Key Takeaways
- • The U.S. Commodity Futures Trading Commission authorized Singapore Exchange (SGX) under Regulation 48.10 to offer its Bitcoin and Ether perpetual futures directly to U.S. institutional participants without a separate domestic registration.
- • SGX's Bitcoin and Ether perpetual contracts, launched in late November 2025, have generated $5.8 billion in cumulative volume (approximately 400,000 lots), with average daily volume of 1,300 lots ($19 million) as of August.
- • Bitcoin accounts for 83% of average daily trading volume and 66% of open interest; the busiest session reached 11,500 lots, or $145 million in notional volume.
- • SGX uses margin calls rather than automatic liquidations and does not accept stablecoins as collateral, reflecting a traditional futures risk framework.
- • U.S. clearing members are expected to begin onboarding clients within one to two months, with account setup typically taking two to four weeks.
Summary
The U.S. Commodity Futures Trading Commission has authorized Singapore Exchange to offer its Bitcoin and Ether perpetual futures to American institutional investors under Regulation 48.10, a provision that allows recognized Foreign Boards of Trade to give qualifying U.S. participants direct access to their electronic trading systems. According to the source, the approval means U.S. trading desks can access crypto derivatives listed on an Asian exchange without creating new U.S. listings or registering the venue domestically. KC Lam, head of crypto derivatives at SGX Group, told CoinDesk that the approval is "an important milestone" and that U.S. participants "couldn't trade these contracts" previously.
SGX launched its Bitcoin perpetual futures (BTP) and Ether perpetual futures (ETP) in late November 2025. Since inception, the contracts have generated $5.8 billion in cumulative trading volume, roughly 400,000 lots. Average daily volume reached 1,300 lots, or $19 million, as of August. Bitcoin has dominated activity, representing 83% of average daily trading volume and 66% of open interest. The busiest session saw 11,500 lots traded, equal to $145 million in notional volume.
SGX's contracts mirror the no-expiry format of crypto-native exchanges but apply traditional futures risk conventions. The exchange relies on margin calls and top-up collateral rather than automatic liquidations, and clearing members act as an intermediate risk layer between the exchange and clients. Stablecoins are excluded as collateral because, per Lam, they can lose their peg during volatility. Benchmarks are jointly developed with CoinDesk Indices and managed under the EU Benchmark Regulation, according to Mohit Baheti, head of iEdge Indices at SGX Group.
U.S. clients must still complete SGX's onboarding, including know-your-customer checks, account funding and API setup, typically over two to four weeks. Lam said the company is preparing U.S. clearing members to onboard clients over the next month or two, with its FIS-enabled back-office integration now in place. Traders use the contracts for directional positions, arbitrage and cash-and-carry strategies.
The approval follows the expansion of regulated perpetuals in the U.S. In May, the CFTC approved the first regulated Bitcoin perpetual for a U.S. exchange. Kraken launched perpetuals in June through its CFTC-regulated derivatives business Bitnomial, and Coinbase Financial Markets received a regulatory route in May for eligible institutions, initially via Deribit-listed derivatives. SGX plans next to launch dated Bitcoin and Ether futures and options, which Lam described as a "disciplined, step-by-step" expansion.
SGX launched its Bitcoin perpetual futures (BTP) and Ether perpetual futures (ETP) in late November 2025. Since inception, the contracts have generated $5.8 billion in cumulative trading volume, roughly 400,000 lots. Average daily volume reached 1,300 lots, or $19 million, as of August. Bitcoin has dominated activity, representing 83% of average daily trading volume and 66% of open interest. The busiest session saw 11,500 lots traded, equal to $145 million in notional volume.
SGX's contracts mirror the no-expiry format of crypto-native exchanges but apply traditional futures risk conventions. The exchange relies on margin calls and top-up collateral rather than automatic liquidations, and clearing members act as an intermediate risk layer between the exchange and clients. Stablecoins are excluded as collateral because, per Lam, they can lose their peg during volatility. Benchmarks are jointly developed with CoinDesk Indices and managed under the EU Benchmark Regulation, according to Mohit Baheti, head of iEdge Indices at SGX Group.
U.S. clients must still complete SGX's onboarding, including know-your-customer checks, account funding and API setup, typically over two to four weeks. Lam said the company is preparing U.S. clearing members to onboard clients over the next month or two, with its FIS-enabled back-office integration now in place. Traders use the contracts for directional positions, arbitrage and cash-and-carry strategies.
The approval follows the expansion of regulated perpetuals in the U.S. In May, the CFTC approved the first regulated Bitcoin perpetual for a U.S. exchange. Kraken launched perpetuals in June through its CFTC-regulated derivatives business Bitnomial, and Coinbase Financial Markets received a regulatory route in May for eligible institutions, initially via Deribit-listed derivatives. SGX plans next to launch dated Bitcoin and Ether futures and options, which Lam described as a "disciplined, step-by-step" expansion.
Go deeper than the headline
Research every firm in this story, track the ones that matter and get the daily briefing — free for 7 days.