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

Key points

• OG.com filed proposed rules with the CFTC on Thursday for cash-settled single-stock futures with no expiry, tradable 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 $5bn.
• CEO Kris Marszalek said at the spin-off that the platform planned to expand into futures and perpetual contracts.
• Robinhood took an equity stake in OG.com under a multi-year deal to use its CFTC-regulated exchange and clearinghouse for prediction markets.
• Coinbase, Payward's Bitnomial exchange and Kalshi filed on 18 Sept to offer perpetual futures tied to individual US stocks.

OG.com Markets has asked US regulators for permission to offer perpetual futures tied to individual stocks, according to a Thursday filing with the Commodity Futures Trading Commission reported by Cointelegraph. The proposal sets out rules for cash-settled single-stock futures that never expire and can trade 24 hours a day, five days a week. The company joins a growing group of platforms trying to bring the product to US equity markets.

OG.com was recently spun out of crypto exchange Crypto.com as an independent prediction markets and derivatives platform valued at $5bn. At the time of the spin-off, CEO Kris Marszalek said the business planned to move beyond prediction markets into futures and perpetual contracts. Shortly afterwards, Robinhood took an equity stake in OG.com as part of a multi-year deal to use its CFTC-regulated derivatives exchange and clearinghouse for prediction markets.

Perpetual futures, often called perps, differ from traditional futures because they have no expiration date. That lets traders keep exposure without periodically rolling into new contracts. The product was pioneered in crypto by BitMEX in 2016 and has since become one of the most traded derivatives in digital asset markets.

OG.com files with CFTC

The push into US stocks is widening. On 18 Sept, Coinbase, Kraken parent Payward through its Bitnomial exchange, and prediction market Kalshi all filed to offer perpetual futures tied to individual US stocks. Those filings followed a period in which US regulators, including the Securities and Exchange Commission and the CFTC, continued with crypto initiatives despite the CLARITY Act failing to advance in the Senate on 15 Sept.

Days after that vote, the SEC cleared limited onchain trading of tokenised US stocks under its Innovation Exemption. The CFTC separately expanded regulatory relief for software providers that connect users to regulated derivatives platforms, including those offering perpetual contracts. The agency had already begun preparing the ground for perpetual futures months earlier.

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. Those steps give applicants such as OG.com a clearer path, though each proposal still needs approval.

Perps move into US stocks

The filings matter because they test whether a derivatives format built for crypto can be extended to single US stocks under CFTC oversight. If approved, perps on individual equities would give US traders round-the-clock exposure without rollover, a structure that has so far been largely absent from American equity markets.

Read the full story on Cointelegraph →