November 17th, 2025
Kaiko is pleased to announce our partnership with Cboe Global Markets to provide real-time crypto reference rates supporting the launch of Cboe’s Bitcoin and Ether Continuous Futures, set to begin trading on December 15, 2025, subject to regulatory review..
These products mark the first U.S.-regulated perpetual-style futures for bitcoin and ether, offering institutional investors efficient, long-term exposure within a transparent and regulated environment.
Kaiko’s real-time reference rate, the Cboe Kaiko Real-Time Rate for Bitcoin and Ether, serve as the core pricing mechanism for these continuous futures contracts. Our rates track the underlying digital assets and support the daily funding adjustments that maintain price alignment between the futures and spot markets, enabling seamless 23×5 trading without the operational friction of rolling positions.
Robust and transparent pricing is essential for derivatives trading, clearing, and settlement. Kaiko’s real-time rates are calculated using a rigorous methodology and data from a broad range of high-liquidity exchanges carefully selected for each asset. By delivering an objective and manipulation-resistant view of the market, our rates support the listing and trading of Cboe’s Bitcoin and Ether Continuous Futures, ensuring confidence and integrity across the platform.
By partnering with Cboe, we are supporting a new class of U.S.-regulated derivatives products that meet the high standards demanded by institutional investors and regulators.
“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. “These continuous futures eliminate the operational friction of rolling positions while maintaining the transparency and oversight that regulated markets provide. We’re pleased our real-time rates can support this innovation.”
Cboe’s Bitcoin Continuous Futures (PBT) and Ether Continuous Futures (PET) are designed to offer traders long-term exposure with a 10-year expiration at listing and daily cash adjustments, effectively creating perpetual-style exposure. The contracts will be cash-settled and centrally cleared through Cboe Clear U.S., a CFTC-regulated derivatives clearing organization, providing capital efficiency, volatility management, and tactical trading capabilities for institutional participants.
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