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

• OG.com, recently spun out of Crypto.com, has filed with the CFTC to offer single‑stock perpetual futures.
• The request puts OG.com alongside Coinbase, Kalshi and Payward, the parent of Kraken, in a growing cohort of U.S. platforms seeking approval.
• If granted, the product would let U.S. investors trade futures on individual equities without an expiry date.

OG.com announced today that it is seeking CFTC approval to list perpetual futures on individual U.S. stocks. The move follows a similar filing by Coinbase, Kalshi and Payward, the firm that owns Kraken. Regulators have yet to rule, but the applications signal a coordinated push to expand crypto‑style derivatives into mainstream equity markets.

What are single‑stock perpetual futures and why do they matter?

Perpetual futures are contracts that mirror the price of an underlying asset but never expire. Traders settle each day via a funding rate that aligns the contract price with the spot market. By applying this model to single stocks, platforms aim to give investors a way to go long or short on a company without owning the shares.

The product could attract retail and institutional participants who want leverage, hedging or speculative exposure without the operational friction of borrowing shares. It also sidesteps the need for a traditional options or futures exchange listing, potentially lowering barriers to entry for new entrants like OG.com.

How does OG.com’s filing compare with its peers?

Coinbase, Kalshi and Payward have already submitted similar requests, creating a de‑facto benchmark for the CFTC. OG.com’s application follows the same regulatory pathway, indicating that the firm has studied the precedents set by the others. All four firms are asking for the same product type – perpetual futures tied to a single equity – but each will likely propose its own risk controls and margin requirements.

By joining this group, OG.com signals that it sees a market niche that is not being met by existing equity derivatives. The collective pressure may encourage the regulator to develop a consistent framework, rather than evaluate each request in isolation.

What could the approval mean for U.S. investors?

If the CFTC grants permission, investors will be able to trade leveraged positions on stocks that are traditionally only available through options or margin accounts. This could broaden access for traders who lack the credit lines required for margin borrowing.

The product also introduces new risk dynamics. Perpetual contracts require continuous funding payments, which can become costly in volatile markets. Traders who are unfamiliar with the mechanics may face unexpected losses, especially if funding rates swing sharply.

Regulators will likely focus on safeguards such as position limits, margin thresholds and real‑time monitoring. The outcome of OG.com’s request will depend on how convincingly the firm can demonstrate that its systems can contain systemic risk.

Why are the firms pursuing this now?

The crypto industry has matured into a multi‑billion‑dollar market for derivatives. Platforms have built the infrastructure for high‑frequency, leveraged trading. Extending that infrastructure to equities offers a logical next step, especially as investors look for new ways to capture price moves.

At the same time, traditional exchanges have been slow to introduce comparable products for retail traders. By filing with the CFTC, OG.com and its peers are positioning themselves to fill that gap, potentially capturing market share before legacy players respond.

What are the regulatory hurdles?

The CFTC must assess whether perpetual futures on single stocks fit within its existing mandate for futures and options markets. Key considerations include market integrity, investor protection and the potential for price manipulation.

Regulators will also examine whether the platforms can enforce robust margin and liquidation protocols. Past scrutiny of crypto derivatives has focused on the adequacy of collateral and the transparency of funding rates.

Because the applications are concurrent, the CFTC may issue a single set of guidelines that apply to all four firms. Consistency could streamline the approval process, but it also raises the stakes for each applicant to meet the highest standard.

What happens next?

The CFTC will review the filings and may request additional information from OG.com. A public comment period could follow, allowing industry participants to weigh in on the proposed product.

If the agency grants approval, OG.com will need to integrate the contracts into its trading platform, set up clearing and settlement processes, and educate users on the mechanics of perpetual futures. If the request is denied, the firm may revise its proposal or seek alternative regulatory pathways.

Source: CoinTelegraph.