OG.com Markets is seeking US regulatory approval to offer perpetual futures tied to individual stocks, as trading platforms push to bring one of the crypto market's most popular derivatives products to US equity markets.

In a Thursday filing with the Commodity Futures Trading Commission (CFTC), OG.com proposed new rules that would allow it to list cash-settled single-stock futures that never expire and can trade 24 hours a day, five days a week — a schedule that would run well beyond the regular daytime sessions of traditional US stock exchanges. Because the contracts would be cash-settled, positions would be settled in cash rather than through delivery of the underlying shares.

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, Crypto.com 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 — commonly called “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 perpetual futures to US stocks, and OG.com now joins a growing group of firms 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 overlapping filings put several competing blueprints for US single-stock perps in front of the CFTC at the same time.

The filings came after US regulators, including the Securities and Exchange Commission (SEC) and the CFTC, pushed ahead with crypto initiatives despite the CLARITY Act failing to advance in the Senate on Sept. 15.

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.

Source: Paul Atkins on X

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 Kalshi's Bitcoin perpetual futures product, followed in June by temporary relief allowing certain registered exchanges to convert existing crypto futures into contracts without expiration dates. How the agency rules on the pending requests, including OG.com's, will determine whether single-stock perps can begin trading for US customers.