<p><strong>芝加哥期权交易所（Cboe）可能正在考虑将比特币和以太坊的连续期货转换为永续合约。这一转变将使加密原生衍生品设计进一步进入受监管的美国市场，并将导致针对每年交易量达 61.7 万亿美元的永续市场的交易所之间竞争加剧。</strong></p>
<p>这一想法由 ETF Store 的总裁 Nate Geraci 于 6 月 23 日在 X 上披露，作为传统交易所采用最初由离岸加密货币平台建立的市场结构的又一证明。目前，Cboe 提供比特币连续期货（PBT）和以太坊连续期货（PET），这两者都是现金结算的衍生品，旨在提供长期的敞口，并通过每日现金结算复制滚动期货机制。</p>
<h3><strong>Cboe 的连续期货</strong></h3>
<p>在 2022 年，Cboe 进入了受监管的、由 CFTC 支持的加密衍生品市场，推出了比特币（PBT）和以太坊（PET）的连续合约——提供了一种全天候交易永续合约的现金结算方式。虽然传统期货交易者必须将头寸转移到下一个交割日期以维持对其基础资产的敞口，但 PBT 和 PET 每天以现货加密指数结算，并自动滚动。</p>
<blockquote>
</blockquote>
<p>Cboe 正在考虑将其比特币和以太坊连续期货转换为永续期货……</p>
<blockquote>
</blockquote>
<p>根深蒂固的传统金融机构现在被迫不断对加密原生创新做出反应。</p>
<blockquote>
</blockquote>
<p>这仅仅是个开始。</p>
<blockquote>
</blockquote>
<p>via @kryshur @Vlajournaliste pic.twitter.com/SKeCUQe4uh</p>
<blockquote>
</blockquote>
<p>— Nate Geraci (@NateGeraci) 2026 年 6 月 23 日</p>
<p>然而，与 CME 比特币期货市场相比，Cboe 的 PBT 和 PET 的未平仓合约和交易量明显较少。Cboe 尚未披露每个连续产品的未平仓合约数量，但行业消息来源表示，它们远没有 CME 比特币期货和期权产品那样成熟，后者通常在到期时拥有数十亿美元的未平仓合约。这一对比突显了 CME 作为加密衍生品主导机构场所的地位，而 Cboe 的连续期货则作为一种替代市场结构，旨在简化交易并减少滚动摩擦。</p>
<p>从连续期货转向永续期货将基本上消除到期，取而代之的是基于资金利率公式的无限期合约的扩展滚动安排。</p>
<h3><strong>对全球加密市场的重要性</strong></h3>
<p>永续期货合约是离岸加密交易场所（如 Binance、OKX 和 Bybit）中交易量最大的产品，BTC 和 ETH 的杠杆交易主要在这些平台上进行。根据 CryptoQuant 引用的市场统计数据，2025 年永续期货合约的交易量达到了约 61.7 万亿美元，反映了这些合约的活跃周转，而非净市场情绪。</p>
