Crypto.com and OG.com announced on October 27 that they are launching crypto perpetual contracts for eligible U.S. traders. The contracts have no expiry date, trade around the clock, can go long or short, and allow up to 5x leverage, with isolated margin and take-profit and stop-loss orders. They run through the Crypto.com App and the Crypto.com Exchange, on derivatives infrastructure that the companies describe as regulated by the CFTC. The Block reported that the launch follows similar moves by Coinbase and Kraken.

Perpetual futures, or “perps,” are among the most heavily traded crypto derivatives, and until this year they were largely an offshore product. For a plain definition, see our glossary entry. The launch is one more sign that the product is being brought onshore under U.S. rules.

What the companies announced

According to the Crypto.com release, retail customers can access the perps through the app and institutional and advanced users through the exchange, but only “eligible U.S. traders,” and no list of states is given. The release says only that the products cover “top cryptocurrencies.” OG.com’s own homepage lists markets with leverage labels that run from 5x for bitcoin down to 2x for smaller assets, but it does not explain how the labels work or who offers the markets. Fees, funding-rate method, margin and liquidation rules were not stated in anything we could retrieve.

Who is regulated, and how

Per the release, OG.com Markets is a CFTC-registered designated contract market and derivatives clearing organization, and OG.com Broker is a CFTC-registered futures commission merchant. The release’s boilerplate names North American Derivatives Exchange, Inc., the former Nadex that Crypto.com acquired in a deal announced in December 2021, as the exchange and clearinghouse, and Foris DAX Inc. as the introducing broker. We have not checked the CFTC or NFA registries ourselves, so these registrations rest on the company’s description. Ownership is also less clear than the branding: the release has Kris Marszalek as chief executive of both firms, while The Defiant and Cointelegraph describe OG.com as spun out of Crypto.com, with Robinhood reported to hold stakes in both.

How the U.S. got here in 2026

A string of regulatory steps made the launch possible. On March 11, the CFTC and SEC signed a memorandum of understanding on bringing perpetuals onshore. On May 29, the CFTC approved Kalshi’s bitcoin perpetual, set out a case-by-case policy for other underlying assets, and its staff gave Coinbase no-action relief. On June 12, staff let Bitnomial and Coinbase Derivatives convert existing futures into perpetuals, and Kraken and Coinbase launched products on June 15. CME, the big futures exchange, sued the CFTC on June 18, arguing perpetuals are swaps; the case is pending. We covered the exchange side in our report on CME’s 24/7 crypto futures.

The CFTC’s broader rulemaking is a separate track. The agency issued its advance notice on Regulation CTX and Regulation CAM on October 5, covering retail leveraged crypto transactions and a possible exchange framework; law-firm summaries indicate that futures and perpetuals stay in the existing exchange tier, and coverage of the notice does not discuss perps. See our summary of that notice and our report on the rules sent to the White House. On October 28 the CFTC also announced a December 15 public roundtable on 24/7 trading, which shows regulators are still weighing the risks of round-the-clock markets. We found no CFTC document addressing the OG.com perps specifically, and we could not confirm whether they were self-certified.

Onshore versus offshore

The offshore products that built the perps market are far more leveraged. According to an aggregator’s comparison, Binance offers up to 125x and Hyperliquid between 3x and 40x depending on the asset, and neither serves U.S. residents. Those venues use auto-liquidation, insurance funds and auto-deleveraging, while U.S.-listed products rely on clearinghouse margin and default procedures, according to a Gibson Dunn legal analysis. The difference shows up in stress: one research firm estimated about $19 billion in positions were liquidated across roughly 1.6 million accounts on October 10 and 11, 2025.

What 5x leverage means

Leverage multiplies both gains and losses. At 5x, a trader controls a position five times the margin they post. By our own arithmetic, not a figure from the companies, an adverse price move of around 20% could erase the margin on a 5x position, before fees and any maintenance-margin rules. Perps also carry periodic funding payments between long and short traders, and because they trade 24/7, prices can move when the person holding the position is asleep. Whether isolated margin limits a loss to the posted amount is not stated for this product.

What we could not confirm

We could not confirm the eligible states or the asset list, the fee and funding details, or the registrations from the regulators’ own registries. The release headline and its boilerplate name different Crypto.com entities for the introducing-broker role. Comparison figures for other U.S. perps, such as leverage on Kalshi and Coinbase, come from a single aggregator and may be out of date.

Why it matters

The significance is less the 5x ceiling than the direction: three large U.S. platforms now offer perpetual-style contracts under CFTC-registered structures within about five months, while the rulebook that would govern them is still being drafted. For traders, the main change is access to a familiar product without leaving U.S. rules; for regulators, it is a live test of how 24/7 leveraged trading behaves outside offshore venues. Leverage remains a way to lose money quickly, and this is reporting, not investment advice.

Further reading

Frequently asked

What are crypto perpetual futures?

Perpetual futures are derivative contracts that track a crypto asset’s price without an expiry date. Traders can go long or short with leverage, and periodic funding payments between longs and shorts keep the contract price close to the asset’s price. See our glossary entry.

Who can trade the new Crypto.com and OG.com perps?

The release says “eligible U.S. traders,” through the Crypto.com App and the Crypto.com Exchange. It does not list eligible states or the specific assets, so check the current terms before assuming access.

Are these perps regulated?

The companies say the contracts trade on CFTC-registered infrastructure, naming OG.com Markets as a designated contract market and clearing organization and OG.com Broker as a futures commission merchant. We have not independently checked the registries, and we found no CFTC document about these specific contracts.

How is this different from offshore perps?

Offshore venues such as Binance and Hyperliquid advertise much higher leverage, up to 125x and 40x respectively, and do not serve U.S. residents. The U.S. products cap leverage far lower and rely on clearinghouse margin and default procedures instead of auto-deleveraging.

What is the main risk of 5x leverage?

Losses are multiplied along with gains. By our arithmetic, a move of around 20% against the position could wipe out the margin on a 5x trade, before fees. Funding payments and 24/7 trading add further risk, and this is not investment advice.