Which exchange launched continuous BTC futures?

TLDR

Cboe Futures Exchange (CFE), operated by Cboe Global Markets, is the venue launching continuous BTC futures.

1. Product name is Bitcoin Continuous Futures (PBT) with trading slated for Dec 15 on CFE in a U.S.-regulated setting exchange announcement coverage.
2. Contracts use a 10-year term and a daily cash adjustment to mimic perpetuals without rollovers product details.
3. This brings perpetual-style exposure onshore as an alternative to offshore perps on major crypto venues market context.

Deep Dive

1. The Venue

Cboe Futures Exchange (CFE) will list continuous futures for Bitcoin under the ticker PBT. Reporting confirms a Dec 15 launch within a CFTC-regulated framework, cleared by Cboe Clear U.S. CFE listing and date.

2. How It Works

Cboes continuous futures deliver perpetual-style exposure by combining a long-dated 10-year contract with a daily cash adjustment that keeps futures aligned with spot, reducing the need to roll mechanics and schedule. Coverage notes near-continuous trading (Sunday evening to Friday afternoon ET) consistent with CFEs crypto derivatives hours trading details.

3. Why It Matters

These contracts introduce a domestically regulated alternative to offshore perpetual swaps that dominate crypto derivatives volumes, potentially broadening participation from institutions that need onshore, transparent venues context.

Conclusion

Answer: Cboe Futures Exchange is launching continuous BTC futures, bringing perpetual-like exposure into a U.S.-regulated framework. The 10-year term plus daily cash adjustment aims to remove rollover frictions and could attract onshore participants if liquidity grows.