<p>监管机构开始对需求做出回应。5 月 29 日，商品期货交易委员会（CFTC）发布了政策指导和批准，允许受监管市场在提供永续风格衍生品方面有更多的灵活性。这包括批准 Kalshi 提供的永续风格比特币合约，以及提供给交易所更大灵活性的解释性指导。</p>
<h3><strong>受监管市场中的竞争动态</strong></h3>
<p>美国的衍生品交易所和混合衍生品交易所通过提供不同版本的永续敞口进行竞争，关键差异体现在结构、流动性和监管方面。</p>
<p>Kalshi 通过受监管的事件合约框架提供比特币的永续敞口，而 CME 集团则继续提供具有月度和季度到期的传统比特币期货，这些期货作为定价和对冲的机构基准。</p>
<p>Coinbase 采取了不同的方法。通过其衍生品平台和中介安排，美国用户可以根据最近明确的监管指导访问离岸永续期货流动性。Coinbase 并未在国内上市永续合约，而是将交易者连接到已经存在的海外市场。</p>
<p>Cboe 处于中间地带。其比特币（PBT）和以太坊（PET）连续期货已经具有类似每日资金调整的特征，且到期时间可延长至 120 个月。这种结构与 CME 的固定到期期货相比，更加接近永续合约，这意味着转向真正的永续合约将是现有设计的演变，而不是全面的产品改造。</p>
<h3><strong>监管压力与市场重组</strong></h3>
<p>CFTC 在 5 月 29 日的政策变更促使美国交易所的股票迅速重新定价，投资者开始评估这一增加的衍生品竞争的影响。市场报告显示，Cboe 的股票在 6 月初下跌了 9%，而 CME 集团和洲际交易所也随之下跌，因为预计永续风格的衍生品将挤压利润和费用。</p>
<p>6 月 18 日，CME 通过起诉 CFTC 进一步加剧了局势，理由是永续期货应根据《商品交易法》被视为掉期合约，并且 CFTC 已超越其权限。CFTC 驳回了这一主张，捍卫其立场，作为更广泛市场现代化努力的一部分。</p>
<h3><strong>交易者和机构需要关注的事项</strong></h3>
<p>这里的关键决定因素是流动性是否会转移到受监管的永续类产品。如果机构决定参与受监管的永续类产品市场，那么部分交易量将从离岸交易所转移，目前加密货币价格是在这些交易所发现的，并且在这些交易所进行杠杆交易。</p>
<p>然而，目前这种情况似乎不太可能。由于美国交易所的保证金要求、最大杠杆和最大头寸将高于离岸交易所，因此风险管理的条件将更加有利，尽管盈利的条件则较为不利。</p>
<p>由于风险管理与盈利之间的平衡，行业未来的发展尚待观察。监管可能对机构有利，而活跃交易者则会考虑受监管的永续合约是否优于离岸交易所提供的其他产品。</p>
<p>到目前为止，Cboe 尚未透露其计划或提交任何关于受监管永续合约的文件。然而，由于 CME 正在进行诉讼，Coinbase 使用离岸交易所，以及 Kalshi 推出了类似受监管的永续合约产品，美国衍生品市场的竞争依然激烈。</p>
<p>如果你正在阅读这篇文章，你已经走在前面。请继续关注我们的新闻通讯。</p>

