Cboe Global Markets will introduce bitcoin BTC$84,021.60 and ether ETH$2,737.58 “continuous futures” on Dec. 15, becoming the first U.S. exchange to offer crypto derivatives built to mimic the functionality of perpetual futures while remaining fully compliant with domestic regulations. The products are designed to give institutions long-term crypto exposure without the need for contract rollovers or reliance on offshore platforms.

The new offerings — Bitcoin Continuous Futures (PBT) and Ether Continuous Futures (PET) — will trade on the Cboe Futures Exchange. Each contract features a 10-year expiration at launch, cash settlement, and daily funding adjustments to keep pricing aligned with the spot market. This structure is intended for traders seeking sustained exposure to bitcoin or ether without managing the operational burden of expiring futures contracts.

Cboe originally unveiled the plans in September, citing growing demand for perpetual-style derivatives that have become popular on offshore exchanges. While perpetual futures have existed conceptually since 1993, they have struggled to gain traction in traditional finance but are widely used in crypto markets because they allow traders to maintain leveraged positions indefinitely.

Unlike offshore perpetuals, Cboe’s versions are built to meet U.S. regulatory standards. Clearing will occur through Cboe Clear U.S., a derivatives clearing organization regulated by the Commodity Futures Trading Commission (CFTC).

“The structure of Cboe’s Continuous Futures is designed to enable streamlined and efficient portfolio and risk management, while providing investors a controlled way to gain some leveraged exposure to digital assets,” said Rob Hocking, Cboe’s global head of derivatives.

Instead of physical delivery, the contracts settle in cash, with a daily funding mechanism — similar to that used in perpetual futures — adjusting open positions based on the Cboe Kaiko Real-Time Rate for both bitcoin and ether.

These futures may appeal to hedge funds, asset managers and sophisticated traders seeking regulated access to long-term crypto positioning without the counterparty or regulatory risks associated with offshore platforms. The contracts will support shorting and margin trading, with potential cross-margining alongside Cboe’s existing financially settled Bitcoin (FBT) and Ether (FET) futures.

Trading hours will run nearly 24/7, from Sunday at 6 p.m. to Friday at 5 p.m. ET, pausing only for a one-hour daily maintenance window.