OG.com asks CFTC to approve perpetual futures on individual stocks

OG.com Markets, the derivatives exchange spun out of Crypto.com, on September 24, 2026 asked the Commodity Futures Trading Commission to approve new rules allowing it to list perpetual futures on individual U.S. stocks — making it the fourth CFTC-registered exchange in a week to seek approval for such products.

In OG.com Submission No. 2026-11, filed under CFTC Regulation 41.24(b), North American Derivatives Exchange, Inc., which does business as OG.com Markets and is registered with the CFTC as both a designated contract market and a derivatives clearing organization, requested approval to adopt Chapter 16 of its rulebook, “Perpetual Security Futures,” covering cash-settled futures on individual equity securities. The exchange said it plans to list the U.S. dollar cash-settled contracts for trading and clearing only upon CFTC approval.

The rule request was paired the same day with OG.com Submission No. 2026-10 under Regulation 41.23(b), voluntarily submitting the initial listing of equity perpetual contracts for Commission approval. OG.com also said it filed the new listing standards with the Securities and Exchange Commission on September 24 under Section 19(b)(7) of the Exchange Act and Rule 19b-7.

What the proposed contracts would look like

Each Perpetual Security Future would have no specified tenor and never expire, remaining listed until the exchange delists or terminates it, according to the filing. Each contract would represent one share of the underlying stock, with a minimum trade size of 0.01 contracts, quoted in dollars per share with a one-cent tick. Trading would run 24 hours a day, five days a week, subject to halts, suspensions and emergency rules. Position limits would be set at 2.5 million contracts, subject to the statutory cap in CFTC Regulation 41.25(b)(3).

All contracts would clear through OG.com’s own clearinghouse with cash settlement only and no physical delivery of shares. Daily settlement prices would follow a three-tier waterfall — a one-minute volume-weighted average price of the futures contract, then a one-minute time-weighted average of the bid/ask midpoint, then an index net change — while any termination price would be the official opening price of the underlying security, consistent with CFTC Regulation 41.25(c).

Instead of an expiration date, the contracts would use a funding-style mechanism: a real-time pricing mechanism would make periodic cash adjustments between long and short holders at 00:00, 08:00 and 16:00 UTC, with longs paying shorts when the funding rate is positive and shorts paying longs when it is negative. Customer margin for each long or short position would be no less than 15.05% of the contract’s current market value and no lower than the levels prescribed by CFTC Regulation 41.45 or SEC Rule 242.403; “exempted persons” and qualifying market makers would be treated as non-customers outside those customer-margin provisions.

Initial listing standards would limit the products to common stock registered under Section 12 of the Exchange Act, listed on a national securities exchange or designated an NMS security, with at least 7 million publicly held shares and at least 2,000 holders. To remain listed, an underlying security would need, among other things, at least 6.3 million publicly held shares, 1,600 holders, average daily transaction value of at least $200 million in the prior calendar quarter (or $1 billion over the period traded for securities listed less than a quarter), a market capitalization of at least $50 billion, and no close below $3.00 on the relevant prior trading day. The rules would also bar trading in the contracts by directors and officers of the underlying issuer who are subject to Section 16 of the Exchange Act and by anyone possessing material non-public information about that issuer.

Two regulators, two different steps

The CFTC request is distinct from a notice procedure OG.com completed at the SEC earlier in the month. The exchange filed Form 1-N on September 14 to register as a national securities exchange solely for the purpose of trading security futures products under Section 6(g) of the Exchange Act, and the SEC acknowledged receipt on September 16 in Release No. 34-106396, published in the Federal Register on September 21. Under Section 6(g)(2)(B), that registration became effective contemporaneously with the Form 1-N submission; the SEC’s notice is an acknowledgment of receipt, not an approval of any product. Listing the perpetual contracts still requires the CFTC approval OG.com is now seeking.

The CFTC’s 2026 perpetual-futures groundwork

OG.com’s filing follows groundwork the Commission laid in the spring. On May 29, the CFTC issued an approval order to KalshiEX for the BTCPERP Contract, a perpetual contract referencing the spot price of bitcoin, submitted under Regulation 40.3. In a policy statement the same day, the Commission said the case-by-case review process under Regulation 40.3 is appropriate for perpetual contracts referencing asset classes not contemplated in the bitcoin order, and encouraged market participants to submit such contracts for voluntary approval. CFTC staff define perpetual futures as derivative contracts with no fixed expiration date that rely on a periodic funding-rate mechanism, rather than a fixed expiration, to keep the contract price near the underlying asset’s spot price.

On June 12, the Division of Market Oversight issued no-action relief letting designated contract markets convert existing perpetual-style digital commodity futures into true perpetuals, subject to conditions including soliciting feedback from holders of open positions, at least five calendar days’ notice, an opportunity to exit positions, risk disclosures, no other material contract changes, and a filing with a compliance certification, according to the staff letter. That relief did not apply to perpetual-style contracts referencing assets other than digital commodities and expired on June 30 — leaving equity perpetuals to the Commission-approval route OG.com has now taken.

A crowded September for single-stock perpetuals

On September 18, Coinbase Derivatives filed a proposed rule change with the SEC (Release 34-106420) to adopt Chapter 12 governing cash-settled futures on individual equities and ETF shares, including perpetual single-stock futures, and submitted it to the CFTC the same day; the CFTC had not approved it, and the rule change was not yet effective. Also on September 18, KalshiEX filed to adopt Chapter 14 for “Perpetual SFPs” — no-expiration contracts whose long and short holders exchange funding payments, cleared by Kalshi Klear — and submitted it to the CFTC the same day; the CFTC had not yet approved it, and the rule change would become effective November 2, 2026 or such later date as it is approved. Bitnomial Exchange filed the same day (Release 34-106421) with generic security-futures listing standards covering perpetual contracts, saying it and Bitnomial Clearinghouse would concurrently seek CFTC approval by vote under Regulation 41.24(b), with individual product approvals to follow under Regulation 41.23(b).

The designs differ in size and entry cost. Kalshi proposed a 100-share contract unit with minimum customer margin of 15.50% of current market value; Bitnomial proposed a 100-share contract, a 200,000-contract position limit and a 15.25% customer-margin floor; Coinbase proposed a 200,000-contract limit in the context of 100-share contracts and margin of not less than 15%. OG.com’s 1-share contracts are the smallest of the four proposals.

The prediction-market business behind the filing

The filing extends a business OG.com has been building around event contracts. On September 8, Robinhood and OG.com announced a multi-year partnership designating OG.com as an infrastructure and clearing provider for Robinhood’s Prediction Markets, routing retail event-contract volume through OG.com’s CFTC-regulated exchange and clearinghouse, with rollout of OG.com-backed event contracts to eligible U.S. customers beginning that day.

According to the companies’ announcement, the partnership followed Citadel Securities’ investment in Crypto.com at a $20 billion valuation, which the companies said included a standalone $5 billion valuation of OG.com through its spin-off from Crypto.com; Robinhood will hold equity stakes in both Crypto.com and OG.com following the spin-off. Kris Marszalek, founder and CEO of Crypto.com and OG.com, said in the announcement that the companies aim to make OG.com a leading global venue for derivative instruments, “starting with prediction markets and quickly expanding into futures and perpetuals.” OG.com describes itself as an independent trading platform operating through registered entities, including North American Derivatives Exchange, Inc. and the OG Broker, a CFTC-registered futures commission merchant.