{"id":177999,"date":"2025-11-15T08:00:00","date_gmt":"2025-11-15T08:00:00","guid":{"rendered":"https:\/\/cryptonews.com\/es\/?p=177999"},"modified":"2025-11-10T11:32:52","modified_gmt":"2025-11-10T11:32:52","slug":"futuros-continuos-bitcoin-ether-cboe","status":"publish","type":"post","link":"https:\/\/cryptonews.com\/es\/noticias\/futuros-continuos-bitcoin-ether-cboe\/","title":{"rendered":"\u201cPerps con corbata\u201d: qu\u00e9 son los futuros continuos de Cboe y por qu\u00e9 importan para Bitcoin"},"content":{"rendered":"<p>Los <strong>futuros continuos de Bitcoin<\/strong> est\u00e1n dise\u00f1ados para ofrecer exposici\u00f3n prolongada, con una estructura que imita lo mejor de los \u201cperpetuos\u201d cripto pero bajo un paraguas regulado, con c\u00e1mara de compensaci\u00f3n y en una bolsa supervisada en EE. UU. <\/p><p>El objetivo es reducir el coste operativo de renovar posiciones y facilitar coberturas estables a largo plazo para traders e institucionales.<\/p><div class=\"cpp-crypto-chart cpp-crypto-chart-btc\" data-coin-symbol=\"btc\" data-price-usd=\"BTC Price (USD)\" data-main-color=\"#007bff\" data-watermark-image=\"\" data-chart-style=\"cryptonews\"><div class=\"cpp-chart-header-wrapper\"><div class=\"cpp-chart-header\"><img decoding=\"async\" class=\"cpp-chart-header-logo\" src=\"https:\/\/cimg.co\/wp-content\/uploads\/2024\/02\/26205235\/btc.svg\" alt=\"btc logo\"><div class=\"cpp-chart-coin-info\"><div class=\"cpp-chart-coin-name\">Bitcoin (BTC)<\/div><div class=\"cpp-chart-price-row\"><span class=\"cpp-chart-price\"><\/span><span class=\"cpp-chart-change\"><\/span><\/div><\/div><\/div><div class=\"cpp-chart-selectors\"><span class=\"cpp-chart-selector\" data-period=\"24h\">24h<\/span><span class=\"cpp-chart-selector\" data-period=\"7d\">7d<\/span><span class=\"cpp-chart-selector\" data-period=\"30d\">30d<\/span><span class=\"cpp-chart-selector\" data-period=\"1y\">1y<\/span><span class=\"cpp-chart-selector\" data-period=\"all_time\">All time<\/span><\/div><\/div><canvas id=\"cpp-chart-6a2d911ba0a68\" class=\"cpp-chart-container\"><\/canvas><\/div><div class=\"widget widget_block in-content-block\">\n        <div class=\"single-post-new__accordion post-block-selector-widget\" style=\"display: block;\">\n            <div class=\"single-post-new__accordion-one\">\n                <div class=\"single-post-new__accordion-head js_single-post-new__accordion-head post-block-selector\">\n                    <span class=\"icon\">\n                        <svg width=\"32\" height=\"32\" viewbox=\"0 0 32 32\" fill=\"none\" xmlns=\"https:\/\/www.w3.org\/2000\/svg\">\n                            <g clip-path=\"url(#clip0_12065_47213)\">\n                                <path d=\"M24.0055 16.0012L16.0039 24L24.0055 31.9988L32.0071 24L24.0055 16.0012Z\" fill=\"#351774\"><\/path>\n                                <path d=\"M24.0096 0H8.00391L16.0067 8L24.0096 16L32.0124 8L24.0096 0Z\" fill=\"#DC5992\"><\/path>\n                                <path d=\"M16.0056 24L8.00282 16L0 24L8.00282 32H24.0085L16.0056 24Z\" fill=\"#591C7E\"><\/path>\n                                <path d=\"M8.00282 0L0 8V24L8.00282 16L16.0056 8L8.00282 0Z\" fill=\"#A72E83\"><\/path>\n                            <\/g>\n                            <defs>\n                                <clippath id=\"clip0_12065_47213\">\n                                    <rect width=\"32\" height=\"32\" fill=\"white\"><\/rect>\n                                <\/clippath>\n                            <\/defs>\n                        <\/svg>\n\n                    <\/span>\n                    <span class=\"value mb-0\">Por qu\u00e9 confiar en CryptoNews<\/span>\n                <\/div>\n\n\n                <div class=\"single-post-new__accordion-body\" style=\"display: none\">\n                    <span style=\"font-weight: 400\">Cryptonews ha cubierto los temas de la industria de las criptomonedas desde 2017, con el objetivo de proporcionar informaci\u00f3n \u00fatil a nuestros lectores. Nuestros