OG.com Markets is officially seeking United States regulatory approval to introduce perpetual futures contracts tied to individual stocks, marking the latest move by trading platforms to bridge the gap between traditional equity markets and crypto-native derivatives products.
In a regulatory filing submitted to the Commodity Futures Trading Commission (CFTC) on Thursday, the platform formally proposed a new set of rules that would allow it to list cash-settled single-stock futures. Unlike standard contracts, these proposed financial instruments would never expire and would be designed to trade around the clock, operating 24 hours a day, five days a week.
The regulatory filing follows a period of significant structural evolution for OG.com. The platform was recently spun out of major cryptocurrency exchange Crypto.com to operate as an independent prediction markets and derivatives platform, securing an estimated valuation of $5 billion. At the time of the corporate separation, Crypto.com CEO Kris Marszalek publicly outlined the platform’s strategic vision, noting that the newly independent entity intended to expand its service offerings well beyond prediction markets into traditional futures and perpetual contracts.
The corporate realignment also attracted major backing from key industry players. Shortly after the spin-off was finalized, online brokerage giant Robinhood took an equity stake in OG.com. That investment formed part of a broader, multi-year strategic partnership agreement under which Robinhood plans to utilize OG.com’s CFTC-regulated derivatives exchange and clearinghouse infrastructure specifically for its prediction markets initiatives.
To understand the magnitude of the new filing, it helps to examine the mechanics of the product itself. Unlike traditional futures contracts, which feature fixed settlement dates and require investors to periodically roll over their positions into new months to maintain market exposure, perpetual futures—frequently referred to by traders simply as "perps"—feature no expiration date. This structural design enables traders to maintain continuous, long-term exposure to an underlying asset without interruption. The innovative derivatives product was originally pioneered within the digital asset ecosystem by trading platform BitMEX back in 2016, and it has since become a dominant volume driver across the global cryptocurrency industry.
The Perpetual Futures Push Expands into US Stocks
The latest maneuver by OG.com highlights a broader, fast-moving trend across the financial technology sector. Crypto trading platforms and prediction markets are increasingly looking to bring one of the digital asset market’s most popular and liquid derivatives products directly into the realm of United States equities, with OG.com joining a rapidly growing roster of companies petitioning federal regulators for greenlights.
The race to offer equity-linked perpetual products heated up significantly on September 18. On that day, Coinbase, Kraken parent company Payward through its specialized Bitnomial exchange, and prediction market platform Kalshi all submitted formal filings seeking regulatory permission to offer perpetual futures tied to individual US stocks.
These synchronized filings arrived on the heels of major regulatory developments in Washington. Federal regulators, including the Securities and Exchange Commission (SEC) and the CFTC, have continued advancing various crypto and derivatives modernization initiatives, even as broader legislative efforts stalled. Notably, these regulatory steps advanced shortly after the CLARITY Act failed to secure enough momentum to advance in the United States Senate on September 15.
Just days after the legislative vote, the SEC took action by clearing limited onchain trading for tokenized United States equities under the agency’s Innovation Exemption framework. Concurrently, the CFTC moved to expand regulatory relief for various software providers that connect retail and institutional users to regulated derivatives platforms, including those infrastructure providers facilitating perpetual contracts.
These actions did not happen in a vacuum; the CFTC had already spent several months laying careful regulatory groundwork for the eventual integration of perpetual futures into regulated domestic markets. Back in May, the agency established a specialized, case-by-case review process specifically designed to evaluate perpetual contracts. Shortly after, the CFTC approved Kalshi’s Bitcoin perpetual futures product. That milestone was followed in June by the implementation of temporary regulatory relief that allowed certain registered exchanges to convert existing crypto futures into modern contracts without expiration dates.
As regulatory boundaries continue to blur between traditional equity trading and crypto-native derivatives design, the outcome of OG.com’s latest CFTC filing, alongside parallel petitions from industry heavyweights like Coinbase and Kalshi, could fundamentally reshape how retail and institutional investors trade American equities around the clock.
