The race to bring single-stock perpetual futures to the United States just got another major entrant. OG.com, a derivatives platform recently spun out of Crypto.com, has officially filed with the Commodity Futures Trading Commission (CFTC) for approval to offer these products to American traders.
This move places OG.com alongside other industry heavyweights, including Coinbase, Kalshi, and Payward (the parent company of Kraken), all of whom are pursuing similar regulatory pathways. The collective push signals a pivotal moment for the convergence of traditional finance and crypto-native trading infrastructure.
What Are Single-Stock Perpetual Futures?
For readers unfamiliar with the term, a perpetual futures contract (often called a “perp”) is a type of derivative that lets traders speculate on an asset’s price without an expiry date. Think of it like a regular futures contract, but one that never settles. Instead, traders pay or receive a small funding fee periodically to keep the contract aligned with the actual market price.
Now apply that to individual stocks. Instead of trading perpetuals on Bitcoin or Ethereum, traders would be able to go long or short on shares of companies like Apple, Tesla, or NVIDIA, all within a crypto-style platform, 24/7, and without the need for a traditional brokerage account.
This is a major shift. Currently, perpetual futures are dominated by crypto exchanges and primarily cover digital assets. Bringing them to US equities blurs the line between the two markets and could dramatically expand how retail and institutional traders access stock exposure.
Why OG.com Is Going Through the CFTC
The CFTC is the US federal agency responsible for regulating derivatives markets, including futures, options, and swaps. By filing for approval rather than launching products in a legal grey zone, OG.com is signaling a more compliance-first approach.
This matters because many crypto derivatives platforms have historically operated offshore or under lighter regulatory frameworks. The recent crackdown on unregistered crypto derivatives by regulators has made it clear that the US market requires proper licensing. OG.com’s filing shows that serious players are willing to play by the rules to access American users.
The Competitive Landscape: Who’s Else Is In?
OG.com isn’t alone in this pursuit. Here’s a quick look at the other major firms seeking similar approvals:
- Coinbase β The largest US-based crypto exchange has been actively lobbying and building infrastructure for stock perpetuals, leveraging its existing regulatory relationships.
- Kalshi β A regulated prediction market platform that is expanding into event-based and now traditional derivatives.
- Payward (Kraken’s parent company) β Kraken has long offered crypto perpetuals and is now eyeing equity derivatives under US oversight.
This coordinated push suggests that single-stock perpetuals could become a major new asset class in the United States within the next 12 to 24 months, assuming regulators give the green light.
What This Means for Crypto Traders
For everyday crypto traders, the implications are significant. Here’s what to watch for:
1. More Trading Options
If approved, traders would be able to speculate on stocks using the same wallets, leverage, and infrastructure they already use for Bitcoin or Ethereum trading. No need to open a separate brokerage account.
2. Tighter Integration Between Stocks and Crypto
Platforms offering both crypto and stock perpetuals will likely see increased cross-market liquidity. A trader could hedge a Bitcoin position with a short on a tech stock, all in one place.
3. Enhanced Security Demands
With more assets and leverage flowing through these platforms, the importance of self-custody and hardware wallets grows. Traders holding significant capital on centralized exchanges should consider moving long-term holdings to cold storage. A reliable option for safeguarding crypto assets is the Ledger hardware wallet, which keeps private keys offline and away from exchange-related risks.
4. New Compliance Requirements
US-regulated stock perpetuals will likely come with stricter Know Your Customer (KYC) checks and reporting requirements compared to offshore alternatives. This is a trade-off between accessibility and regulatory protection.
The Regulatory Hurdles Ahead
While the filings are encouraging, approval is far from guaranteed. The CFTC will need to address several complex questions:
- How will manipulation risks be monitored when stock perps trade alongside underlying equities?
- Should retail traders have the same leverage limits as institutional participants?
- How will these products interact with existing equity market regulations enforced by the SEC?
The conversation between the CFTC and the Securities and Exchange Commission (SEC) over jurisdiction will be just as important as the technical merits of the applications themselves.
The Bottom Line
OG.com’s CFTC filing is more than just a corporate milestone. It is part of a broader trend of crypto-native firms moving into traditional finance, bringing with them the speed, leverage, and 24/7 trading culture that have defined digital asset markets.
For traders, the message is clear: single-stock perpetuals are coming to the US, and competition between platforms will likely drive innovation, lower fees, and better tools. In the meantime, those looking to diversify their exposure across both crypto and traditional markets can explore platforms like Kraken for crypto perpetuals or Bitvavo for European users, while keeping long-term holdings secure with a hardware wallet.
Stay tuned. The next 18 months could fundamentally reshape how Americans trade both stocks and crypto.
