OG.com seeks CFTC approval for single-stock perpetual futures

OG.com, a recently spun-off prediction markets and derivatives platform from Crypto.com, is seeking approval from the Commodity Futures Trading Commission (CFTC) to introduce perpetual futures for individual US stocks. This move follows a trend among trading platforms seeking to bring popular derivatives products to the US equity market.

In a filing with the CFTC on Thursday, OG.com proposed rules for cash-settled single-stock futures that never expire and can be traded 24/5. The platform, valued at $5 billion, aims to expand beyond prediction markets into futures and perpetual contracts. OG.com's CEO, Kris Marszalek, announced the plan shortly after the spin-off, when Robinhood invested in the company.

Unlike traditional futures, perpetual futures, or "perps," have no expiration date, allowing traders to maintain exposure indefinitely. This product, pioneered in crypto by BitMEX in 2016, is now being sought by other trading platforms, including Coinbase, Kraken's parent Payward, and prediction market Kalshi, all of which filed for the same in recent filings.

The push for US regulatory approval for perpetual futures comes as US regulators, including the Securities and Exchange Commission (SEC) and CFTC, advance crypto initiatives despite the CLARITY Act's failure in the Senate. The SEC cleared limited onchain trading of tokenized US stocks under its Innovation Exemption just days after the vote, while the CFTC expanded regulatory relief for software providers connecting users to derivatives platforms, including those offering perpetual contracts.