OG.com seeks CFTC approval for single-stock perpetual futures
Crypto spin-off aims to bring perpetual futures to US equity markets
1OG.com's regulatory push
OG.com, a $5 billion spin-off from Crypto.com, filed with the CFTC to list cash-settled single-stock perpetual futures. These contracts would trade 24/5 on US equities, joining similar efforts by Coinbase, Kraken's Bitnomial, and Kalshi. The move represents a strategic expansion beyond OG.com's original prediction markets focus into mainstream derivatives products under CEO Kris Marszalek's leadership.
2Perpetual futures mechanics
Unlike traditional futures that expire, perpetual contracts ('perps') maintain continuous exposure without contract rollovers. BitMEX pioneered this structure in crypto markets in 2016. OG.com's proposal would apply this model to individual stocks through cash settlement. The product appeals to traders seeking persistent positions without managing expiration timelines, though it carries unique funding rate mechanisms to maintain price alignment.
3Strategic partnerships
Robinhood acquired an equity stake in OG.com as part of a multi-year deal to utilize its CFTC-regulated derivatives exchange. This follows OG.com's spin-out from Crypto.com, positioning the platform at the intersection of traditional finance and crypto-native products. The partnership gives Robinhood access to regulated derivatives infrastructure while providing OG.com with mainstream distribution channels.
4Regulatory context
The CFTC began preparing for perpetual futures months before OG.com's filing, establishing a case-by-case review process in May 2026. In June, it granted temporary relief allowing certain exchanges to convert existing crypto futures into perpetual contracts. These moves occurred alongside SEC actions on tokenized stocks, indicating coordinated but separate regulatory approaches to crypto-related financial innovations.
5Competitive landscape
OG.com enters a crowded field, with Coinbase, Kalshi, and Kraken's Bitnomial all filing for single-stock perpetual futures within days of each other in September 2026. This convergence suggests derivatives platforms see perpetual contracts as the next frontier for crypto-to-traditional finance bridges. The rush follows the CLARITY Act's failure in Senate, leaving regulatory uncertainty for crypto initiatives.
6Market implications
Successful approval would introduce 24/5 trading to US equities through perpetual contracts, blurring lines between crypto and traditional markets. For brokers like Robinhood, it offers new revenue streams from derivatives while maintaining regulatory compliance. The products could attract both crypto-native traders familiar with perps and traditional investors seeking continuous exposure without expiration management.
7Regulatory challenges
The CFTC must balance innovation with investor protections as perpetual contracts introduce novel risks to equity markets. Unlike crypto perps, stock-based versions face additional scrutiny around market manipulation and settlement risks. The agency's May 2026 framework established precedent with Kalshi's Bitcoin perpetual approval, but equity applications require evaluating different market dynamics and participant behaviors.
8Strategic positioning
OG.com's move reflects the broader crypto industry's pivot toward regulated financial products following increased scrutiny. By combining prediction market expertise with traditional derivatives, the platform aims to capture both institutional and retail demand. Success hinges on navigating complex US regulations while differentiating from established players like CME and new entrants like Coinbase Derivatives.