OG.com Markets submitted a filing to the Commodity Futures Trading Commission (CFTC) on Thursday proposing rules for cash-settled single-stock perpetual futures. These contracts would have no expiration date and trade 24 hours a day, five days a week. The platform, recently spun out of Crypto.com as an independent derivatives entity valued at $5 billion, aims to expand beyond prediction markets into this derivative product. Robinhood holds an equity stake in OG.com following a multi-year deal to utilize its CFTC-regulated exchange and clearinghouse.
This move aligns with broader industry efforts to introduce crypto-native derivatives to US equities. On September 18, Coinbase, Bitnomial (owned by Kraken parent Payward), and Kalshi also filed to offer perpetual futures tied to individual US stocks. These applications follow recent regulatory shifts: after the CLARITY Act failed to advance in the Senate on September 15, the SEC cleared limited onchain trading of tokenized stocks under its Innovation Exemption, and the CFTC expanded relief for software providers connecting users to regulated platforms. The CFTC had previously established a case-by-case review process for perpetual contracts in May and approved Kalshi’s Bitcoin perpetual futures product.
The push by OG.com, Coinbase, and Kalshi to secure CFTC approval for single-stock perpetual futures signals a strategic convergence between crypto infrastructure and traditional equity markets. By leveraging the regulatory momentum generated by the SEC’s Innovation Exemption and the CFTC’s expanded relief for software providers, these entities are attempting to transplant a high-liquidity, continuous-trading model from digital assets into the stock market. This development challenges the conventional expiration-based structure of traditional futures, potentially offering retail and institutional traders new mechanisms for maintaining exposure without the operational friction of rolling contracts.
However, the regulatory path remains complex despite the recent administrative actions. While the CFTC has laid groundwork through case-by-case reviews and temporary relief measures, the failure of the CLARITY Act in the Senate indicates lingering legislative uncertainty regarding comprehensive crypto regulation. Market participants must monitor whether the CFTC will grant full approval for these novel products or impose stricter conditions, particularly given the historical volatility associated with perpetual contracts and their potential impact on market stability when applied to underlying equities.
