Crypto.com and OG.com launch regulated crypto perpetual futures for U.S. traders with up to 5x leverage

Crypto.com and OG.com bring perpetual futures to U.S. traders

Crypto.com and its derivatives partner OG.com have started rolling out crypto perpetual futures contracts to "eligible" U.S. traders on Tuesday. The launch makes crypto.com's app and exchange another U.S. platform offering this type of product, following similar moves by Coinbase and Kraken.

Perpetual futures are trading contracts that let people take a position on whether a cryptocurrency's price will go up or down without an expiration date. The new contracts let U.S. traders use up to 5x leverage, meaning a small amount of their own money controls a larger position. The offering includes standard take-profit and stop-loss order types and isolated margin.

What the launch includes

• Crypto.com and OG.com launched the products on Tuesday for "eligible" U.S. traders.


• Contracts trade around the clock through Crypto.com's app and exchange.


• Traders can use up to 5x leverage and place take-profit and stop-loss orders.


• The products use isolated margin.


• Crypto.com recently registered as an introducing broker with the National Futures Association (NFA) to offer them.


• The contracts run through OG.com's CFTC-regulated exchange, clearinghouse, and futures commission merchant.

What the companies said

Crypto.com said it recently registered as an introducing broker with the National Futures Association (NFA), a self-regulatory organization that oversees U.S. futures markets, to be able to offer the products. The contracts run through OG.com's CFTC-regulated exchange and clearinghouse and futures commission merchant.

Crypto.com also said its Nadex exchange, which operates under OG.com, registered with the SEC to trade security futures last month. At the time, CEO Kris Marszalek said the company was also working with the SEC and CFTC on single-stock perpetual futures.

Context: the U.S. regulatory path

The launch follows the CFTC's May decision to allow crypto perpetual futures in the U.S. That decision cleared the way for Kalshi to launch bitcoin perpetuals and gave Coinbase a no-action letter to offer digital commodity derivatives. Kraken then launched U.S. perpetuals on its Kraken Pro platform in June after acquiring Bitnomial.

Why this matters

The move adds another regulated option for U.S. crypto traders. Earlier this year, Ondo Perps CEO David Wells told The Block that U.S. perpetuals represent a "huge opportunity," though he noted that offshore platforms would need different clearing and settlement arrangements to meet U.S. rules.

What is still unclear

The Tuesday release did not specify who counts as an "eligible" U.S. trader, so eligibility requirements remain unconfirmed.

Sources

• The Block


• Crypto.com official release