Cboe Weighs Bitcoin and Ether Perpetual Futures Conversion

The Chicago Board Options Exchange (Cboe) is considering converting its Bitcoin and Ether continuous futures into true perpetual futures, a move that would bring it closer to the product structure used in crypto-native markets.

This decision follows new guidance from the Commodity Futures Trading Commission (CFTC), which allows designated contract markets to convert existing perpetual-style digital commodity futures into true digital commodity perpetual futures if they meet certain conditions.

Cboe's continuous futures, known as PBT and PET, are cash-settled, centrally cleared, and designed for long-term exposure through 10-year expirations and daily cash adjustments that keep the futures price aligned with Bitcoin and Ether reference rates.

A true perpetual would have no expiration date at all, removing the main structural gap between Cboe's current product and crypto-native perpetuals.