OG.com Markets, the prediction markets and derivatives platform recently spun out of Crypto.com, has asked US regulators for approval to offer perpetual futures tied to individual stocks, joining a growing queue of trading platforms trying to bring one of crypto’s most popular products to American equity markets.
In a Thursday filing with the Commodity Futures Trading Commission, OG.com proposed new rules that would allow it to list cash-settled single-stock futures with no expiration date, tradable 24 hours a day, five days a week. Unlike traditional futures contracts, perpetual futures, or “perps,” never expire, letting traders maintain continuous exposure without periodically rolling positions into new contracts. The product was pioneered in crypto by BitMEX back in 2016.
## A 5 billion USD spin-off with powerful friends
OG.com was carved out of Crypto.com as an independent platform valued at 5 billion USD. Chief Executive Officer Kris Marszalek said at the time of the spin-off that the platform planned to expand beyond prediction markets into futures and perpetual contracts.
Shortly after the separation, 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. That deal gives OG.com a distribution channel to one of the largest retail trading audiences in the United States as it pushes into new asset classes.
The filing lands in a crowded field. 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. Earlier in September, Polymarket also rolled out leveraged perpetuals across dozens of markets as it fights a New York lawsuit over its core event contracts.
## Regulators laid the groundwork
The rush of applications follows a series of moves by US regulators to accommodate perpetual-style contracts despite the CLARITY Act’s failure to advance 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, while the CFTC expanded regulatory relief for software providers connecting users to regulated derivatives platforms, including those offering perpetual contracts.
The CFTC had begun laying the regulatory groundwork months earlier. In May, the agency established 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. The agency has also updated guidance on tokenized customer funds and blockchain recordkeeping after the failed CLARITY vote, releasing a staff FAQ that formalized how tokenized collateral can count toward customer fund requirements.
Analysts following the derivatives push note that cash settlement is the key design choice that keeps the product inside CFTC jurisdiction. Because no shares change hands, the contracts sidestep the Securities and Exchange Commission’s definition of securities settlement while still delivering price exposure, the same legal architecture Kalshi used to defend its event contracts through years of litigation. Whether that framing survives contact with equity underlyings, where the SEC’s territory begins, is the unresolved question regulators must now answer.
An agency commissioner is meanwhile departing the Blockchain Association, where the ex-CFTC leader served as CEO, another sign of the revolving door between the regulator and the industry it oversees.
## Why single-stock perps matter
For years, US traders wanting leveraged, around-the-clock exposure to single stocks had few compliant options, while crypto natives enjoyed 24/7 perps on venues like Hyperliquid, whose open interest recently hit record levels. Bringing the structure to equities would let positions ride through earnings reports and overnight gaps without contract expiries, and would blur the remaining boundary between crypto market infrastructure and traditional finance.
The financialization trend cuts both ways for OG.com. Trump Media moved to terminate its partnership with Crypto.com this month, trimming one legacy tie even as Robinhood deepened another. And the CFTC’s case-by-case approach means approval is far from guaranteed: each venue’s rulebook, margining model and clearing arrangement will be scrutinized on its own merits, particularly for contracts tied to securities rather than commodities.
Still, with Coinbase, Payward, Kalshi and now OG.com all knocking on the door, the direction of travel is clear. Cash-settled single-stock perps look increasingly like a matter of when, not if, for US markets, and the platform that clears the hurdle first will define the template the rest follow.
Market snapshot at the time of writing (Sept. 25, 21:00 UTC): Bitcoin traded near 83,851 USD, down 0.56% in 24 hours, Ethereum held 2,684 USD, and Solana changed hands near 121.63 USD, up 4.17% on the day, according to CoinGecko data.
Coinbase, Kraken, Kalshi and now OG.com all racing to list stock perps. Someone at the CFTC is going to have a very busy fall.
the robinhood stake is the real story here, thats instant distribution to millions of retail accounts if this gets approved
robinhood distribution plus a 5b valuation out of the gate. coinbase kraken kalshi all queued at the CFTC and OG.com walked in with the biggest retail pipe
the 5b valuation only makes sense if robinhood actually pushes this to retail on day one. otherwise its just another derivs venue fighting for the same flow
day one robinhood push also means day one retail funding rates. if OG.com ships with thin launch liquidity the coinbase deribit flow just stays put
if it ships with thin books the funding on stock perps will get nasty fast. seen it on every new perp venue, first month is a casino for market makers
Coinbase, Kraken, Kalshi, now OG.com. Whoever clears first gets the normie flow and the rest fight for scraps
bitmex invented these in 2016 and now every us broker wants them. we truly live in the strangest timeline lol
24/5 single stock perps with no expiry is what equity traders have been begging for. question is whether the CFTC actually greenlights it before 2027 lol
crypto perps trade 24/7 though, 24/5 is a downgrade. still beats rolling quarterlies every few months
24/5 exists so the venue can halt when the underlying halts. you really want weekend nvda perps with zero arb anchor? thats how you get 40 percent wicks
weekend_gap_ exactly, a weekend gap with no underlying market to arb against means the venue carries all the risk. 24/5 is the honest ceiling
24/5 is the CFTC compromise, weekend trading would make it a full crypto product carrying equity risk. cash settled plus case by case review in may is them playing nice for approval
cashsettle_cam case by case review in may is the CFTC buying time to watch how the coinbase filings behave first. OG.com gets its answer without anyone spending political capital
no expiration means funding rates do the work of keeping price honest. retail is about to learn what paying -0.1 percent every 8 hours feels like on a stock position
retail will learn funding the hard way, but no expiry also means no forced roll. an 8 hour fee beats rolling quarterlies four times a year
Cash-settled is the smart move here. Physically delivered stock perps would be a regulatory nightmare. The May case-by-case review process at least gives OG.com a real path through the CFTC.
case by case review keeps CFTC optionality but kills product velocity. the robinhood stake means distribution is solved the day it clears, that is the scary part for traditional brokers
cash settled means no share delivery, so its basically a leveraged bet with an funding rate subscription. retail is gonna learn what 8h funding feels like on tesla the hard way