Crypto.com and OG.com launched crypto perpetual futures for eligible US traders on Tuesday 27 October 2026, with leverage of up to 5x, according to a Crypto.com newsroom announcement. Retail customers get the contracts in the Crypto.com App; institutional and advanced users trade them on the Crypto.com Exchange. The contracts are offered by North American Derivatives Exchange, Inc. (Nadex), a Crypto.com affiliate that the Commodity Futures Trading Commission (CFTC) registers as both an exchange and a clearing house.
What the announcement leaves out matters almost as much. It names no token. It gives no funding rate, no funding interval and no fee. It speaks of “eligible US traders” and says OG.com is available in “approved jurisdictions”, without listing a single state. Anyone looking for Crypto.com perpetual futures fees or a contract list will not find them in the release.
Crypto.com now joins Kalshi, Kraken and Coinbase, which all moved on US perpetuals after the CFTC’s decisions of 29 May 2026. Its version is aimed at retail customers from the start and comes with a stated 5x ceiling. The Block reported the same terms at 17:07 UTC the same day.
Crypto.com perpetual futures: what the release confirms
The contracts are continuous perpetuals on what the release calls “top cryptocurrencies”. They have no expiry date, so a position can stay open as long as the trader keeps enough margin. Trading runs around the clock, seven days a week, which is how offshore crypto perpetuals have always worked and how US futures mostly have not.
Margin is isolated. Each position has its own collateral, so a loss on one contract cannot draw on money set aside for another. Traders can set take-profit and stop-loss orders before they open a position.
The maximum leverage is 5x. On a $1,000 margin deposit, that means a position worth up to $5,000. A 20% move against it would wipe out the whole deposit before fees and funding. Exchanges usually close a position before the margin reaches zero, and the release gives no liquidation threshold, so the real cut-off probably comes earlier.
The release presents the contracts as “designed to provide enhanced capital efficiency and flexibility”. Kris Marszalek, who is founder and chief executive of both OG.com and Crypto.com, tied the launch to a wider plan: “Our goal has always been to build the most comprehensive, secure, and accessible platform for modern financial markets,” he said.
No token list, funding rate, fee schedule or state list
For supported tokens, market availability and trading parameters, the release sends readers to Crypto.com/US. Coindaro could not find a perpetuals contract list on Crypto.com’s website on 27 October. Until one is published, nobody outside the company can say whether the launch covers only bitcoin and ether or a longer list.
Funding is the second gap. On a perpetual contract, longs and shorts pay each other at regular intervals so that the contract price stays close to the spot price. How often that happens and how the rate is calculated decide much of the cost of holding a position for days or weeks. The release says nothing about either.
Other practical points are missing too: which currency is accepted as margin, whether retail customers need a separate futures account or a suitability check, any position limits, and the full contract specifications. Coindaro also found no separate CFTC filing for these contracts and no CFTC statement on the launch.
| Point | What the 27 October release says |
|---|---|
| Product | Perpetual crypto futures, no expiry |
| Maximum leverage | 5x |
| Margin mode | Isolated; take-profit and stop-loss can be set before entry |
| Trading hours | 24 hours a day, 7 days a week |
| Access | Crypto.com App (retail); Crypto.com Exchange (institutional and advanced) |
| Offered by | Nadex (Crypto.com | Derivatives North America), CFTC-registered DCM and DCO |
| Tokens | Not named (“top cryptocurrencies”) |
| Funding rate and interval | Not stated |
| Trading fees | Not stated |
| Eligible states | Not listed (“approved jurisdictions”) |
Nadex, OG.com and an introducing broker: the regulatory chain
The structure has several layers. Nadex, which trades under the OG.com Prediction Markets and Crypto.com | Derivatives North America brands, is registered with the CFTC as a designated contract market (DCM), the US term for a futures exchange, and as a derivatives clearing organization (DCO), which stands between buyers and sellers and holds their margin.
OG.com, which the release calls an independent platform, adds two more registered entities: OG.com Markets, also a DCM and DCO, and OG.com Broker, a futures commission merchant. Crypto.com sits at the front. The announcement says it “recently registered” with the National Futures Association as an introducing broker, a firm that brings customers to a futures broker without holding their money. The page footer names Foris DAX Inc as that introducing broker.
Nadex has also moved towards securities. The Block reports that it registered with the Securities and Exchange Commission in September to trade security futures, and that Marszalek says the company is working with both the SEC and the CFTC on single-stock perpetual futures. No approval for that product has been announced.
The same exchange is already in court on another front. On 16 October Nadex sued Missouri to stop the state from applying its sports wagering law to the event contracts behind Crypto.com’s prediction market, as covered in our report on the Crypto.com and Novig lawsuits against Missouri.
