Crypto.com and OG.com have opened perpetual crypto derivatives trading for eligible U.S. customers, offering contracts with up to 5x leverage that never expire. The federally regulated structure is accessible to both retail and institutional traders.
Crypto.com secured registration as an introducing broker with the National Futures Association. OG.com operates as the CFTC-regulated exchange, clearinghouse, and futures commission merchant.
Unlike traditional futures that expire on set dates, perpetual derivatives let traders hold positions indefinitely—provided they maintain margin requirements. The contracts support both long and short positions and include isolated margin, take-profit orders, and stop-loss orders.
Retail customers access the products through Crypto.com's mobile app. Institutional and experienced traders trade via Crypto.com Exchange.
Perpetual futures use funding payments between long and short holders to keep contract prices tethered to spot markets. When contracts trade above their reference price, longs typically pay shorts; the reverse occurs when prices drop below that benchmark. This funding mechanism enables continuous speculation and hedging, but it can strain leveraged positions through accumulating costs.
Crypto.com's 5x cap is conservative compared to the 20x to 100x leverage available on major international crypto derivatives platforms. BitMex pioneered the modern crypto perpetual swap with its XBTUSD contract in May 2016, offering 100x leverage and eliminating the friction of rolling expiring futures positions.
Kris Marszalek, founder and CEO of both companies, said the launch consolidates financial products within a single environment. Traders now have "direct access to continuous liquidity, flexible leverage, and built-in risk controls" for hedging or capitalizing on market moves, Marszalek said.
Crypto.com plans to integrate perpetual derivatives with its existing spot crypto services, prediction markets, and rewards programs to build a more comprehensive trading ecosystem.
