OG.com, a trading platform recently spun off from Crypto.com, has filed for approval with the US Commodity Futures Trading Commission to offer perpetual futures contracts tied to individual stocks, joining a growing list of firms pushing to bring the popular crypto-native product to American equity markets.
A Race to Bring Perps to US Stocks
The move places OG.com alongside major industry players including Coinbase, prediction market Kalshi, and Payward, the parent company of Kraken, all of whom are seeking regulatory clearance to introduce perpetual futures on single stocks in the United States.
Perpetual futures, commonly known as "perps," are derivative contracts that allow traders to speculate on the price of an asset without an expiration date. The instruments have long been a staple of crypto trading, offering high leverage and continuous exposure, but have remained largely absent from regulated US markets.
The perpetual futures once confined to crypto exchanges are now knocking on the door of Wall Street.
By targeting individual equities, these firms aim to extend a trading structure familiar to crypto users into the far larger world of traditional stocks, potentially opening new avenues for retail and institutional traders alike.
Regulatory Momentum and Competition
The wave of applications signals intensifying competition among trading platforms eager to capture demand for novel derivative products. Securing CFTC approval would give the winning firms a significant first-mover advantage in a market that could reshape how Americans trade equities.
For OG.com, the filing marks an early strategic move following its separation from Crypto.com, positioning the newly independent company as a serious contender in the regulated derivatives space.
Key players now competing for approval include:
- OG.com, the recently spun-out platform
- Coinbase, the largest US crypto exchange
- Kalshi, a regulated prediction market
- Payward, the parent company of Kraken
Whether the CFTC will green-light single-stock perpetual futures remains to be seen, but the surge of applications underscores growing appetite for blending crypto-style trading mechanics with traditional financial assets.