<p><strong>芝加哥期權交易所（Cboe）可能正在考慮將比特幣和以太坊的連續期貨轉換為永續合約。這一轉變將使加密原生衍生品設計進一步進入受監管的美國市場，並將導致針對每年交易量達 61.7 萬億美元的永續市場的交易所之間競爭加劇。</strong></p>
<p>這一想法由 ETF Store 的總裁 Nate Geraci 於 6 月 23 日在 X 上披露，作為傳統交易所採用最初由離岸加密貨幣平台建立的市場結構的又一證明。目前，Cboe 提供比特幣連續期貨（PBT）和以太坊連續期貨（PET），這兩者都是現金結算的衍生品，旨在提供長期的敞口，並通過每日現金結算複製滾動期貨機制。</p>
<h3><strong>Cboe 的連續期貨</strong></h3>
<p>在 2022 年，Cboe 進入了受監管的、由 CFTC 支持的加密衍生品市場，推出了比特幣（PBT）和以太坊（PET）的連續合約——提供了一種全天候交易永續合約的現金結算方式。雖然傳統期貨交易者必須將頭寸轉移到下一個交割日期以維持對其基礎資產的敞口，但 PBT 和 PET 每天以現貨加密指數結算，並自動滾動。</p>
<blockquote>
</blockquote>
<p>Cboe 正在考慮將其比特幣和以太坊連續期貨轉換為永續期貨……</p>
<blockquote>
</blockquote>
<p>根深蒂固的傳統金融機構現在被迫不斷對加密原生創新做出反應。</p>
<blockquote>
</blockquote>
<p>這僅僅是個開始。</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，與 CME 比特幣期貨市場相比，Cboe 的 PBT 和 PET 的未平倉合約和交易量明顯較少。Cboe 尚未披露每個連續產品的未平倉合約數量，但行業消息來源表示，它們遠沒有 CME 比特幣期貨和期權產品那樣成熟，後者通常在到期時擁有數十億美元的未平倉合約。這一對比突顯了 CME 作為加密衍生品主導機構場所的地位，而 Cboe 的連續期貨則作為一種替代市場結構，旨在簡化交易並減少滾動摩擦。</p>
<p>從連續期貨轉向永續期貨將基本上消除到期，取而代之的是基於資金利率公式的無限期合約的擴展滾動安排。</p>
<h3><strong>對全球加密市場的重要性</strong></h3>
<p>永續期貨合約是離岸加密交易場所（如 Binance、OKX 和 Bybit）中交易量最大的產品，BTC 和 ETH 的槓桿交易主要在這些平台上進行。根據 CryptoQuant 引用的市場統計數據，2025 年永續期貨合約的交易量達到了約 61.7 萬億美元，反映了這些合約的活躍週轉，而非淨市場情緒。</p>
<p>監管機構開始對需求做出回應。5 月 29 日，商品期貨交易委員會（CFTC）發佈了政策指導和批准，允許受監管市場在提供永續風格衍生品方面有更多的靈活性。這包括批准 Kalshi 提供的永續風格比特幣合約，以及提供給交易所更大靈活性的解釋性指導。</p>
<h3><strong>受監管市場中的競爭動態</strong></h3>
<p>美國的衍生品交易所和混合衍生品交易所通過提供不同版本的永續敞口進行競爭，關鍵差異體現在結構、流動性和監管方面。</p>
<p>Kalshi 通過受監管的事件合約框架提供比特幣的永續敞口，而 CME 集團則繼續提供具有月度和季度到期的傳統比特幣期貨，這些期貨作為定價和對沖的機構基準。</p>
<p>Coinbase 採取了不同的方法。通過其衍生品平台和中介安排，美國用户可以根據最近明確的監管指導訪問離岸永續期貨流動性。Coinbase 並未在國內上市永續合約，而是將交易者連接到已經存在的海外市場。</p>
<p>Cboe 處於中間地帶。其比特幣（PBT）和以太坊（PET）連續期貨已經具有類似每日資金調整的特徵，且到期時間可延長至 120 個月。這種結構與 CME 的固定到期期貨相比，更加接近永續合約，這意味着轉向真正的永續合約將是現有設計的演變，而不是全面的產品改造。</p>
<h3><strong>監管壓力與市場重組</strong></h3>
<p>CFTC 在 5 月 29 日的政策變更促使美國交易所的股票迅速重新定價，投資者開始評估這一增加的衍生品競爭的影響。市場報告顯示，Cboe 的股票在 6 月初下跌了 9%，而 CME 集團和洲際交易所也隨之下跌，因為預計永續風格的衍生品將擠壓利潤和費用。</p>
<p>6 月 18 日，CME 通過起訴 CFTC 進一步加劇了局勢，理由是永續期貨應根據《商品交易法》被視為掉期合約，並且 CFTC 已超越其權限。CFTC 駁回了這一主張，捍衞其立場，作為更廣泛市場現代化努力的一部分。</p>
<h3><strong>交易者和機構需要關注的事項</strong></h3>
<p>這裏的關鍵決定因素是流動性是否會轉移到受監管的永續類產品。如果機構決定參與受監管的永續類產品市場，那麼部分交易量將從離岸交易所轉移，目前加密貨幣價格是在這些交易所發現的，並且在這些交易所進行槓桿交易。</p>
<p>然而，目前這種情況似乎不太可能。由於美國交易所的保證金要求、最大槓桿和最大頭寸將高於離岸交易所，因此風險管理的條件將更加有利，儘管盈利的條件則較為不利。</p>
<p>由於風險管理與盈利之間的平衡，行業未來的發展尚待觀察。監管可能對機構有利，而活躍交易者則會考慮受監管的永續合約是否優於離岸交易所提供的其他產品。</p>
<p>到目前為止，Cboe 尚未透露其計劃或提交任何關於受監管永續合約的文件。然而，由於 CME 正在進行訴訟，Coinbase 使用離岸交易所，以及 Kalshi 推出了類似受監管的永續合約產品，美國衍生品市場的競爭依然激烈。</p>
<p>如果你正在閲讀這篇文章，你已經走在前面。請繼續關注我們的新聞通訊。</p>