芝加哥商品交易所

GBTC

芝加哥期权交易所

<p>Cboe 正在考虑将其比特币和以太坊的连续期货转换为永续合约，这一举措将使加密原生衍生品进入受监管的美国市场。这一潜在转变旨在与 61700 亿美元的离岸永续市场竞争，并且是在最近 CFTC 指导允许更灵活的衍生品设计之后的举措。这一发展突显了 CME 和 Kalshi 等交易所之间日益激烈的竞争，可能会影响传统交易所的利润率</p>

<p><strong>Chicago Board Options Exchange (Cboe) may be considering a possible transition from Bitcoin and Ether continuous futures into perpetual type of instruments. This transition would bring a crypto-native derivatives design further into regulated U.S. markets and would result in growing competition between exchanges that target a perpetual market worth $61.7 trillion in annual trade volume.</strong></p>
<div class="lb-trans"><p><strong>芝加哥期权交易所（Cboe）可能正在考虑将比特币和以太坊的连续期货转换为永续合约。这一转变将使加密原生衍生品设计进一步进入受监管的美国市场，并将导致针对每年交易量达 61.7 万亿美元的永续市场的交易所之间竞争加剧。</strong></p>
</div><p>This idea was disclosed by Nate Geraci, president of ETF Store, on X on June 23 as another proof of traditional exchanges adopting market structures initially established by offshore cryptocurrency platforms. Currently, Cboe is offering Bitcoin Continuous Futures (PBT) and Ether Continuous Futures (PET), both being cash-settled derivatives designed to provide long-dated exposure with daily cash settlement replicating a rolling futures mechanism.</p>
<div class="lb-trans"><p>这一想法由 ETF Store 的总裁 Nate Geraci 于 6 月 23 日在 X 上披露，作为传统交易所采用最初由离岸加密货币平台建立的市场结构的又一证明。目前，Cboe 提供比特币连续期货（PBT）和以太坊连续期货（PET），这两者都是现金结算的衍生品，旨在提供长期的敞口，并通过每日现金结算复制滚动期货机制。</p>
</div><h3><strong>Cboe’s continuous futures</strong></h3>
<div class="lb-trans"><h3><strong>Cboe 的连续期货</strong></h3>
</div><p>In 2022, Cboe entered regulated, CFTC-underwritten crypto derivative markets with continuous contracts for Bitcoin (PBT) and Ether (PET) – offering a cash-settled approach to trading perpetual contracts on a day-and-night basis. While conventional futures traders are obliged to shift positions to the following delivery dates to maintain exposure to their underlying asset, PBT and PET settle daily to spot crypto indices and roll automatically.</p>
<div class="lb-trans"><p>在 2022 年，Cboe 进入了受监管的、由 CFTC 支持的加密衍生品市场，推出了比特币（PBT）和以太坊（PET）的连续合约——提供了一种全天候交易永续合约的现金结算方式。虽然传统期货交易者必须将头寸转移到下一个交割日期以维持对其基础资产的敞口，但 PBT 和 PET 每天以现货加密指数结算，并自动滚动。</p>
</div><blockquote>
<p>Cboe considering converting its btc &amp; eth continuous futures into perpetual futures…</p>
<p>Entrenched tradfi incumbents are now continually forced to react to crypto-native innovations.</p>
<p>Just the beginning.</p>
<p>via @kryshur @Vlajournaliste pic.twitter.com/SKeCUQe4uh</p>
<p>— Nate Geraci (@NateGeraci) June 23, 2026</p>
</blockquote>
<div class="lb-trans"><blockquote>
</blockquote>
<p>Cboe 正在考虑将其比特币和以太坊连续期货转换为永续期货……</p>
<blockquote>
</blockquote>
<p>根深蒂固的传统金融机构现在被迫不断对加密原生创新做出反应。</p>
<blockquote>
</blockquote>
<p>这仅仅是个开始。</p>
<blockquote>
</blockquote>
<p>via @kryshur @Vlajournaliste pic.twitter.com/SKeCUQe4uh</p>
<blockquote>
</blockquote>
<p>— Nate Geraci (@NateGeraci) 2026 年 6 月 23 日</p>
</div><p>However, open interest in and volume for Cboe’s PBT and PET, particularly when compared with the CME Bitcoin futures market, is considerably thinner. Cboe hasn’t disclosed how much open interest each continuous product has, but industry sources indicate that they are nowhere near as developed as the CME Bitcoin futures and options products, which each typically carry several billion dollars of open interest against maturities. The contrast highlights CME’s position as the dominant institutional venue for crypto derivatives, while Cboe’s continuous futures stand out as an alternative market structure designed to simplify trading and reduce rollover friction.</p>
<div class="lb-trans"><p>然而，与 CME 比特币期货市场相比，Cboe 的 PBT 和 PET 的未平仓合约和交易量明显较少。Cboe 尚未披露每个连续产品的未平仓合约数量，但行业消息来源表示，它们远没有 CME 比特币期货和期权产品那样成熟，后者通常在到期时拥有数十亿美元的未平仓合约。这一对比突显了 CME 作为加密衍生品主导机构场所的地位，而 Cboe 的连续期货则作为一种替代市场结构，旨在简化交易并减少滚动摩擦。</p>
