Crypto.com US perpetuals go live with up to 5x leverage through OG.com

Another major exchange is bringing the offshore crowd's favorite product onshore. Crypto.com US perpetuals went live on Tuesday through its derivatives partner OG.com, letting eligible traders go long or short with up to 5x leverage on contracts that never expire.

What happened

The rollout reaches both retail customers in the app and institutional or advanced traders on the exchange, the companies said. Crypto.com signed up with the National Futures Association as an introducing broker so it could offer the product, which runs through OG.com's CFTC-regulated exchange, clearinghouse and futures commission merchant.

Traders get take-profit and stop-loss orders plus isolated margin, which confines the collateral at risk to each position. The announcement did not spell out eligibility requirements, The Block noted, and directed users to Crypto.com's U.S. site for supported tokens and trading parameters.

"The expansion of our trading suite to include regulated crypto perpetuals gives our users the ultimate toolkit for market flexibility," Kris Marszalek, who runs both OG.com and Crypto.com, said.

Why it matters

Perpetual futures dominate crypto derivatives trading offshore, and U.S. venues are catching up quickly. The CFTC opened the door in May by approving Kalshi's bitcoin perps and granting Coinbase no-action relief, and Kraken launched U.S. perps on Kraken Pro in June after buying Bitnomial, The Block reported. We have followed the fight over these products in CFTC and CME on perpetual futures and in Kalshi's BitGo loans for perps traders.

Crypto.com US perpetuals also fit a broader push to keep users inside one app, where they can hold spot crypto, trade derivatives and use prediction markets. Leverage magnifies losses as well as gains, and isolated margin only limits how much of an account a single trade can consume.

The plumbing explains how this is legal onshore. OG.com Markets is registered with the CFTC as a designated contract market and a derivatives clearing organization, and OG.com Broker is a CFTC-registered futures commission merchant, according to the release. Crypto.com acts as the introducing broker that brings customers in. OG.com already lists event contracts on sports, economics and culture, so perps extend a regulated stack the group has been building for its prediction market business. In other words, the perps sit on rails first laid for event contracts, which helps explain how quickly the group could launch them once regulators opened the door. Supported tokens and margin rules are listed on Crypto.com's U.S. site rather than in the release.

What's next

Stock derivatives may come next. Nadex, OG.com's exchange arm, completed SEC registration for security futures last month, and Marszalek has said the company is working with the SEC and CFTC on single-stock perpetual futures, according to The Block. Ondo Perps CEO David Wells called U.S. perpetuals a "huge opportunity." The launch details for Crypto.com US perpetuals are in Crypto.com's announcement.