Cboe Global Markets is weighing whether to convert 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 on June 23 by Nate Geraci, president of ETF Store, and represents a natural evolution of products Cboe only launched six months ago.
From continuous to perpetual: what’s actually changing
Cboe already offers something that looks and feels a lot like perpetual futures. Its Continuous Futures contracts, ticker symbols PBT for Bitcoin and PET for Ether, launched on December 15, 2025, with a clever workaround. They carry 10-year expiration terms and use daily cash adjustment mechanisms to mimic the behavior of perpetual contracts, all within a regulated US framework.
These contracts reference Cboe Kaiko Bitcoin and Ether Real-Time Rates, giving them a pricing backbone tied to real-time market data rather than lagging index values. The daily cash adjustments serve the same function as the funding rate mechanism used in offshore perpetuals, ensuring the contract price doesn’t drift too far from the underlying asset.