</div><p>Moving from continuous futures to perpetual futures would essentially eliminate expiry, substituting an extended rolling arrangement with an indefinite contract based on the funding rate formula.</p>
<div class="lb-trans"><p>从连续期货转向永续期货将基本上消除到期，取而代之的是基于资金利率公式的无限期合约的扩展滚动安排。</p>
</div><h3><strong>Importance for the global crypto market</strong></h3>
<div class="lb-trans"><h3><strong>对全球加密市场的重要性</strong></h3>
</div><p>Perpetual futures contracts are the most traded products in offshore crypto trading venues like Binance, OKX, and Bybit, where the bulk of leverage trading of BTC and ETH takes place. According to market statistics referenced by CryptoQuant, the volume of trades in perpetual futures contracts reached some $61.7 trillion in 2025, reflecting the active turnover of these contracts instead of net market sentiment.</p>
<div class="lb-trans"><p>永续期货合约是离岸加密交易场所（如 Binance、OKX 和 Bybit）中交易量最大的产品，BTC 和 ETH 的杠杆交易主要在这些平台上进行。根据 CryptoQuant 引用的市场统计数据，2025 年永续期货合约的交易量达到了约 61.7 万亿美元，反映了这些合约的活跃周转，而非净市场情绪。</p>
</div><p>Regulators are starting to respond to the demand. On May 29, the Commodity Futures Trading Commission (CFTC) released policy guidance and approvals allowing regulated markets more leeway to offer perpetual-style derivatives. This included the approval of the perpetual-style Bitcoin contract offered by Kalshi, along with interpretative guidance offering exchanges greater leeway to design cryptocurrency derivatives.</p>
<div class="lb-trans"><p>监管机构开始对需求做出回应。5 月 29 日，商品期货交易委员会（CFTC）发布了政策指导和批准，允许受监管市场在提供永续风格衍生品方面有更多的灵活性。这包括批准 Kalshi 提供的永续风格比特币合约，以及提供给交易所更大灵活性的解释性指导。</p>
</div><h3><strong>Competitive dynamics in regulated</strong></h3>
<div class="lb-trans"><h3><strong>受监管市场中的竞争动态</strong></h3>
</div><p>Derivatives exchanges in the United States and hybrid derivatives exchanges are competing with each other by offering varying versions of perpetual exposure with key differences in terms of structure, liquidity, and regulation.</p>
<div class="lb-trans"><p>美国的衍生品交易所和混合衍生品交易所通过提供不同版本的永续敞口进行竞争，关键差异体现在结构、流动性和监管方面。</p>
</div><p>Kalshi provides perpetual exposure to Bitcoin through a regulated event contracts framework, whereas CME Group is continuing to offer traditional Bitcoin futures with monthly and quarterly expirations that serve as institutional benchmarks for pricing and hedging.</p>
<div class="lb-trans"><p>Kalshi 通过受监管的事件合约框架提供比特币的永续敞口，而 CME 集团则继续提供具有月度和季度到期的传统比特币期货，这些期货作为定价和对冲的机构基准。</p>
</div><p>Coinbase takes a different approach. Through its derivatives platform and intermediary arrangements, U.S. users can access offshore perpetual futures liquidity under recently clarified regulatory guidance. Rather than listing perpetuals domestically, Coinbase connects traders to markets that already exist abroad.</p>
<div class="lb-trans"><p>Coinbase 采取了不同的方法。通过其衍生品平台和中介安排，美国用户可以根据最近明确的监管指导访问离岸永续期货流动性。Coinbase 并未在国内上市永续合约，而是将交易者连接到已经存在的海外市场。</p>
</div><p>Cboe occupies a middle ground. Its Bitcoin (PBT) and Ether (PET) continuous futures already feature daily funding-like adjustments and maturities extending up to 120 months. That structure resembles perpetual contracts more closely than CME’s fixed-expiry futures, meaning a shift to true perpetuals would be an evolution of an existing design rather than a wholesale product overhaul.</p>
<div class="lb-trans"><p>Cboe 处于中间地带。其比特币（PBT）和以太坊（PET）连续期货已经具有类似每日资金调整的特征，且到期时间可延长至 120 个月。这种结构与 CME 的固定到期期货相比，更加接近永续合约，这意味着转向真正的永续合约将是现有设计的演变，而不是全面的产品改造。</p>
</div><h3><strong>Regulatory pressure and repositioning of markets</strong></h3>
<div class="lb-trans"><h3><strong>监管压力与市场重组</strong></h3>
