Key Takeaways
- • Crypto.com and derivatives platform OG.com launched regulated cryptocurrency perpetual futures for eligible U.S. traders on October 27, 2026, offering leverage of up to 5x with no fixed expiration date.
- • Initial perpetual contracts are linked to Bitcoin, Ether, Solana, Hyperliquid's HYPE, Zcash and Sei, trading around the clock subject to platform risk controls.
- • Distribution runs through the Crypto.com App for retail customers 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 Kraken's June U.S. perpetuals launch via Bitnomial, widening the regulated U.S. perpetual market.
- • Crypto.com's competitive edge is regulated U.S. exchange, clearing and brokerage infrastructure rather than higher offshore-style leverage; liquidity will determine success.
Summary
Crypto.com and OG.com have launched regulated cryptocurrency perpetual futures for eligible U.S. traders, according to FinanceFeeds. 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 can use take-profit orders, stop-loss orders and isolated margin. The initial lineup includes perpetuals linked to Bitcoin, Ether, Solana, Hyperliquid's HYPE, Zcash and Sei, with trading available around the clock subject to the platform's operating and risk controls.
The structure separates customer distribution from execution, clearing and custody. Crypto.com recently registered with the National Futures Association as an introducing broker. North American Derivatives Exchange, which operates under the Crypto.com | Derivatives North America and OG.com brands, is registered with the CFTC as a designated contract market and derivatives clearing organization, and an affiliated futures commission merchant carries customer accounts. The group secured CFTC authorization in 2025 to expand into margined U.S. derivatives.
The launch follows a policy shift in U.S. derivatives. On May 29, the CFTC approved Kalshi's Bitcoin perpetual futures contract and issued 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. Crypto.com's entry further widens the market, shifting the competitive question to which platforms can attract sustainable liquidity, market makers and active traders from established offshore venues.
FinanceFeeds notes that Crypto.com's 5x maximum leverage is modest compared with some offshore exchanges. At 5x, a trader posting $200 of margin controls roughly $1,000 of exposure, and losses are amplified as well as gains. Isolated margin limits collateral to an individual position, while take-profit and stop-loss tools do not prevent losses during rapid price moves or adverse execution. FinanceFeeds cites more than $60 trillion in global perpetual futures trading volume in 2025.
The group is also exploring beyond crypto. OG.com has submitted proposed rules for cash-settled single-stock perpetual futures trading 24 hours a day, five days a week, a plan that would require coordination between the SEC and CFTC. For now, the October launch is limited to cryptocurrency, and the next test for regulated U.S. perpetual venues is commercial rather than regulatory.
The structure separates customer distribution from execution, clearing and custody. Crypto.com recently registered with the National Futures Association as an introducing broker. North American Derivatives Exchange, which operates under the Crypto.com | Derivatives North America and OG.com brands, is registered with the CFTC as a designated contract market and derivatives clearing organization, and an affiliated futures commission merchant carries customer accounts. The group secured CFTC authorization in 2025 to expand into margined U.S. derivatives.
The launch follows a policy shift in U.S. derivatives. On May 29, the CFTC approved Kalshi's Bitcoin perpetual futures contract and issued 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. Crypto.com's entry further widens the market, shifting the competitive question to which platforms can attract sustainable liquidity, market makers and active traders from established offshore venues.
FinanceFeeds notes that Crypto.com's 5x maximum leverage is modest compared with some offshore exchanges. At 5x, a trader posting $200 of margin controls roughly $1,000 of exposure, and losses are amplified as well as gains. Isolated margin limits collateral to an individual position, while take-profit and stop-loss tools do not prevent losses during rapid price moves or adverse execution. FinanceFeeds cites more than $60 trillion in global perpetual futures trading volume in 2025.
The group is also exploring beyond crypto. OG.com has submitted proposed rules for cash-settled single-stock perpetual futures trading 24 hours a day, five days a week, a plan that would require coordination between the SEC and CFTC. For now, the October launch is limited to cryptocurrency, and the next test for regulated U.S. perpetual venues is commercial rather than regulatory.
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