Crypto.com and OG.com Roll Out US Crypto Perpetuals With 5x Leverage

Crypto.com and its derivatives partner OG.com began rolling out crypto perpetual futures to eligible U.S. traders on Tuesday, offering contracts with up to 5x leverage and no expiration date. The products trade around the clock through Crypto.com's App and Exchange, according to the company's announcement.

Crypto.com said it recently registered as an introducing broker with the National Futures Association (NFA) to offer the products. Execution runs through OG.com's CFTC-regulated exchange, clearinghouse and futures commission merchant, which gives the offering a fully domestic regulatory footing. The announcement did not specify the eligibility requirements for traders.

What does the product actually include?

The perpetuals let traders take long or short positions on crypto prices. The feature set is conventional for the asset class:

• Up to 5x leverage
• No expiration date on contracts
• Take-profit and stop-loss orders
• Isolated margin

The leverage ceiling sits well below what offshore venues offer, a reflection of the risk parameters U.S. regulators expect from CFTC-supervised derivatives offerings.

Why is the U.S. perpetuals market opening now?

The launch traces directly to the CFTC's May decision to open U.S. markets to crypto perpetuals. The agency approved Kalshi's bitcoin perps and issued no-action relief allowing Coinbase to offer digital commodity derivatives.

Kraken followed in June, launching U.S. perpetuals on Kraken Pro after its acquisition of Bitnomial, a CFTC-licensed futures exchange. Crypto.com's rollout makes it the latest major platform to bring the product, which has long dominated offshore crypto trading, onto regulated U.S. rails.

What comes next for Crypto.com?

Crypto.com is also pushing into stock derivatives. Nadex, the exchange operating under OG.com, registered with the SEC to trade security futures last month. At the time, CEO Kris Marszalek said the company was working with both the SEC and CFTC to offer single-stock perpetual futures — a product that would extend the perpetual structure beyond crypto into equities.

Industry participants see room for the market to grow. Ondo Perps CEO David Wells told The Block in September that U.S. perpetuals represent a "huge opportunity," though he noted that offshore platforms would need different clearing and settlement arrangements to comply with U.S. rules.

What does this mean for market structure?

The operational consequences matter more than the headline. Perpetuals have historically driven the bulk of global crypto trading volume through offshore venues like Binance and Bybit, where leverage often runs far higher than 5x. Every major U.S. platform that onboards a compliant perps product shifts a slice of that flow into CFTC-regulated clearing.

For Crypto.com, the NFA registration and the OG.com infrastructure give it a derivatives stack it can scale as regulators define the boundaries. The single-stock perpetuals plan pending with the SEC and CFTC signals the company intends to treat this rollout as a first step, not a finished product line. Expect further platform entries and product expansions as the post-May regulatory window stays open.