Key Takeaways
- • The Singapore Exchange (SGX) received CFTC authorization under Regulation 48.10 to offer its Bitcoin and Ether perpetual futures to U.S. institutional trading desks, without registering domestically.
- • SGX's perpetual contracts, launched November 24, 2025, have recorded $5.8 billion in cumulative volume, roughly 400,000 lots, as of the CFTC announcement.
- • Onboarding runs through existing SGX clearing members and is expected to take two to four weeks, with live trading to follow within one to two months.
- • SGX does not accept stablecoins as collateral, relying instead on traditional margin, collateral top-ups and central clearing.
- • The approval gives U.S. institutions a regulated route to perpetuals, a product that CME and other CFTC-regulated U.S. exchanges do not list, and adds competitive pressure on CME Group.
Summary
The Singapore Exchange has become the first major Asian bourse to open its crypto perpetual futures market to U.S. institutional investors, after receiving authorization from the U.S. Commodity Futures Trading Commission under Regulation 48.10. The framework allows the CFTC to authorize foreign boards of trade to offer products to U.S. persons, provided the foreign exchange meets certain regulatory standards. According to SGX's public statements, the approval means American hedge funds, asset managers and proprietary trading firms can access the products through their existing clearing relationships, without new exchange memberships or offshore entities.
The products are Bitcoin perpetual futures (BTP) and Ether perpetual futures (ETP). Unlike dated futures, these contracts do not expire and use periodic funding rates to keep prices aligned with spot markets. SGX applies the full infrastructure of a regulated securities exchange, including traditional margin calls, collateral top-ups and central clearing. The exchange does not accept stablecoins as collateral, a choice that reinforces traditional finance safeguards and distinguishes the products from DeFi-style collateral practices on offshore platforms.
The contracts launched on November 24, 2025. By the time of the CFTC announcement, cumulative traded volume had reached $5.8 billion, or roughly 400,000 lots. Peak daily volume reached 11,500 lots in a single session, equivalent to about $145 million. Open interest stood at 1,300 lots, approximately $19 million, at the end of August 2026. Bitcoin accounts for 66% of open interest and 83% of average daily trading volume.
The approval carries competitive implications for CME Group, which has dominated regulated U.S. crypto futures with dated Bitcoin and Ether contracts. Perpetuals have been the most traded crypto derivative globally, yet CME does not list them and no other CFTC-regulated U.S. exchange does either. U.S. desks that previously chose between CME's regulated products and offshore perpetuals now have a middle option. SGX is also working to expand its crypto lineup to include dated Bitcoin and Ether futures alongside options.
The products are Bitcoin perpetual futures (BTP) and Ether perpetual futures (ETP). Unlike dated futures, these contracts do not expire and use periodic funding rates to keep prices aligned with spot markets. SGX applies the full infrastructure of a regulated securities exchange, including traditional margin calls, collateral top-ups and central clearing. The exchange does not accept stablecoins as collateral, a choice that reinforces traditional finance safeguards and distinguishes the products from DeFi-style collateral practices on offshore platforms.
The contracts launched on November 24, 2025. By the time of the CFTC announcement, cumulative traded volume had reached $5.8 billion, or roughly 400,000 lots. Peak daily volume reached 11,500 lots in a single session, equivalent to about $145 million. Open interest stood at 1,300 lots, approximately $19 million, at the end of August 2026. Bitcoin accounts for 66% of open interest and 83% of average daily trading volume.
The approval carries competitive implications for CME Group, which has dominated regulated U.S. crypto futures with dated Bitcoin and Ether contracts. Perpetuals have been the most traded crypto derivative globally, yet CME does not list them and no other CFTC-regulated U.S. exchange does either. U.S. desks that previously chose between CME's regulated products and offshore perpetuals now have a middle option. SGX is also working to expand its crypto lineup to include dated Bitcoin and Ether futures alongside options.
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