Cboe to Launch Bitcoin and Ether Perpetual-Style Crypto Futures on December 15, 2025
Cboe plans to launch Bitcoin Continuous Futures (PBT) and Ether Continuous Futures (PET) on December 15, 2025, via the Cboe Futures Exchange.
These contracts are cash-settled with a 10-year listing expiration, featuring daily funding mechanisms to track spot prices and avoid rollovers, mimicking perpetual futures.
The products are designed for institutions and advanced retail traders within a U.S.-regulated framework, with clearing provided through Cboe Clear U.S., a clearinghouse regulated by the CFTC.
Initial listing prices are set at $95,789.16 for Bitcoin and $3,133.02 for Ether.
Daily funding adjustments will be based on the Cboe Kaiko Real-Time Rate for both BTC and ETH, similar to periodic interest payments.
The futures allow for long exposure, shorting opportunities, and margin trading, with cross-margining possible alongside other Cboe crypto futures such as FBT and FET.
Trading hours will run nearly around the clock from Sunday 6 p.m. ET to Friday 5 p.m. ET, with a one-hour daily break.
The launch, announced in September, aims to respond to the popularity of offshore perpetual futures by providing a regulated, long-term crypto exposure option within the U.S., minimizing offshore risks.
The offering targets hedge funds, asset managers, and sophisticated retail traders seeking leveraged crypto futures under a regulated environment.
