CBOE is exploring converting its bitcoin and ether continuous futures into perpetual futures, according to people familiar with the matter. The move comes as accelerating U.S. regulatory changes make the product category more viable and as rivals Coinbase and Kalshi expand their own offerings. If CBOE follows through, it would mark a significant shift in how the exchange structures its crypto derivatives lineup.
Why perpetual futures now
U.S. regulators have been slowly warming to crypto perpetual futures, a product that long thrived mainly offshore. The recent changes — including clearer classification of digital assets and updated guidance on margin requirements — have opened the door for domestic exchanges to offer contracts that never expire. That's a big deal: perpetuals are the most actively traded crypto derivative globally, and U.S. investors have had limited access through regulated venues.
CBOE's current continuous futures already roll automatically, but perpetuals go a step further by using a funding rate mechanism to keep the contract price anchored to spot. The regulatory green light makes that structure feasible on a U.S.-based exchange.
The competitive pressure
CBOE isn't the only one eyeing this space. Coinbase has been quietly building out its derivatives platform, and Kalshi — the prediction-market exchange — has also started testing perpetual-style contracts tied to crypto benchmarks. Both are angling for the same institutional and retail flow that CBOE currently captures with its traditional futures.
The timing isn't great for CBOE to sit still. Continuous futures have been a solid product, but perpetuals now represent the growth segment. Losing first-mover advantage to Coinbase or Kalshi in a regulated U.S. perpetual market would sting.
What a conversion would look like
Details are still sparse. CBOE is mulling a product overhaul, which could mean replacing the existing continuous contracts with new perpetuals or listing them side by side. Either path requires recoding settlement mechanics, adjusting margin models, and getting the CFTC comfortable with the funding rate design. That's not trivial, but sources say the exchange has been in early-stage discussions about the technical and regulatory steps.
Next steps
CBOE hasn't set a timeline for a decision. The exchange is still evaluating whether the revenue upside justifies the operational lift. One open question: how existing continuous-futures traders would be migrated or grandfathered. For now, the industry is watching whether CBOE moves before its competitors lock in market share.
