Cboe Global Markets is exploring converting its Bitcoin and Ether continuous futures into perpetual swap contracts, according to a post on X by Nate Geraci, president of The ETF Store. The move would mark a significant step in bringing a crypto-native instrument into the regulated exchange framework.
Geraci said traditional financial giants are being forced to keep up with crypto-native innovation, calling this "just the beginning." While Cboe has not made a formal announcement, the consideration signals growing institutional interest in perpetuals, which have become a dominant trading product in crypto markets.
Perpetual futures, unlike standard futures, have no expiration date and use a funding rate mechanism to track spot prices. If implemented, Cboe's offering could provide a regulated alternative to the largely offshore perpetuals market, potentially attracting more institutional capital into Bitcoin and Ether exposure.