Cboe Global Markets is weighing a significant product overhaul, converting its Bitcoin and Ether continuous futures into perpetual futures, according to a CoinTelegraph report. The move comes as US regulatory changes accelerate the adoption of crypto perpetuals and competitors like Coinbase and Kalshi expand their offerings. No specific timeline or confirmation from Cboe has been provided.
Perpetual futures differ from traditional contracts by lacking an expiry date, enabling traders to hold positions indefinitely. This product type has dominated offshore crypto trading volumes. The shift would mark a notable pivot for Cboe, which has offered standard futures through its Cboe Digital Markets platform since relaunching Bitcoin and Ether contracts in 2023.
The potential conversion aligns with a broader softening of US regulatory attitudes toward crypto derivatives. The Commodity Futures Trading Commission (CFTC) has signaled greater openness to innovation under current leadership. However, the agency has not issued formal guidance on perpetuals, leaving some jurisdictional questions unresolved.
Bitcoin and Ether have seen subdued price action in recent weeks, with BTC trading near $67,000 and ETH around $3,400. A regulatory greenlight for mainstream perpetuals could inject new liquidity and volatility into US markets. Currently, most perpetual trading occurs on unregulated offshore exchanges, representing a significant portion of global crypto volume.
The move would directly challenge Coinbase's recently launched perpetual futures and Kalshi's prediction market derivatives. Cboe's established reputation and liquidity advantages could reshape the competitive landscape. However, industry observers caution that regulatory clarity remains incomplete, and any product launch would require formal CFTC approval.