OG.com Markets is seeking US regulatory approval to offer perpetual futures tied to individual stocks, as trading platforms push to bring the popular derivatives product to US equity markets.
In a Thursday filing with the Commodity Futures Trading Commission (CFTC), OG.com proposed new rules allowing it to list cash-settled single-stock futures that never expire and can trade 24 hours a day, five days a week.
OG.com was recently spun out of crypto exchange Crypto.com as an independent prediction markets and derivatives platform valued at $5 billion. 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 as part of a multi-year deal to use its CFTC-regulated derivatives exchange and clearinghouse for prediction markets.
Unlike traditional futures contracts, perpetual futures, or “perps,” have no expiration date, allowing traders to maintain exposure without periodically rolling into new contracts. The product was pioneered in crypto by BitMEX in 2016.
Perpetual futures push expands into US stocks
Crypto trading platforms and prediction markets are increasingly looking to bring one of the digital asset markets most popular derivatives products to US stocks, with OG.com joining a growing group seeking regulatory 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.
The filings came after US regulators, including the Securities and Exchange Commission (SEC) and CFTC, pushed ahead with crypto initiatives despite the CLARITY Act failing to advance in the Senate on Sept. 15.
Source: Paul Atkins
Just days after the vote, the SEC cleared limited onchain trading of tokenized US stocks under its Innovation Exemption, while the CFTC expanded regulatory relief for software providers connecting users to regulated derivatives platforms, including those offering perpetual contracts.
The CFTC had already begun laying the regulatory groundwork for perpetual futures months earlier.
In May, the agency established a case-by-case review process for perpetual contracts and approved Kalshis Bitcoin perpetual futures product, followed in June by temporary relief allowing certain registered exchanges to convert existing crypto futures into contracts without expiration dates.