Crypto.com and OG.com launch US crypto perps with up to 5x leverage

Crypto exchange Crypto.com and its derivatives partner OG.com began rolling out crypto perpetual futures to "eligible" U.S. traders on Tuesday.

The contracts offer up to 5x leverage and let traders bet on rising or falling crypto prices with no expiration date. The offering comes with typical take-profit and stop-loss orders and isolated margin. The Tuesday release did not specify eligibility requirements.

Crypto.com said it recently registered as an introducing broker with the National Futures Association to be able to offer the perps. The products run through OG.com's "CFTC-regulated exchange and clearinghouse and futures commission merchant."

The launch follows the CFTC's May decision to open the U.S. markets to crypto perpetuals. The agency approved Kalshi's bitcoin perps and issued a no-action relief for Coinbase to offer digital commodity derivatives. Kraken then launched U.S. perps on Kraken Pro in June, following its acquisition of Bitnomial.

Crypto.com is also looking to push into stock derivatives. Nadex, the exchange operating under OG.com, registered with the SEC to trade security futures last month. At the time, CEO Kris Marszalek said the company was also working with the SEC and CFTC to offer single-stock perpetual futures.

Ondo Perps CEO David Wells told The Block in September that U.S. perpetuals are a "huge opportunity," though offshore platforms would need different clearing and settlement arrangements to meet U.S. rules.