periodistas y analistas tienen una amplia experiencia en an\u00e1lisis de mercado y tecnolog\u00edas blockchain. Nos esforzamos por mantener altos<\/span><a href=\"https:\/\/cryptonews.com\/es\/pautas-editoriales\/\"><span style=\"font-weight: 400\">est\u00e1ndares editoriales<\/span><\/a><span style=\"font-weight: 400\">, centr\u00e1ndonos en la precisi\u00f3n de los hechos y la presentaci\u00f3n de informes equilibrados en todas las \u00e1reas, desde criptomonedas y proyectos blockchain hasta eventos de la industria, productos y desarrollos tecnol\u00f3gicos. Nuestra presencia continua en la industria refleja nuestro compromiso de brindar informaci\u00f3n relevante en el cambiante mundo de los activos digitales.<\/span><a href=\"https:\/\/cryptonews.com\/es\/sobre-nosotros\/\"><span style=\"font-weight: 400\">Lea m\u00e1s sobre Cryptonews<\/span><\/a><span style=\"font-weight: 400\">.<\/span><span style=\"font-weight: 400\">Divulgaci\u00f3n de anuncios: Creemos en la transparencia total con nuestros lectores. Algunos de nuestros contenidos incluyen enlaces de afiliados y podemos ganar una comisi\u00f3n a trav\u00e9s de estas asociaciones.<\/span>                <\/div>\n            <\/div>\n        <\/div>\n    <\/div><div class=\"su-note\" style=\"border-color:#e0d5e5;border-radius:3px;-moz-border-radius:3px;-webkit-border-radius:3px;\"><div class=\"su-note-inner su-u-clearfix su-u-trim\" style=\"background-color:#faefff;border-color:#ffffff;color:#333333;border-radius:3px;-moz-border-radius:3px;-webkit-border-radius:3px;\">\n\n\n\n<p><strong>Hechos clave:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Estructura de \u201ccontrato \u00fanico\u201d y vencimiento muy largo<\/strong> (d\u00e9cada), con liquidaci\u00f3n en efectivo.<\/li>\n\n\n\n<li><strong>Ajuste de efectivo diario<\/strong> que replica el seguimiento al spot en tiempo real, con metodolog\u00eda de \u201cfunding\u201d transparente.<\/li>\n\n\n\n<li><strong>Menos fricci\u00f3n por \u201croll\u201d<\/strong> frente a los futuros trimestrales tradicionales.<\/li>\n\n\n\n<li><strong>Marco regulado en EE. UU.<\/strong> (CFE\/Cboe), con compensaci\u00f3n central.<\/li>\n\n\n\n<li><strong>Uso natural: cobertura y \u201ccarry\u201d<\/strong> frente a ETFs spot y al mercado al contado.<\/li>\n<\/ul>\n\n\n\n<\/div><\/div><h2 class=\"wp-block-heading\">Qu\u00e9 son exactamente los futuros continuos de Bitcoin (y qu\u00e9 no son)<\/h2><span class=\"replacer\"><\/span><p>Un futuro continuo es un contrato largo (hasta 10 a\u00f1os de vida) que busca dar exposici\u00f3n continua al precio de Bitcoin sin la necesidad de encadenar vencimientos cada mes o trimestre. <\/p><p>A diferencia del perpetuo t\u00edpico de los exchanges cripto, aqu\u00ed no operas en un entorno offshore con \u201cfunding\u201d entre pares; operas en una bolsa regulada, con liquidaci\u00f3n en efectivo y ajustes diarios que alinean el contrato con el precio spot. <\/p><p>En castellano: el exchange te \u201cpone al d\u00eda\u201d en efectivo cada jornada, de modo que la base (diferencia futuro\u2013spot) no se desmadre y el contrato siga el subyacente con fidelidad.<\/p><p>Tampoco son \u201cun ETF\u201d: no compras ni vendes participaciones respaldadas por bitcoin f\u00edsico, sino un derivado estandarizado que liquida diferencias en dinero. <\/p><p>Su atractivo es operativo: simplifica la gesti\u00f3n de posiciones largas al evitar el costoso proceso de rolar contratos m\u00faltiples veces al a\u00f1o. No obstante, es interesante que primero eches un ojo a las <a href=\"https:\/\/cryptonews.com\/es\/criptomonedas\/mejores-criptomonedas-para-invertir\/\" target=\"_blank\" rel=\"noreferrer noopener\">mejores criptomonedas para invertir<\/a>, ya que los futuros continuos de Bitcoin son m\u00e1s complejos de manejar.