OG.com Markets has submitted a filing to the U.S. Commodity Futures Trading Commission (CFTC) seeking approval to launch cash-settled perpetual futures linked to individual stocks—an effort to bring a product format widely used in crypto derivatives into traditional equity markets.
According to the CFTC filing released Thursday, the proposed rules would cover single-stock futures that do not expire (“perpetuals”), trade around the clock, and are designed to offer continuous exposure without requiring traders to roll positions into new contract months.
Key takeaways
- OG.com Markets is pursuing CFTC approval for perpetual futures tied to specific U.S. equities.
- The product is described as cash-settled and perpetual, with continuous trading for five days a week.
- Regulatory momentum comes as other major crypto trading and prediction-market players also seek permission to offer similar stock-linked perps.
- The CFTC has been building a framework for perpetual contracts through approvals and temporary relief tied to specific arrangements.
OG.com’s CFTC filing outlines stock-linked “perps”
In a Thursday filing with the CFTC, OG.com Markets outlined a proposed rule set intended to enable the listing of cash-settled single-stock futures that never expire. The proposal also calls for trading to operate 24 hours a day, five days a week.
Perpetual futures differ from traditional futures by removing the need for contract expiration. For traders, that structure can reduce the operational friction of rolling between dated contracts, while for markets it can support more continuous liquidity and positioning.
The concept is not new in crypto. Perpetual contracts were pioneered in digital-asset derivatives, with BitMEX introducing an early version of the model in 2016—helping make “perps” one of the most actively traded derivatives formats in the sector.
How OG.com ties into the wider prediction-markets and derivatives shift
OG.com Markets recently emerged as an independent prediction markets and derivatives platform after being spun out from crypto exchange Crypto.com. At the time of the separation, OG.com was described as being valued at $5 billion, and CEO Kris Marszalek said the company planned to expand beyond prediction markets into futures and perpetual contracts.
Shortly after the spin-off, Robinhood acquired an equity stake in OG.com as part of a multi-year agreement. The deal includes the use of OG.com’s CFTC-regulated derivatives exchange and clearinghouse for prediction markets. That backdrop matters because it places OG.com’s U.S. equity-derivatives ambitions directly within a set of business relationships already aligned with regulated derivatives infrastructure.
Importantly, while OG.com is now aiming at stock-linked perpetual futures, its current positioning originates in prediction markets—where the mechanics of cash settlement and continuous trading can be attractive to participants who want to express views over time without physical delivery.
Not alone: Coinbase, Kraken’s parent, and Kalshi have also filed
OG.com’s move fits into a growing cluster of filings from platforms attempting to introduce perpetual futures tied to individual U.S. stocks. Earlier coverage noted that Coinbase, Kraken parent Payward through its Bitnomial exchange, and prediction market platform Kalshi all filed to offer similar stock-linked perpetual futures.
The timing also reflects a regulatory environment that has been more permissive toward certain crypto-adjacent activities than some market participants expected. The shift gained attention after U.S. Senate action failed to advance the proposed CLARITY Act on Sept. 15—yet regulators continued moving forward on crypto initiatives through other channels.
In particular, after the Senate vote, the SEC cleared limited onchain trading of tokenized U.S. stocks under its Innovation Exemption, and the CFTC expanded regulatory relief for software providers that connect users to regulated derivatives platforms, including those offering perpetual contracts.
The CFTC’s groundwork for perpetual contracts
The CFTC’s approach to perpetual futures has not been confined to one company or one application. The agency previously began laying out a path for perpetual contracts through a combination of case-by-case review and targeted relief.
In May, the CFTC established a case-by-case review process for perpetual contracts and approved Kalshi’s Bitcoin perpetual futures product. It then followed in June with temporary relief allowing certain registered exchanges to convert existing crypto futures into contracts without expiration dates.
That incremental regulatory scaffolding helps explain why the market is converging on perpetual structures now. Even without a single comprehensive rule that automatically covers every new product variation, firms can structure applications around how the CFTC has already evaluated perpetual contracts—making the approval process feel more navigable than it might have been in earlier years.
For investors and traders, the key question is how quickly the CFTC can translate precedent from crypto perpetuals and targeted relief into approvals for cash-settled, stock-linked perps. Watch for updates on the OG.com rulemaking process and whether regulators request changes to trading mechanics, settlement terms, or operational guardrails as these filings move through review.
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