芝加哥商品交易所

GBTC

芝加哥期權交易所

<p>Cboe 正在考慮將其比特幣和以太坊的連續期貨轉換為永續合約，這一舉措將使加密原生衍生品進入受監管的美國市場。這一潛在轉變旨在與 61700 億美元的離岸永續市場競爭，並且是在最近 CFTC 指導允許更靈活的衍生品設計之後的舉措。這一發展突顯了 CME 和 Kalshi 等交易所之間日益激烈的競爭，可能會影響傳統交易所的利潤率</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>芝加哥期權交易所（Cboe）可能正在考慮將比特幣和以太坊的連續期貨轉換為永續合約。這一轉變將使加密原生衍生品設計進一步進入受監管的美國市場，並將導致針對每年交易量達 61.7 萬億美元的永續市場的交易所之間競爭加劇。</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>這一想法由 ETF Store 的總裁 Nate Geraci 於 6 月 23 日在 X 上披露，作為傳統交易所採用最初由離岸加密貨幣平台建立的市場結構的又一證明。目前，Cboe 提供比特幣連續期貨（PBT）和以太坊連續期貨（PET），這兩者都是現金結算的衍生品，旨在提供長期的敞口，並通過每日現金結算複製滾動期貨機制。</p>
</div><h3><strong>Cboe’s continuous futures</strong></h3>
<div class="lb-trans"><h3><strong>Cboe 的連續期貨</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 進入了受監管的、由 CFTC 支持的加密衍生品市場，推出了比特幣（PBT）和以太坊（PET）的連續合約——提供了一種全天候交易永續合約的現金結算方式。雖然傳統期貨交易者必須將頭寸轉移到下一個交割日期以維持對其基礎資產的敞口，但 PBT 和 PET 每天以現貨加密指數結算，並自動滾動。</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 正在考慮將其比特幣和以太坊連續期貨轉換為永續期貨……</p>
<blockquote>
</blockquote>
<p>根深蒂固的傳統金融機構現在被迫不斷對加密原生創新做出反應。</p>
<blockquote>
</blockquote>
<p>這僅僅是個開始。</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，與 CME 比特幣期貨市場相比，Cboe 的 PBT 和 PET 的未平倉合約和交易量明顯較少。Cboe 尚未披露每個連續產品的未平倉合約數量，但行業消息來源表示，它們遠沒有 CME 比特幣期貨和期權產品那樣成熟，後者通常在到期時擁有數十億美元的未平倉合約。這一對比突顯了 CME 作為加密衍生品主導機構場所的地位，而 Cboe 的連續期貨則作為一種替代市場結構，旨在簡化交易並減少滾動摩擦。</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>從連續期貨轉向永續期貨將基本上消除到期，取而代之的是基於資金利率公式的無限期合約的擴展滾動安排。</p>
</div><h3><strong>Importance for the global crypto market</strong></h3>
<div class="lb-trans"><h3><strong>對全球加密市場的重要性</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>永續期貨合約是離岸加密交易場所（如 Binance、OKX 和 Bybit）中交易量最大的產品，BTC 和 ETH 的槓桿交易主要在這些平台上進行。根據 CryptoQuant 引用的市場統計數據，2025 年永續期貨合約的交易量達到了約 61.7 萬億美元，反映了這些合約的活躍週轉，而非淨市場情緒。</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>監管機構開始對需求做出回應。5 月 29 日，商品期貨交易委員會（CFTC）發佈了政策指導和批准，允許受監管市場在提供永續風格衍生品方面有更多的靈活性。這包括批准 Kalshi 提供的永續風格比特幣合約，以及提供給交易所更大靈活性的解釋性指導。</p>
</div><h3><strong>Competitive dynamics in regulated</strong></h3>