<\/p><h2 class=\"wp-block-heading\">Por qu\u00e9 importan los futuros continuos de Bitcoin<\/h2><span class=\"replacer\"><\/span><p>Primero, por coste y simplicidad. Todo gestor que se cubre con futuros trimestrales sabe que el \u201croll\u201d resta rentabilidad (comisiones, spread y, a veces, deslizamiento). Con los futuros continuos de Bitcoin, ese peaje baja, lo que puede animar a m\u00e1s participantes a cubrir o a tomar exposici\u00f3n direccional regulada durante m\u00e1s tiempo.<\/p><p>Segundo, por integraci\u00f3n con el canal spot regulado. En 2025 los ETFs de bitcoin se convirtieron en un motor de flujos. Los participantes autorizados y los emisores que ajustan exposici\u00f3n suelen necesitar derivados para cubrir inventarios o para gestionar el riesgo de creaci\u00f3n\/redenci\u00f3n. Un contrato continuo, l\u00edquido y en EE. UU., encaja como pieza natural en ese engranaje.<\/p><p>Tercero, por arbitrajes y \u201ccarry\u201d. Cuando el futuro cotiza por encima del spot, el carry trade (comprar spot y vender futuro) genera una renta financiera que, en mercados eficientes, tiende a comprimirse con la entrada de capital. Un contrato continuo y de larga duraci\u00f3n puede estabilizar esa base y, de paso, mejorar la formaci\u00f3n de precios entre contado, ETFs y derivados.<\/p><h2 class=\"wp-block-heading\">Caso de uso: cobertura de ETF y tesorer\u00edas cripto<\/h2><span class=\"replacer\"><\/span><p>Imagina un emisor de ETF o una mesa que recibe entradas fuertes en un d\u00eda. Puede cubrir delta con los futuros continuos de Bitcoin sin preocuparse por el calendario de vencimientos. Lo mismo vale para tesorer\u00edas cripto que desean una cobertura larga sin \u201crollover\u201d constante, o para mineros que cubren producci\u00f3n futura con menos fricci\u00f3n operativa. <\/p><p>El resultado esperado es una curva de riesgo m\u00e1s estable, spreads potencialmente m\u00e1s ajustados y menor impacto de calendario sobre el P&#038;L.<\/p><h2 class=\"wp-block-heading\">Riesgos y qu\u00e9 vigilar en los futuros continuos de Bitcoin<\/h2><span class=\"replacer\"><\/span><ul class=\"wp-block-list\">\n<li><strong>Liquidez inicial:<\/strong> como todo producto nuevo, la <strong>profundidad de libro<\/strong> puede tardar en asentarse; spreads amplios encarecen la operativa al principio.<\/li>\n\n\n\n<li><strong>Tracking y metodolog\u00eda:<\/strong> el <strong>ajuste de efectivo diario<\/strong> y la f\u00f3rmula de \u201cfunding\u201d deben mantenerse <strong>transparentes<\/strong> para evitar desviaciones frente al spot.<\/li>\n\n\n\n<li><strong>Interacci\u00f3n con derivados existentes:<\/strong> si resta volumen a los trimestrales, podr\u00eda mover la microestructura (basis, spreads) hasta que el mercado encuentre equilibrio.<\/li>\n<\/ul><h3 class=\"wp-block-heading\">Leer m\u00e1s:<\/h3><ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/cryptonews.com\/es\/noticias\/bitcoin-ethereum-rebote-mercado-cripto\/\" target=\"_blank\" rel=\"noreferrer noopener\">Bitcoin y Ethereum protagonizan el rebote del mercado cripto<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/cryptonews.com\/es\/noticias\/bitcoin-etf-millones-salidas-ultima-semana\/\" target=\"_blank\" rel=\"noreferrer noopener\">Bitcoin: semana de fuertes salidas en ETFs<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/cryptonews.com\/es\/noticias\/bitcoin-caida-grande-ruptura-soportes\/\" target=\"_blank\" rel=\"noreferrer noopener\">\u00bfC\u00f3mo de grande es la ca\u00edda de Bitcoin? Comparativa con desplomes hist\u00f3ricos<\/a><\/li>\n<\/ul><div>\n    <section class=\"toc-sticky w-100 bg-white \">\n        <div class=\"toc-sticky__container container\">\n            <div class=\"toc-sticky__open d-flex align-items-end\" data-bs-toggle=\"collapse\" aria-controls=\"multiCollapse1\" data-bs-target=\"#multiCollapse1\">\n                <button class=\"btn btn-primary collapse-action-btn p-1 rounded-circle\" type=\"button\">\n                    <i class=\"icon-chevron-up\"><\/i>\n                <\/button>\n                <span class=\"toc-main-title-permanent\">Table of Contents<\/span>\n            <\/div>\n            <div class=\"collapse  show my-3\" id=\"multiCollapse1\">\n                <ol class=\"StepProgress\">\n                    <li class=\"StepProgress-item current\">En este art\u00edculo<\/li>\n                                                                    <div class=\"StepProgress-item__group\">\n                            <a data-id=\"h-que-son-exactamente-los-futuros-continuos-de-bitcoin-y-que-no-son\" class=\"StepProgress-item__link\" data-level=\"2\">Qu\u00e9 son exactamente los futuros continuos de Bitcoin (y qu\u00e9 no son)<\/a>\n                                                    <\/div>\n                                                \n                                                                    <div class=\"StepProgress-item__group\">\n                            <a data-id=\"h-por-que-importan-los-futuros-continuos-de-bitcoin\" class=\"StepProgress-item__link\" data-level=\"2\">Por qu\u00e9 importan los futuros continuos de Bitcoin<\/a>\n                                                    <\/div>\n                                                \n                                                                    <div class=\"StepProgress-item__group\">\n                            <a data-id=\"h-caso-de-uso-cobertura-de-etf-y-tesorerias-cripto\" class=\"StepProgress-item__link\" data-level=\"2\">Caso de uso: cobertura de ETF y tesorer\u00edas cripto<\/a>\n                                                    <\/div>\n                                                \n                                                                        <li class=\"StepProgress-item subList-in-progress\">\n                                                <div class=\"StepProgress-item__group\">\n                            <a data-id=\"h-riesgos-y-que-vigilar-en-los-futuros-continuos-de-bitcoin\" class=\"StepProgress-item__link\" data-level=\"2\">Riesgos y qu\u00e9 vigilar en los futuros continuos de Bitcoin<\/a>\n                                                            <span class=\"StepProgress-item__link-sub\"><\/span>\n                                                    <\/div>\n                                                    <ol class=\"StepProgress-sub-list collapse\" id=\"TOC1sublist-h-riesgos-y-que-vigilar-en-los-futuros-continuos-de-bitcoin\">\n                                                                    <li class=\"StepProgress-sub-item\">\n                                        <span>\n                                          <a data-id=\"h-leer-mas\" class=\"StepProgress-item__link\" data-level=\"3\">Leer m\u00e1s:<\/a>\n                                        <\/span>\n                                    <\/li>\n                                                            <\/ol>\n                                                <\/li>\n                                    <\/ol>\n                <div class=\"toc-sticky__container__disperse\"><\/div>\n            <\/div>\n        <\/div>\n    <\/section>\n    <div class=\"toc-sticky-list\">\n        <div class=\"toc-sticky__container container\">\n            <div class=\"toc-sticky__open d-flex align-items-end\" data-bs-toggle=\"collapse\" aria-controls=\"multiCollapse2\" data-bs-target=\"#multiCollapse2\">\n                <button class=\"btn btn-primary collapse-action-btn p-1 rounded-circle\" type=\"button\">\n                    <i class=\"icon-chevron-up up\"><\/i>\n                <\/button>\n            <\/div>\n            <div class=\"collapse show my-3\" id=\"multiCollapse2\">\n                <ol class=\"StepProgress\">\n                    <li class=\"StepProgress-item current\">En este art\u00edculo<\/li>\n\n                                                                                                                        <li class=\"StepProgress-item \">\n                                                <div class=\"StepProgress-item__group\">\n                            <a data-id=\"h-que-son-exactamente-los-futuros-continuos-de-bitcoin-y-que-no-son\" class=\"StepProgress-item__link\" data-level=\"2\">Qu\u00e9 