OG.com Markets is seeking approval from the US Commodity Futures Trading Commission to offer perpetual futures tied to individual stocks, joining a widening effort to bring one of crypto’s most widely used derivatives products into US equity markets.
In a Thursday filing with the CFTC, OG.com proposed new rules that would let it list cash-settled single-stock futures with no expiration date. The contracts would trade 24 hours a day, five days a week.
OG.com was recently spun out of Crypto.com as an independent prediction markets and derivatives platform valued at $5 billion. At the time of the separation, CEO Kris Marszalek said the company planned to expand beyond prediction markets into futures and perpetual contracts.
Not long after the spin-off, Robinhood took an equity stake in OG.com as part of a multi-year agreement to use its CFTC-regulated derivatives exchange and clearinghouse for prediction markets.
Perpetual futures, often called perps, differ from traditional futures because they do not expire. That lets traders keep exposure without rolling positions into new contracts on a set schedule. BitMEX introduced the product to crypto markets in 2016.
Push to bring perpetual futures to US stocks widens
Crypto trading venues and prediction markets are increasingly trying to extend one of the digital asset market’s most popular derivatives products into US stocks, and OG.com is the latest platform to seek regulatory clearance.
On Sept. 18, Coinbase, Kraken parent Payward through its Bitnomial exchange, and prediction market Kalshi each filed to offer perpetual futures linked to individual US stocks.
Those filings arrived as US regulators continued advancing crypto-related measures even after the CLARITY Act failed to move forward in the Senate on Sept. 15.
Days after that vote, the Securities and Exchange Commission cleared limited onchain trading of tokenized US stocks under its Innovation Exemption. The CFTC also expanded regulatory relief for software providers that connect users to regulated derivatives platforms, including platforms offering perpetual contracts.
The CFTC had already started building the regulatory framework for perpetual futures months earlier.
In May, the agency created a case-by-case review process for perpetual contracts and approved Kalshi’s Bitcoin perpetual futures product. In June, it followed with temporary relief allowing certain registered exchanges to convert existing crypto futures into contracts without expiration dates.