CBOE Shakes Up Crypto Markets with Regulated Bitcoin & Ether Perpetual Futures

Wall Street meets crypto—again. The Chicago Board Options Exchange (CBOE) just dropped a bombshell: regulated perpetual-style futures for Bitcoin and Ether. No more dodgy offshore platforms—just pure, SEC-blessed leverage.

Why it matters: Institutions finally get their playground. CBOE’s move legitimizes crypto derivatives while subtly admitting TradFi still needs blockchain’s volatility to stay relevant. The ultimate irony? Banks will now hedge with the very asset they once called a 'fraud.'

Bonus jab: Another 'regulated' product for hedge funds to overleverage—what could go wrong?

CBOE to integrate Kaiko real-time data

CBOE will use its respective Kaiko real-time pricing data. Positions will receive Funding Amount data for their daily cash adjustment. 

‘Bringing perpetual-style futures to U.S. regulated markets addresses a real need for institutional investors seeking efficient, long-term crypto exposure,’ said Anne-Claire Maurice, Managing Director of Derived Data at Kaiko. 

The contracts will be cleared through CBOE Clear US, helping mitigate counterparty risk. Margin requirements will be in compliance with CFTC rules and fully compliant, with the potential for cross-margin offsets with other products on the exchange, such as Financially Settled Bitcoin (FBT) and Financially Settled Ether (FET).

The CBOE Options Institute will also offer courses on perpetual futures and discuss use cases, with training open on December 17 and January 13, 2026.

CBOE marks growing demand for futures trading

CBOE was among the first exchanges to register demand for BTC futures. Its first product, XBT, had some features in common with perpetual futures. The product, launched in partnership with Gemini, tapped the first wave of mainstream interest for BTC. 

The initial product discontinued its usage in 2019, due to a bear market and lowered trader interest. The current return of perpetual futures reflects another wave of mainstream interest, as well as a more advanced approach to BTC trading. 

The launch of the contracts follows a few months of peak activity on perpetual futures DEX, competing with centralized futures markets.

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