Which venue launched continuous BTC futures?

TLDR

Cboe Futures Exchange (CFE), operated by Cboe Global Markets, is the venue for Bitcoin Continuous Futures (PBT), with trading set to begin on Dec 15 pending approvals per a market report.

1. PBT contracts are perpetual?style with a 10?year expiry and daily cash adjustment to track spot prices per an exchange update.
2. The launch brings onshore, US?regulated access to perpetual?like BTC exposure via CFE and Cboe Clear US as covered here.

Deep Dive

1. Venue and Product

CFE is listing Bitcoin Continuous Futures under the symbol PBT, which mimic perpetuals by using a daily cash adjustment rather than frequent rollovers. The contracts list with a 10?year term, are cash?settled, and target near 245 trading hours per The Block. Clearing and risk management are handled through Cboe Clear US, with margin rules aligned to CFTC standards per Yahoo Finance.

2. Why It Matters

Perpetual futures have historically been offered offshore; this launch brings a similar economic profile into a US?regulated venue, which may appeal to institutions and risk?aware traders per CoinDesk. The design aims to reduce operational friction while keeping futures aligned with spot via daily adjustments as summarized here.

Conclusion

CFE is the venue introducing continuous BTC futures, offering a regulated, perpetual?style contract structure intended to cut rollover friction while maintaining alignment with spot via daily adjustments. For traders prioritizing regulatory clarity and institutional clearing, this is the key onshore alternative to offshore perps.