CBOE Explores Converting Bitcoin and Ethereum Futures to Perpetual Contracts

Cboe Global Markets is exploring a conversion of its continuous Bitcoin and Ethereum futures contracts into perpetual futures, according to a report. The proposed change follows regulatory approval from the Commodity Futures Trading Commission that authorized perpetual crypto derivatives for Kalshi Corp., a prediction market platform.

Unlike traditional continuous futures, perpetual contracts do not have a scheduled expiration date. Instead, they use a funding rate mechanism to keep the contract price aligned with the spot value of the underlying asset. The shift would allow Cboe, one of the world's largest exchange groups, to offer contract structures that have become standard in crypto trading while expanding its derivatives lineup for institutional investors.