Crypto.com and its derivatives partner OG.com began offering crypto perpetual contracts to eligible US traders on Tuesday, with leverage of up to 5x. The launch follows similar US offerings from Kraken and Kalshi.
Crypto.com and OG.com began rolling out crypto perpetual futures to eligible US traders on Tuesday. The contracts offer up to 5x leverage and run through the Crypto.com App and Crypto.com Exchange.
The release did not specify the eligibility requirements, according to The Block.
How the contracts work
The products are perpetual futures that let traders bet on rising or falling crypto prices with no expiration date. They come with take-profit and stop-loss orders and isolated margin, according to the announcement.
Crypto.com said it recently registered as an introducing broker with the National Futures Association to offer the perps. According to The Block, the products run through OG.com's "CFTC-regulated exchange and clearinghouse and futures commission merchant."
Kraken and Kalshi launched US perps earlier
The launch follows the CFTC's May decision to open US markets to crypto perpetuals. The agency approved Kalshi's bitcoin perps and issued no-action relief for Coinbase to offer digital commodity derivatives.
Kraken then launched US perps on Kraken Pro in June, following its acquisition of Bitnomial. Kalshi's crypto perpetuals, for their part, generated more than $5.5 billion in trading volume during their first two weeks, according to the company.
Crypto.com also wants to push into stock derivatives. Nadex, the exchange operating under OG.com, registered with the SEC to trade security futures last month.
Sources: The Block, Finance Magnates
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