A New Entry in the Perpetual Futures Race
OG.com Markets submitted a proposal to the Commodity Futures Trading Commission on Thursday seeking authorization to list cash-settled, single-stock perpetual futures in the United States. Under the plan, the contracts would carry no expiration date and would be tradeable around the clock on weekdays, giving retail and institutional participants continuous access to leveraged directional exposure on individual equities without the need to roll positions at each contract expiry.
The platform, which recently separated from crypto exchange Crypto.com as a standalone prediction-markets and derivatives venue, was valued at approximately $5 billion at the time of the spin-off. CEO Kris Marszalek indicated at the announcement that the company intended to broaden its product set well beyond prediction markets into futures and perpetual contracts.
Adding a notable layer of industry collaboration, Robinhood agreed to take an equity stake in OG.com shortly after the separation. The multi-year arrangement will give Robinhood access to OG.com's CFTC-regulated derivatives exchange and clearing infrastructure for its own prediction-markets offering, further entrenching the venue in the US brokerage ecosystem.
A Crowded Field of Filing Competitors
OG.com is not moving alone. On September 18, Coinbase, Payward (the parent of Kraken, acting through its Bitnomial exchange), and prediction-market platform Kalshi each submitted their own applications to the CFTC to offer perpetual futures tied to individual US stocks. The clustering of filings within a single day underscores how quickly the derivatives product, long associated with crypto trading, is being transplanted into the traditional equity space.
Perpetual futures—commonly called "perps"—were introduced in the digital-asset market by BitMEX in 2016. Their defining feature is the absence of a set maturity date, which eliminates the periodic contract-rolling friction inherent in classical futures. For brokers and their clients, the appeal is straightforward: sustained exposure with a single open position and no forced liquidation or re-entry at expiry.
Regulatory Tailwinds After a Turbulent Week
The wave of filings arrived in a complex regulatory environment. Just three days before the September 18 submissions, the CLARITY Act stalled in the Senate on September 15, halting a broader crypto-legislation package. Nevertheless, both the SEC and the CFTC continued to advance targeted initiatives.
In the days following the Senate vote, the SEC permitted limited on-chain trading of tokenized US equities under its Innovation Exemption framework. Simultaneously, the CFTC broadened its regulatory relief for software providers that connect end-users to regulated derivatives platforms, with the relief explicitly covering venues offering perpetual contracts.
That groundwork had been laid even earlier. In May, the CFTC introduced a case-by-case review mechanism for perpetual contracts and greenlit Kalshi's Bitcoin perpetual futures product. The following month, the agency issued temporary relief that would allow certain registered exchanges to convert existing crypto futures into non-expiring contracts, effectively opening a pathway for the product class to scale.
What It Means for Traders and Brokerages
For forex and multi-asset traders, the push signals a structural shift: the perps model that dominated crypto exchanges is now being formalised under US federal oversight and extended to the world's most liquid equity names. Brokers that secure CFTC clearance will be able to offer leveraged, 24/5 single-stock exposure without the operational overhead of managing monthly or quarterly contract cycles.
At the same time, the competitive density of the filings—four distinct platforms seeking the same product within a matter of weeks—suggests that pricing, margin terms, and execution quality will become the primary differentiators. Traders should watch for how each venue structures funding-rate mechanics, settlement procedures, and risk limits once the CFTC completes its review, as those details will shape the cost and risk profile of holding a perpetual position on a blue-chip stock versus a traditional futures or options strategy.