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

OG.com Markets has asked the CFTC to permit it to offer perpetual futures linked to individual U.S. stocks, proposing rules for cash-settled contracts that carry no expiration and could trade around the clock on weekdays. The filing, submitted on a Thursday, outlines a market for single-stock perpetuals—often called "perps"—which allow traders to hold exposure without rolling into new contracts.

The company was recently separated from Crypto.com and launched as an independent platform focused on prediction markets and derivatives, with a reported valuation of $5 billion. CEO Kris Marszalek has said the platform intends to move beyond prediction markets into futures and perpetual contracts. Robinhood also acquired an equity stake in OG.com as part of a multi-year arrangement to use OG.com’s CFTC-regulated derivatives exchange and clearinghouse for prediction markets.

OG.com’s application comes amid a broader industry push to bring perpetuals to U.S. equities. On Sept. 18, Coinbase, Kraken parent Payward (via its Bitnomial exchange), and prediction market Kalshi each filed to offer perpetual futures tied to individual stocks. Perpetuals originated in crypto markets—BitMEX introduced the format in 2016—and several digital-asset firms are now seeking to adapt the product for regulated U.S. markets.

Regulators have been taking steps that affect the landscape for such products. In the weeks after the Senate failed to advance the CLARITY Act on Sept. 15, the SEC cleared limited on-chain trading of tokenized U.S. stocks under an Innovation Exemption, and the CFTC broadened relief for software providers connecting users to regulated derivatives platforms. Earlier in the year the CFTC set up a case-by-case review process for perpetual contracts and approved Kalshi’s Bitcoin perpetual product in May, then in June gave temporary relief enabling some registered exchanges to convert existing crypto futures into contracts without expiration dates.