CBOE is studying crypto perpetual contracts after Kalshi's products hit $8.5B in volume. CME has sued the CFTC over the approval. Coinbase and BitMEX are also expanding perpetual offerings.
CBOE Global Markets is studying whether to convert its Bitcoin and Ether futures into perpetual contracts, after Kalshi's crypto perpetuals racked up more than $8.5 billion in trading volume within weeks of launch.
Rob Hocking, CBOE's global head of derivatives, told The Wall Street Journal the exchange is exploring the shift following the CFTC's approval of crypto perpetual futures for prediction market operator Kalshi. Hocking did not give a timeline for any changes.
The move puts CBOE among a growing list of firms responding to fresh competition in the perpetual futures market. CBOE introduced its continuous Bitcoin and Ether futures in December, with expirations extending as far as 10 years. Perpetual contracts, which don't expire and use periodic funding payments to track the underlying asset, have become the dominant form of crypto derivatives trading since BitMEX popularized them.
Not everyone is happy about the CFTC's decision. The Chicago Mercantile Exchange sued the regulator earlier this month, arguing the Kalshi approval violates federal law and caused "textbook competitive injury" to incumbent futures exchanges.
Outside traditional exchange operators, trading firms and crypto platforms are adding new perpetual products. Coinbase launched perpetual futures tied to stock indexes earlier this month, giving eligible U.S. traders leveraged exposure to sectors including AI, defense, and Chinese equities. BitMEX recently pointed to rising interest in commodity perpetual swaps as oil and gold volatility increased.
Decentralized exchanges processed more than $22.5 billion in perpetual futures volume over the past 24 hours and roughly $663 billion over the prior 30 days, according to DeFiLlama data. Hyperliquid accounted for most of that activity.
With regulated U.S. exchanges now having a pathway to offer perpetuals, competition between traditional futures operators, crypto-native platforms, and decentralized venues is intensifying. CBOE's Alpha Score sits at 64/100, labeled Moderate. CME's Alpha Score is 49/100, labeled Mixed.
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