OG.com Markets has submitted a request to the Commodity Futures Trading Commission to list cash-settled perpetual futures tied to single US stocks, a move that could extend the popular crypto-derived contract to traditional equity markets.
Platform background
OG.com was carved out of Crypto.com earlier this year, emerging as an independent prediction-market and derivatives venue valued at roughly $5 billion. Its chief executive, Kris Marszalek, has signaled a roadmap that goes beyond prediction markets, targeting futures and perpetual contracts. Shortly after the spin-off, Robinhood acquired an equity position in OG.com, linking the platform to Robinhood’s CFTC-regulated exchange and clearing infrastructure.
What perpetual futures are
Perpetual contracts differ from conventional futures by lacking a set expiration date, allowing traders to keep a position open indefinitely. The product originated in the crypto sector, first introduced by BitMEX in 2016, and has since become a staple for leveraged trading on digital assets. OG.com’s proposal would adapt this structure to cash-settled contracts on individual equities, enabling 24-hour, five-day-a-week trading.
Recent regulatory activity
The filing arrives amid a wave of similar requests from other platforms. In mid-September, Coinbase, Kraken’s Bitnomial exchange, and prediction-market operator Kalshi each lodged applications to offer perpetual futures on US stocks. These submissions follow a series of regulatory steps: the SEC recently cleared limited on-chain trading of tokenised US equities under an Innovation Exemption, while the CFTC expanded relief for software providers that connect users to regulated derivatives venues.
In May, the CFTC introduced a case-by-case review mechanism for perpetual contracts and approved Kalshi’s Bitcoin perpetual futures. A month later, the agency granted temporary permission for certain registered exchanges to transform existing crypto futures into contracts without expiry dates. These actions illustrate a gradual alignment of the United States’ regulatory framework with the evolving crypto-derivatives market.
Industry implications
Should the CFTC approve OG.com’s request, the platform would join a growing cohort of firms blending crypto-style products with traditional equity assets. The partnership with Robinhood could provide the necessary clearing and settlement capabilities, while the broader market may see increased liquidity and new trading strategies for retail and institutional participants. However, the initiative also raises questions about market integrity, investor protection, and the coordination between the SEC and CFTC on overlapping jurisdictions.
Why it matters
The potential launch of single-stock perpetual futures marks a significant step toward integrating crypto-derived derivatives into mainstream financial markets. Approval would signal regulatory willingness to accommodate innovative contract designs, potentially spurring further product development and competition among exchanges. At the same time, it underscores the need for clear oversight as the lines between digital assets and traditional securities continue to blur.
