OG.com files with CFTC to list single-stock perpetual futures in the US

OG.com asks the CFTC to approve stock-based perpetual futures

OG.com Markets has asked US regulators for permission to offer perpetual futures tied to individual stocks. The request came in a filing with the Commodity Futures Trading Commission (CFTC), the US agency that oversees derivatives markets, according to a Cointelegraph report.

The company's proposed rules would let it list cash-settled single-stock futures that never expire. Cash-settled means the contract is closed out in money rather than by handing over the actual shares. The contracts would be able to trade 24 hours a day, five days a week.

Key points from the filing

• OG.com Markets filed proposed rules with the CFTC on Thursday.
• The contracts would be settled in cash and would not carry an expiration date.
• Trading would run 24 hours a day, five days a week.
• OG.com was recently spun out of Crypto.com as an independent platform valued at $5 billion.
• Kris Marszalek is OG.com's CEO.

How perpetual futures differ from standard contracts

Perpetual futures, often called "perps", are derivatives contracts with no expiration date. A trader can keep a position open without having to move it into a new contract each time one expires, which is the usual practice with traditional futures.

The product was pioneered in crypto by BitMEX in 2016, according to the report.

OG.com's split from Crypto.com and Robinhood's stake

OG.com was spun out of crypto exchange Crypto.com as an independent prediction markets and derivatives platform. At the time, CEO Kris Marszalek said the platform planned to expand beyond prediction markets into futures and perpetual contracts.

Shortly after the spin-off, Robinhood took an equity stake in OG.com. That deal is a multi-year arrangement to use a CFTC-regulated derivatives exchange and clearinghouse for prediction markets.

Coinbase, Kraken's parent and Kalshi filed similar requests

OG.com is not alone in seeking this type of approval. On Sept. 18, Coinbase, Kraken parent Payward through its Bitnomial exchange, and prediction market Kalshi all filed to offer perpetual futures tied to individual US stocks.

Regulators move ahead after the CLARITY Act stalls

The filings came after US regulators, including the Securities and Exchange Commission (SEC) and the CFTC, kept pushing crypto initiatives even though the CLARITY Act failed to advance in the Senate on Sept. 15.

Days after that vote, the SEC cleared limited onchain trading of tokenized US stocks under its Innovation Exemption. Onchain means the trades are recorded on a blockchain, a shared digital ledger. The CFTC also expanded regulatory relief for software providers that connect users to regulated derivatives platforms, including those that offer perpetual contracts.

Earlier groundwork followed a similar path. In May, the CFTC set up a case-by-case review process for perpetual contracts and approved Kalshi's Bitcoin perpetual futures product. In June, it granted temporary relief allowing certain registered exchanges to convert existing crypto futures into contracts without expiration dates.

What is still unclear

The filing does not show whether the CFTC will approve OG.com's proposal, and no timeline for a decision was given.

The report also does not list which individual stocks would be covered, or when the product would launch if it is approved.

Why this matters

Perpetual futures are among the most popular products in crypto trading. The recent filings show several crypto exchanges and prediction markets — platforms where users bet on the outcome of events — are now asking the CFTC for clearance to offer them on individual US stocks.

Whether that permission is granted is not yet known.

Sources

• Cointelegraph