Cboe Considers Turning BTC and ETH Continuous Futures Into Perps

The Chicago Board Options Exchange (CBOE) is reportedly weighing a switch of its continuous Bitcoin and Ether futures into perpetual contracts—an effort that would bring the exchange closer to the fast-moving “perps” model dominating much of crypto derivatives trading.

According to a Wall Street Journal report, CBOE’s global head of derivatives, Rob Hocking, said the exchange is exploring the conversion after the US Commodity Futures Trading Commission (CFTC) approved cryptocurrency perpetual futures tied to prediction market Kalshi and laid out a regulatory route for other registered venues to pursue similar products.

Key takeaways

• CBOE launched continuous Bitcoin and Ether futures in December, and is now considering converting them into perpetual futures.
• The reported shift is linked to the CFTC’s approval of Kalshi’s crypto perpetual futures and its broader framework for other registered exchanges.
• Perpetual futures remove expiration dates, relying on funding payments to keep contract pricing aligned with the underlying asset.
• Regulatory momentum appears to be accelerating perps across both centralized exchanges and DeFi, drawing competition from incumbents and new entrants.

Why CBOE’s reported move matters

Continuous futures are designed to trade without the usual contract roll mechanics, but they still rely on defined contract terms and expiry structures. Perpetual futures, by contrast, are built to have no expiration date, making them easier for traders to stay leveraged for as long as they choose—so long as they pay or receive funding that periodically adjusts the price relative to the underlying market.

From an exchange strategy perspective, the appeal is straightforward: perps have become the primary derivatives format for many crypto-native liquidity providers. If CBOE can offer perpetual contracts in a compliant way, it could position itself inside a market segment that is expanding rapidly in both trading venues and product variety.

Regulatory catalyst: CFTC approval and the pathway for others

The Wall Street Journal report ties CBOE’s exploration directly to recent CFTC actions. The CFTC has approved Kalshi’s cryptocurrency perpetual futures and, in doing so, reportedly outlined how other registered exchanges could seek approval to list similar products.

That regulatory clarity is taking shape at a time when established futures operators are pushing back. Earlier this month, Chicago Mercantile Exchange sued the CFTC, arguing that allowing Kalshi to list perpetual futures violates federal law and has caused competitive harm to incumbent exchanges.

Hocking, however, did not provide any timeline for CBOE’s potential conversion, nor did the reported remarks specify what commercial or trading advantages CBOE expects to gain. For market participants, that uncertainty is important: the “if” remains, and the practical details—such as product structure, listing requirements, and liquidity expectations—will determine whether the change materially affects day-to-day trading.

Demand signal: Kalshi’s early volume and the perps flywheel

The Wall Street Journal report also highlights the market response to the CFTC’s decision. It states that Kalshi’s cryptocurrency perpetual futures generated more than $8.5 billion in trading volume within weeks of launching.

While those figures reflect a specific product and venue, they offer a useful datapoint for exchanges considering whether investors will follow the regulatory permission into additional listings. In derivatives, early volume is often a proxy for market maker readiness, trader familiarity, and the ability to sustain order-flow without excessive slippage.

For CBOE, the key question is whether the exchange can replicate that engagement on a broader scale—particularly given that CBOE’s continuous Bitcoin and Ether futures were only launched last December, meaning it is still building institutional familiarity and tooling around the product.

Perps momentum spreads beyond crypto—then into DeFi

CBOE’s deliberations come amid a wider expansion of perpetual-style products across markets. The Wall Street Journal report notes that Coinbase launched perpetual futures tied to stock indexes for eligible US traders, adding leveraged exposure to sectors such as artificial intelligence, defense, and Chinese equities. Coinbase’s broader derivatives expansion also includes a separate push: it previously rolled out 24/7 futures on US-listed stocks for eligible non-US traders via Coinbase International Exchange.

Perpetuals are also appearing in other commodity contexts. The report points to increased interest in commodity perpetual swaps, citing BitMEX commentary around demand rising alongside heightened volatility in oil and gold prices.

Decentralized markets, meanwhile, remain a major testing ground for perps liquidity. DeFiLlama data cited in the report shows decentralized exchanges processed more than $22.5 billion in perpetual futures volume over the past 24 hours and roughly $663 billion over the past 30 days, with Hyperliquid accounting for most of that activity. For traders and liquidity providers, the scale underscores a fundamental challenge for traditional venues: DeFi perps already operate with mature, always-on trading infrastructure that attracts high-frequency and leveraged strategies.

At the same time, this decentralization-led momentum intensifies competitive pressure on centralized exchanges. If regulators make perpetual products more accessible in the US, traditional venues may need to match not only the contract format but also the execution quality, market making incentives, and user experience that traders have come to expect from perps-native platforms.

What to watch next is whether CBOE moves from exploration to formal filings or product launches, and how US regulators handle ongoing legal and competitive disputes stemming from the CFTC’s approach to perpetual futures—especially as the market signals strong early demand for perps once the regulatory door opens.