OG.com Seeks CFTC Approval to Launch Single-Stock Perpetual Futures

OG.com's Filing for Single-Stock Perpetual Futures

On Thursday, OG.com submitted a proposal to the CFTC seeking authorization to list cash-settled perpetual futures on individual stocks. These contracts would have no expiration date and be available for trading 24 hours a day, five days a week.

OG.com was recently spun out from Crypto.com as an independent prediction markets and derivatives platform valued at $5 billion. CEO Kris Marszalek stated plans to expand offerings beyond prediction markets into futures and perpetual contracts.

Shortly after the spin-off, Robinhood took an equity stake in OG.com through a multi-year partnership to utilize its CFTC-regulated derivatives exchange and clearinghouse for prediction markets.

Characteristics and Origins of Perpetual Futures

Perpetual futures, or “perps,” differ from traditional futures in that they have no expiration dates. This framework allows traders to maintain exposure without the need to periodically roll contracts forward.

The concept was originally pioneered in crypto by BitMEX in 2016.

Efforts to introduce these instruments for US stocks aim to bridge innovative derivatives commonly found in digital assets with traditional financial markets.

Expansion of Perpetual Futures Efforts in the US Market

OG.com joins a growing list of companies, including Coinbase, Bitnomial (owned by Kraken’s parent company Payward), and prediction market Kalshi, all filing with the CFTC on September 18 to offer perpetual futures linked to single US stocks.

These developments follow increased regulatory activity in the US from the SEC and CFTC regarding crypto markets, despite the Senate’s failure to advance the CLARITY Act on September 15.

Shortly after, the SEC approved limited onchain trading of tokenized US stocks under an Innovation Exemption, while the CFTC extended regulatory relief to software providers connecting users to regulated derivatives platforms offering perpetual contracts.

Earlier in May, the CFTC established a case-by-case review framework for perpetual contracts, approving Kalshi’s Bitcoin perpetual futures product and, in June, granted temporary relief for registered exchanges to convert crypto futures into contracts without expiration dates.