</div><p>The May 29 policy change by the CFTC prompted quick repricing of the stocks in the U.S. exchanges, as investors began to evaluate the implications of this increased competition in derivatives. According to reports from the market, Cboe shares went down by 9% at the start of June, while CME Group and Intercontinental Exchange followed suit, as perpetual style derivatives were anticipated to squeeze margins and fees out of the business.</p>
<div class="lb-trans"><p>CFTC 在 5 月 29 日的政策变更促使美国交易所的股票迅速重新定价，投资者开始评估这一增加的衍生品竞争的影响。市场报告显示，Cboe 的股票在 6 月初下跌了 9%，而 CME 集团和洲际交易所也随之下跌，因为预计永续风格的衍生品将挤压利润和费用。</p>
</div><p>On June 18, CME added fuel to the fire by suing the CFTC on the grounds that perpetual futures should be deemed swaps according to the Commodity Exchange Act and that the CFTC had overstepped its boundaries. The CFTC rejected the claim, defending its stance as part of broader market modernization efforts.</p>
<div class="lb-trans"><p>6 月 18 日，CME 通过起诉 CFTC 进一步加剧了局势，理由是永续期货应根据《商品交易法》被视为掉期合约，并且 CFTC 已超越其权限。CFTC 驳回了这一主张，捍卫其立场，作为更广泛市场现代化努力的一部分。</p>
</div><h3><strong>What traders and institutions need to watch for</strong></h3>
<div class="lb-trans"><h3><strong>交易者和机构需要关注的事项</strong></h3>
</div><p>The key determining factor here is whether liquidity will migrate to regulated perpetual-like products. If institutions decide to participate in the regulated perpetual-like product market, then part of the trading volume will transfer from offshore exchanges, where currently cryptocurrency prices are discovered, and trading with leverage takes place.</p>
<div class="lb-trans"><p>这里的关键决定因素是流动性是否会转移到受监管的永续类产品。如果机构决定参与受监管的永续类产品市场，那么部分交易量将从离岸交易所转移，目前加密货币价格是在这些交易所发现的，并且在这些交易所进行杠杆交易。</p>
</div><p>However, this scenario does not seem likely at the present time. Since the margin requirements, maximum leverage, and maximum positions on the U.S. exchanges will be higher than offshore ones, conditions will be more favorable for risk management, although less favorable for profit-making.</p>
<div class="lb-trans"><p>然而，目前这种情况似乎不太可能。由于美国交易所的保证金要求、最大杠杆和最大头寸将高于离岸交易所，因此风险管理的条件将更加有利，尽管盈利的条件则较为不利。</p>
</div><p>The way the industry will go because of this balance between risk management and profit-making is yet to be seen. Regulation may be an advantage for institutions, while active traders will consider whether regulated perpetuals are better than other things offered by offshore exchanges.</p>
<div class="lb-trans"><p>由于风险管理与盈利之间的平衡，行业未来的发展尚待观察。监管可能对机构有利，而活跃交易者则会考虑受监管的永续合约是否优于离岸交易所提供的其他产品。</p>
</div><p>So far, Cboe has not said anything about its plans or submitted any documents for the regulated perpetual. However, since CME is involved in a lawsuit, Coinbase uses offshore exchanges, and Kalshi launched regulated perpetual-like products, the competition remains high in the U.S. derivatives market.</p>
<div class="lb-trans"><p>到目前为止，Cboe 尚未透露其计划或提交任何关于受监管永续合约的文件。然而，由于 CME 正在进行诉讼，Coinbase 使用离岸交易所，以及 Kalshi 推出了类似受监管的永续合约产品，美国衍生品市场的竞争依然激烈。</p>
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<div class="lb-trans"><p>如果你正在阅读这篇文章，你已经走在前面。请继续关注我们的新闻通讯。</p>
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Cboe eyes perpetual futures conversion for Bitcoin and Ether contracts

Cryptopolitan

Grayscale Bitcoin Trust BTC - ETF

Grayscale Ethereum Staking ETF

ARK 21Shares Bitcoin ETF

21Shares Ethereum ETF

Fidelity Wise Origin Bitcoin Fund - ETF

CoinShares Bitcoin ETF

Bitwise Ethereum ETF

VanEck Bitcoin ETF

Bitwise Bitcoin ETF

IShares Ethereum Trust ETF

iShares Bitcoin Trust ETF

Fidelity Ethereum Fund

Franklin Bitcoin ETF

ProShares Bitcoin Strategy ETF

WisdomTree Bitcoin Fund

Invesco Galaxy Bitcoin ETF

ETC Holdings Ltd. (Guernsey)

博时比特币

华夏比特币

MBC比特币

Coinbase

洲际交易所

芝加哥期权交易所关注将比特币和以太坊合约转换为永续期货