TLDR Cboe is considering converting its Bitcoin and Ether continuous futures into perpetual-style contracts. The move would build on Cboe’s existing PBT and PET products, which already featur
Cboe is evaluating a transition from its Bitcoin and Ether continuous futures products to perpetual-style contracts. The move would expand its presence in regulated U.S. crypto derivatives markets and align its products more closely with structures used by offshore exchanges. The proposal surfaced after ETF Store President Nate Geraci disclosed the possibility on June 23 through a post on X.
Cboe considering converting its btc & eth continuous futures into perpetual futures…
Entrenched tradfi incumbents are now continually forced to react to crypto-native innovations.
Just the beginning.
via @kryshur@Vlajournalistepic.twitter.com/SKeCUQe4uh
— Nate Geraci (@NateGeraci) June 23, 2026
Cboe entered regulated crypto derivatives markets in 2022 with Bitcoin Continuous Futures (PBT) and Ether Continuous Futures (PET). These contracts provide long-term exposure and use daily cash settlements tied to spot market indexes. As a result, traders avoid the manual rollover process common in traditional futures markets.
PBT and PET already include features that resemble perpetual products. They automatically roll exposure and support maturities extending up to 120 months. Therefore, a move toward perpetual futures would adjust an existing framework rather than replace it entirely.
Industry participants continue to compare Cboe’s products with those offered by CME Group. CME’s Bitcoin futures and options markets hold several billion dollars in open interest across different expirations. By contrast, market sources indicate that Cboe’s continuous futures maintain lower trading activity and smaller open interest levels.
Perpetual futures remove expiration dates and instead rely on funding-rate mechanisms to keep prices aligned with underlying assets. Offshore exchanges including Binance, OKX, and Bybit use these contracts as their primary leveraged trading products. CryptoQuant data showed perpetual futures generated about $61.7 trillion in trading volume during 2025.
U.S. regulators have also begun addressing demand for these products. On May 29, the Commodity Futures Trading Commission approved a perpetual-style Bitcoin contract from Kalshi. The agency also issued guidance that gave exchanges more flexibility when designing crypto derivative products.
Several firms now offer different approaches to continuous crypto exposure. Kalshi uses a regulated event-contract structure, while CME continues offering monthly and quarterly futures contracts. Meanwhile, Coinbase connects eligible U.S. traders to offshore perpetual markets through its derivatives platform and intermediary arrangements.
Cboe occupies a position between those models. Its existing contracts already feature daily funding-like adjustments and automated rolling exposure. Consequently, analysts view a potential conversion as an extension of the company’s current product strategy.
The CFTC’s May policy actions triggered immediate reactions across exchange-related stocks. Reports showed Cboe shares fell about 9% in early June as markets assessed future competition. CME Group and Intercontinental Exchange also recorded declines during the same period.
The debate expanded further on June 18. CME filed a lawsuit against the CFTC and argued that perpetual futures should qualify as swaps under the Commodity Exchange Act. However, the regulator rejected that position and defended its approach as part of ongoing market modernization efforts.
Geraci highlighted the latest development in a post on X. He wrote that traditional exchanges continue adopting structures originally developed by offshore crypto platforms. His comments appeared as exchanges increased efforts to capture activity within the expanding perpetual derivatives market.
The post Cboe Explores Bitcoin and Ether Perpetual Futures Transition appeared first on Blockonomi.
