Rob Hocking, global head of derivatives at the Chicago Board Options Exchange (CBOE), recently stated that the exchange is evaluating the possibility of converting its existing Bitcoin and Ethereum continuous futures into perpetual futures. This exploration comes on the heels of the U.S. Commodity Futures Trading Commission (CFTC) approving prediction market Kalshi's cryptocurrency perpetual futures, clearing regulatory hurdles for other registered U.S. exchanges to offer similar products.
CBOE currently lists monthly continuous futures for Bitcoin and Ethereum, but perpetual futures — with no expiration date and a funding rate mechanism — are more popular among crypto-native traders. A successful transition could attract more institutional and retail traders to CBOE's platform. Rob Hocking did not provide a timeline for a potential conversion, indicating the plan remains in early discussion stages.
The regulatory breakthrough marks a significant step for the compliant crypto derivatives market in the U.S. Kalshi's approval is seen as a precedent, potentially prompting more exchanges to launch perpetual futures. As one of the world's largest options exchanges, CBOE's move could reshape the trading structure of major crypto assets.