger, U.S. institutions could have an easier time gaining perpetual-style crypto exposure in a familiar futures market rather than on foreign platforms. Such a change might increase liquidity in regulated venues and reduce the gap between onshore and offshore prices, market experts said. It might also test the comfort level of U.S. regulators with leverage and round-the-clock trading in complicated crypto derivatives.
There is no final conclusion yet, but the review highlights how quickly ideas move from crypto-native markets to conventional finance once quantities expand. Traditional exchanges like Cboe are under pressure to provide goods that active traders are already using elsewhere.
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