<div class="lb-trans"><h3><strong>受監管市場中的競爭動態</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>美國的衍生品交易所和混合衍生品交易所通過提供不同版本的永續敞口進行競爭，關鍵差異體現在結構、流動性和監管方面。</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 通過受監管的事件合約框架提供比特幣的永續敞口，而 CME 集團則繼續提供具有月度和季度到期的傳統比特幣期貨，這些期貨作為定價和對沖的機構基準。</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 採取了不同的方法。通過其衍生品平台和中介安排，美國用户可以根據最近明確的監管指導訪問離岸永續期貨流動性。Coinbase 並未在國內上市永續合約，而是將交易者連接到已經存在的海外市場。</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 處於中間地帶。其比特幣（PBT）和以太坊（PET）連續期貨已經具有類似每日資金調整的特徵，且到期時間可延長至 120 個月。這種結構與 CME 的固定到期期貨相比，更加接近永續合約，這意味着轉向真正的永續合約將是現有設計的演變，而不是全面的產品改造。</p>
</div><h3><strong>Regulatory pressure and repositioning of markets</strong></h3>
<div class="lb-trans"><h3><strong>監管壓力與市場重組</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 日的政策變更促使美國交易所的股票迅速重新定價，投資者開始評估這一增加的衍生品競爭的影響。市場報告顯示，Cboe 的股票在 6 月初下跌了 9%，而 CME 集團和洲際交易所也隨之下跌，因為預計永續風格的衍生品將擠壓利潤和費用。</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 通過起訴 CFTC 進一步加劇了局勢，理由是永續期貨應根據《商品交易法》被視為掉期合約，並且 CFTC 已超越其權限。CFTC 駁回了這一主張，捍衞其立場，作為更廣泛市場現代化努力的一部分。</p>
</div><h3><strong>What traders and institutions need to watch for</strong></h3>
<div class="lb-trans"><h3><strong>交易者和機構需要關注的事項</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>這裏的關鍵決定因素是流動性是否會轉移到受監管的永續類產品。如果機構決定參與受監管的永續類產品市場，那麼部分交易量將從離岸交易所轉移，目前加密貨幣價格是在這些交易所發現的，並且在這些交易所進行槓桿交易。</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，目前這種情況似乎不太可能。由於美國交易所的保證金要求、最大槓桿和最大頭寸將高於離岸交易所，因此風險管理的條件將更加有利，儘管盈利的條件則較為不利。</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>由於風險管理與盈利之間的平衡，行業未來的發展尚待觀察。監管可能對機構有利，而活躍交易者則會考慮受監管的永續合約是否優於離岸交易所提供的其他產品。</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>到目前為止，Cboe 尚未透露其計劃或提交任何關於受監管永續合約的文件。然而，由於 CME 正在進行訴訟，Coinbase 使用離岸交易所，以及 Kalshi 推出了類似受監管的永續合約產品，美國衍生品市場的競爭依然激烈。</p>
</div><p>If you're reading this, you’re already ahead. Stay there with our newsletter.</p>
<div class="lb-trans"><p>如果你正在閲讀這篇文章，你已經走在前面。請繼續關注我們的新聞通訊。</p>
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Cboe eyes perpetual futures conversion for Bitcoin and Ether contracts

Cryptopolitan

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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)

博時比特幣

華夏比特幣

MBC比特幣

Coinbase

洲際交易所

芝加哥期權交易所關注將比特幣和以太坊合約轉換為永續期貨