Cboe Eyes Perpetual Futures Conversion for Bitcoin and Ether Contracts

Cboe Global Markets is considering converting its existing Bitcoin and Ether continuous futures contracts into full-blown perpetual futures, a move that would bring one of the most popular crypto-native trading instruments into the heart of traditional US finance.

The potential conversion was flagged by Nate Geraci, president of ETF Store, on June 23. Cboe already offers something similar to perpetual futures through its Continuous Futures contracts, which launched on December 15, 2025. However, these contracts have a 10-year expiration term and use daily cash adjustments to mimic the behavior of perpetual contracts.

By converting to true perpetual futures, the expiration date would be eliminated, creating contracts that never expire and settle continuously. This move is seen as a natural evolution of products launched by Cboe just six months ago.

The regulatory window for this conversion is open due to the CFTC's approval of Kalshi's Bitcoin perpetual futures contract in late May 2026. This precedent establishes that perpetual futures can exist within the US derivatives framework, previously thought to be impossible.