CBOE Global Markets is evaluating whether to convert its Bitcoin and Ether futures into perpetual contracts, following the U.S. Commodity Futures Trading Commission's approval of such products for prediction market operator Kalshi. According to a June 23 report from The Wall Street Journal, CBOE's global head of derivatives, Rob Hocking, confirmed the exchange is exploring the possibility but did not provide a timeline. The move would put CBOE in direct competition with Kalshi, whose crypto perpetual futures have already generated more than $8.5 billion in trading volume within weeks of launch.
Kalshi's rapid growth draws CME lawsuit
Kalshi's entry into the perpetual futures market has been swift and disruptive. The CFTC's approval allowed Kalshi to list products that have quickly attracted massive trading volume, prompting established exchanges to take notice. The Chicago Mercantile Exchange recently filed a lawsuit against the CFTC, arguing that the approval violates federal law and causes "textbook competitive injury" to incumbent futures operators. CBOE introduced its continuous Bitcoin and Ether futures contracts in December, offering expirations up to 10 years, but is now studying whether perpetuals could offer a better structure in the newly regulated environment.
Perpetual futures expand across crypto markets
Beyond traditional exchanges, perpetual futures activity continues to grow. Coinbase launched perpetual futures tied to stock indexes this month, giving eligible U.S. traders leveraged exposure to sectors like AI and defense, following its international exchange's March rollout of round-the-clock single-stock futures. BitMEX has noted rising interest in commodity perpetual swaps amid oil and gold volatility. Decentralized venues are also major players: DeFiLlama data shows decentralized exchanges processed over $22.5 billion in perpetual futures volume in the past 24 hours and roughly $663 billion over the last 30 days, with Hyperliquid dominating the activity. As regulated U.S. exchanges gain a clear path to offer perpetuals, competition is heating up among traditional operators, crypto-native platforms, and decentralized venues for a slice of the trading volume that has long been concentrated offshore.