How the CFTC opened the door to US crypto perps on 29 May
Before this year, perpetual-style contracts reached US exchanges only through self-certification, in which an exchange declares that a product meets the rules and lists it without prior CFTC review, law firm Proskauer notes. That changed on 29 May 2026, when the CFTC took four actions on the same day.
First, it approved KalshiEX’s bitcoin perpetual, BTCPERP, a cash-settled contract on the CF Benchmarks Bitcoin Real Time Index, The Block reported. According to a client alert by Lowenstein Sandler, the agency accepted Kalshi’s case that the product is a futures contract because bitcoin has a deep and continuous spot market. Proskauer stresses that this went through formal product approval, which requires an affirmative CFTC review.
Second, a policy statement invited exchanges to submit perpetuals on other asset classes, such as metals or equities, for the same review. Proskauer reads it as a case-by-case approach that looks at contract design, surveillance, liquidity and the underlying asset, and that acknowledges 24-hour trading and funding payments.
Third, a staff advisory (Letter 26-16) set out the risks of 24/7 trading, clearing and settlement. The Block notes that it is not a formal rulemaking. Fourth, Letter 26-17 let Coinbase Financial Markets give US customers access to perpetuals listed on Deribit, its Dubai-regulated affiliate, by treating them as foreign futures, Lowenstein writes.
None of those documents, as summarised by The Block, Proskauer and Lowenstein, sets a leverage cap. The 5x limit therefore looks like a choice made by Crypto.com and OG.com rather than a CFTC requirement.
The agency has since gone further on retail. On 5 October it opened a consultation on federal rules for retail crypto trades offered with leverage, margin or financing, described in our story on the CFTC retail crypto framework.
How this compares with Kalshi, Kraken and Coinbase
Kraken filed on 29 May to bring perpetuals onshore through Bitnomial, a CFTC-regulated exchange its parent Payward was buying, according to The TRADE on 1 June 2026. The Kraken Pro contracts cover nine assets, BTC, ETH, SOL, XRP, ADA, LINK, DOGE, LTC and AVAX, with funding every eight hours. That report gives no leverage figure and no fee. The Block dates the Kraken Pro launch to June.
Coinbase took a different road. Its US customers reach perpetuals listed on Deribit through Coinbase Financial Markets, under the May no-action letter, and The Block describes Crypto.com’s rollout as following Coinbase’s US perpetuals offering.
Kalshi is building around its approved contract. Webull plans to open Kalshi’s perpetuals to its US customers from November, and on 21 October Kalshi said traders would be able to borrow against bitcoin to post margin, without giving a rate, a loan-to-value ratio or a date, as we reported in our piece on Kalshi’s bitcoin margin loans.
Set against Kraken, Crypto.com is more precise on leverage and less precise on assets and funding. Kraken published its token list and funding interval; Crypto.com published neither. The reports Coindaro checked give no leverage figure for Kraken’s or Kalshi’s contracts, so the 5x cap cannot yet be ranked against theirs.
A fifth route is only an intention. Hyperliquid named Payward as its first CFTC-regulated deployer for HIP-3 markets on 26 October, but those US markets have no approval yet, as detailed in our report on Hyperliquid and Payward.
Perpetual futures vs dated futures, in short
A classic futures contract has an expiry date, after which it settles and the trader must roll into the next month to keep the bet open. A perpetual drops the expiry. To stop its price drifting away from the market, it uses the funding payment: when the perpetual trades above spot, long holders pay short holders, and the other way round when it trades below.
Leverage then multiplies both gains and losses on the margin posted. Offshore venues often offer far more than 5x, which is one reason US regulators long kept the product out. Our glossary entry on perpetual futures explains funding and liquidation in more detail.
Not available outside the United States
The contracts are offered only to eligible US traders. Crypto.com customers in France, Italy or elsewhere in Europe cannot open them through this structure, which rests on US-registered entities and an NFA introducing broker. In the European Union, Crypto.com operates through Foris DAX MT Limited in Malta, and leveraged crypto products for retail clients fall under separate rules set by ESMA and national regulators such as the AMF and Consob.
What to watch next
- A contract list, funding schedule and fee table on Crypto.com/US or in the Nadex rulebook.
- The list of US states where the product is open, and whether retail customers face a suitability check.
- Any CFTC filing or statement on the Nadex perpetual contracts.
- November: Webull’s planned opening of Kalshi perpetuals to US customers.
- Single-stock perpetual futures, which Marszalek says Crypto.com is discussing with the SEC and the CFTC, with no approval announced.