son exactamente los futuros continuos de Bitcoin (y qu\u00e9 no son)<\/a>\n                                                    <\/div>\n                                                <\/li>\n                                                                                                                        <li class=\"StepProgress-item \">\n                                                <div class=\"StepProgress-item__group\">\n                            <a data-id=\"h-por-que-importan-los-futuros-continuos-de-bitcoin\" class=\"StepProgress-item__link\" data-level=\"2\">Por qu\u00e9 importan los futuros continuos de Bitcoin<\/a>\n                                                    <\/div>\n                                                <\/li>\n                                                                                                                        <li class=\"StepProgress-item \">\n                                                <div class=\"StepProgress-item__group\">\n                            <a data-id=\"h-caso-de-uso-cobertura-de-etf-y-tesorerias-cripto\" class=\"StepProgress-item__link\" data-level=\"2\">Caso de uso: cobertura de ETF y tesorer\u00edas cripto<\/a>\n                                                    <\/div>\n                                                <\/li>\n                                                                        <span class=\"show_moretoc\" data-show-text=\"Mostrar lista completa\" data-hide-text=\"Ocultar lista completa\">Mostrar lista completa<\/span>\n                                                                                                                                                    <li class=\"StepProgress-item subList-in-progress ms_hidetoc\">\n                                                <div class=\"StepProgress-item__group\">\n                            <a data-id=\"h-riesgos-y-que-vigilar-en-los-futuros-continuos-de-bitcoin\" class=\"StepProgress-item__link\" data-level=\"2\">Riesgos y qu\u00e9 vigilar en los futuros continuos de Bitcoin<\/a>\n                                                            <span class=\"StepProgress-item__link-sub\"><\/span>\n                                                    <\/div>\n                                                    <ol class=\"StepProgress-sub-list collapse\" id=\"sublist-h-riesgos-y-que-vigilar-en-los-futuros-continuos-de-bitcoin\">\n                                                                    <li class=\"StepProgress-sub-item\">\n                                        <span>\n                                          <a data-id=\"h-leer-mas\" class=\"StepProgress-item__link\" data-level=\"3\">Leer m\u00e1s:<\/a>\n                                        <\/span>\n                                    <\/li>\n                                                            <\/ol>\n                                                <\/li>\n                                    <\/ol>\n            <\/div>\n            <div class=\"toc-sticky__container__disperse\"><\/div>\n        <\/div>\n    <\/div>\n<\/div><script id=\"toc-js\">\n    window.addEventListener(\"DOMContentLoaded\", () => {\n        const header = 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UU. El objetivo es reducir el coste operativo de renovar posiciones y facilitar coberturas estables a largo [&hellip;]<\/p>\n","protected":false},"author":743,"featured_media":178015,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[6],"tags":[54,49],"redactores":[1786],"sponsored_companies":[],"class_list":["post-177999","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-noticias-de-bitcoin","tag-bitcoin","tag-exchange","redactores-mario-hugo-canalejo-aguilar"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Futuros continuos de Bitcoin y Ether lanzados por Cboe<\/title>\n<meta name=\"description\" content=\"Cboe estrena futuros continuos de Bitcoin y Ether en EE. UU.: liquidaciones diarias. 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