Cboe Global Markets has announced plans to launch continuous Bitcoin and Ether futures on CFE on November 10, 2025, subject to regulatory review.
The news is shaking up the engine room of crypto markets: Cboe Global Markets, the network that has helped define how securities and derivatives are traded around the world, has just announced plans to introduce continuous futures on its Cboe Futures Exchange (CFE) platform starting November 10, 2025, subject to regulatory review.
More than a new product, this is an attempt to offer a more fluid and efficient experience for professionals and retailers who require continuous exposure to Bitcoin and Ether without the friction typical of contractual rollovers. The move promises to reshape liquidity, pricing structures, and hedging strategies, while regulatory oversight and market conditions will determine the extent to which this move will transform the traditional crypto ecosystem.
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Cboe Global Markets is one of the world's leading securities and derivatives exchanges, known for introducing products that standardize and liquidate risk for institutions. Historically, classic futures allow investors to lock in exposure to an asset for a specific date, but they always involve maturity management and slippage risks at rollover times.
In the crypto sector, demand for more continuous instruments has grown alongside market maturation, institutional participation, and intraday settlement needs. Cboe's announcement indicates an explicit recognition of this evolution: offering continuous Bitcoin and Ether futures that reduce the operational cost of maintaining long-term exposure and improve integration with traditional financial infrastructures.
Operational details
Although the release While Cboe has indicated its goal of launching continuous futures on November 10, 2025, key aspects remain to be confirmed during regulatory review. First, the nature of the settlement: it will be important to know whether the contracts will be cash-settled, physically deliverable, or based on benchmarks.
Second, contract specifications will affect costs and margins; contract size, minimum tick size, and margin structure will define accessibility for different investor profiles. Third, the contango/backwardation mechanism will impact rollover rules and, therefore, the implicit cost of holding long positions.
Finally, interoperability with clearing infrastructures and availability through global corridors will determine initial adoption and market depth.
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Potential impact on BTC and ETH liquidity and price discovery
The introduction of continuous futures in CFE can increase the aggregate liquidity of the Bitcoin and Ether derivatives market, as it eliminates rollover friction and can attract participants seeking a continuous reference. As more players trade the same instrument, the futures curve tends to become a more robust tool for price discovery and for constructing arbitrage strategies between spot, perpetual swaps, and fixed-maturity futures.
However, effective liquidity will depend on the trading fee, the depth of the trading book, and the presence of market makers willing to provide tight spreads in the new product. If Cboe succeeds in establishing favorable market incentives and rules, we could see a shift of some of the flow currently found in OTC markets and perpetual swap platforms toward this regulated product.
What to expect on November 10th?
Cboe's announcement represents a clear signal that formal markets are seeking to absorb more of the flow currently hosted on decentralized and OTC platforms. The success of continuous futures will depend on both a favorable ruling by regulators and CFE's ability to design competitive and transparent contract specifications.
Between now and the planned launch date, we're likely to learn details about margining, settlement, contract sizes, and rollover rules, which will define adoption and participants' strategies. For investors and operators, the practical recommendation is to prepare: review risk policies, assess the compatibility of their platforms, and follow regulatory details as they become available.
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