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Cboe considers “true perps”
Cboe Global Markets is weighing a change to how its Bitcoin and Ether futures work, considering converting its existing “continuous futures” contracts into true perpetual futures with no set end date.
“Cboe Global Markets is weighing a major change to how its Bitcoin and Ether futures work, according to recent comments highlighted online”
The proposal would push a product launched in late 2025 under the tickers PBT for Bitcoin and PET for ether further into the U.S. regulated markets where Cboe operates.
In the current structure, the contracts use a 10-year term and daily cash adjustments designed to deliver “continuous, long-term exposure” without constant rolling.
Nate Geraci, president of ETF Store, posted that “Cboe is considering converting its BTC & ETH continuous futures into perpetual futures.”
Regulators and rivals weigh in
Rob Hocking, the Global Head of Derivatives at Cboe, said the exchange is exploring the conversion of Bitcoin and Ethereum continuous futures into perpetual futures, while also not providing a timeline for the potential conversion.
The shift is framed against U.S. regulatory movement, with the Commodity Futures Trading Commission (CFTC) approving the cryptocurrency perpetual futures of the prediction market Kalshi.
TradingView’s report ties the review to “US regulatory changes” and notes rivals Coinbase and Kalshi expanding their offerings as Cboe mulls a product overhaul.
In a separate development, Cointelegraph reports that Kalshi’s cryptocurrency perpetual futures have generated more than $8.5 billion in trading volume within weeks of launching after the CFTC’s decision.
What changes if it moves
A conversion would remove the main structural gap between Cboe’s current perpetual-style exposure and crypto-native perpetuals by eliminating the 10-year expirations and leaving no expiration date at all.
“Source: Nate Geraci Perpetual futures, or “perps,” were popularized by crypto derivatives exchange BitMEX and have since become the dominant crypto derivatives product”
The CFTC no-action relief described in Crypto Adventure would let exchanges remove expiration dates from existing perpetual-style contracts while keeping other material contract terms unchanged, provided customer-protection and procedural conditions are met.
Crypto Adventure also says Cboe’s continuous futures are cash-settled, centrally cleared, and designed to provide long-term crypto exposure through 10-year expirations and daily cash adjustments.
Cointelegraph adds that the broader perpetual futures market is expanding, citing decentralized exchanges processing more than $22.5 billion in perpetual futures volume over the past 24 hours and roughly $663 billion over the past 30 days, according to DeFiLlama.
