Key Takeaways
- • Crypto.com and derivatives platform OG.com launched regulated cryptocurrency perpetual futures for eligible U.S. traders on October 27, offering leverage of up to 5x.
- • Initial perpetual contracts are linked to Bitcoin, Ether, Solana, Hyperliquid's HYPE, Zcash and Sei, with trading available around the clock.
- • Contracts are distributed through OG.com's network, including the Crypto.com App for retail and the Crypto.com Exchange for institutional and advanced users, with accounts carried by an affiliated futures commission merchant.
- • The launch follows the CFTC's May 29 approval of Kalshi's Bitcoin perpetual futures and broader guidance on perpetual listings, after which Kraken launched U.S. perpetuals through Bitnomial in June.
- • OG.com has also proposed cash-settled single-stock perpetual futures trading 24/5, a proposal that would require coordination between the SEC and CFTC.
Summary
Crypto.com and derivatives platform OG.com have launched regulated cryptocurrency perpetual futures for eligible U.S. traders, with leverage of up to 5x. The contracts became available on October 27 through OG.com's distribution network, including the Crypto.com App for retail customers and the Crypto.com Exchange for institutional and advanced users. Traders can take long or short positions without a fixed expiration date and use take-profit orders, stop-loss orders and isolated margin.
The initial lineup includes perpetual contracts linked to Bitcoin, Ether, Solana, Hyperliquid's HYPE, Zcash and Sei. Crypto.com recently registered with the National Futures Association as an introducing broker to distribute the products. Customer accounts are carried through an affiliated futures commission merchant, while the contracts trade through the CFTC-regulated exchange and clearing infrastructure operated under the OG.com and Crypto.com derivatives businesses. North American Derivatives Exchange, which operates under the Crypto.com and OG.com brands, is registered with the CFTC as a designated contract market and derivatives clearing organization. Crypto.com secured CFTC authorization in 2025 to expand into margined U.S. derivatives.
The launch follows a change in U.S. derivatives policy. On May 29, the CFTC approved Kalshi's Bitcoin perpetual futures contract and issued broader guidance on how regulated exchanges could list perpetual contracts. Kraken followed in June, launching U.S. crypto perpetuals through Bitnomial, the CFTC-regulated derivatives group acquired by its parent Payward. The competitive question now shifts to which platforms can attract sustainable liquidity, market makers and active traders away from established offshore venues.
At 5x leverage, a trader using $200 of margin can control approximately $1,000 of market exposure, according to the article's illustration. Losses are amplified by the same mechanism as gains, and the article notes that take-profit and stop-loss tools do not prevent losses during rapid price movements. Perpetual futures generated more than $60 trillion in global trading volume in 2025, according to the report.
Crypto.com and OG.com are also looking beyond cryptocurrency. In September, OG.com submitted proposed rules for cash-settled single-stock perpetual futures that would trade 24 hours a day, five days a week. Because single-stock futures fall under joint SEC and CFTC oversight, the proposal would require coordination between securities and derivatives regulators.
The initial lineup includes perpetual contracts linked to Bitcoin, Ether, Solana, Hyperliquid's HYPE, Zcash and Sei. Crypto.com recently registered with the National Futures Association as an introducing broker to distribute the products. Customer accounts are carried through an affiliated futures commission merchant, while the contracts trade through the CFTC-regulated exchange and clearing infrastructure operated under the OG.com and Crypto.com derivatives businesses. North American Derivatives Exchange, which operates under the Crypto.com and OG.com brands, is registered with the CFTC as a designated contract market and derivatives clearing organization. Crypto.com secured CFTC authorization in 2025 to expand into margined U.S. derivatives.
The launch follows a change in U.S. derivatives policy. On May 29, the CFTC approved Kalshi's Bitcoin perpetual futures contract and issued broader guidance on how regulated exchanges could list perpetual contracts. Kraken followed in June, launching U.S. crypto perpetuals through Bitnomial, the CFTC-regulated derivatives group acquired by its parent Payward. The competitive question now shifts to which platforms can attract sustainable liquidity, market makers and active traders away from established offshore venues.
At 5x leverage, a trader using $200 of margin can control approximately $1,000 of market exposure, according to the article's illustration. Losses are amplified by the same mechanism as gains, and the article notes that take-profit and stop-loss tools do not prevent losses during rapid price movements. Perpetual futures generated more than $60 trillion in global trading volume in 2025, according to the report.
Crypto.com and OG.com are also looking beyond cryptocurrency. In September, OG.com submitted proposed rules for cash-settled single-stock perpetual futures that would trade 24 hours a day, five days a week. Because single-stock futures fall under joint SEC and CFTC oversight, the proposal would require coordination between securities and derivatives regulators.
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