OG.com Markets is seeking U.S. regulatory approval to list perpetual futures tied to individual stocks, joining a growing race among derivatives and crypto-linked trading platforms to bring one of digital assets’ most successful contract structures into the U.S. equity market.
In a September 24 filing with the Commodity Futures Trading Commission, North American Derivatives Exchange, which operates as OG.com Markets, asked the regulator to approve a new rulebook chapter covering cash-settled perpetual security futures on individual equities.
The proposed contracts would have no scheduled expiration date and could remain listed until OG.com decides to terminate or delist them. Trading would run 24 hours a day, five days a week, extending access well beyond the main U.S. stock-market session while stopping short of the fully continuous 24/7 model common in crypto.
OG.com Is Building a Stock Perpetual Around Existing US Futures Rules
The filing provides unusually detailed specifications for how the product would work. Each contract would represent one share of the underlying stock, but OG.com would allow trades as small as 0.01 contracts. Prices would be quoted in U.S. dollars per share with a minimum tick of one cent.
The contracts would be cash settled rather than delivering actual shares. If a contract is eventually terminated, its final settlement value would generally be based on the official opening price of the underlying security. Trading would also be halted when a regulatory halt applies to the corresponding stock.
OG.com proposes customer margin of at least 15.05% of the current market value of a position, subject to any different requirement established by the SEC or CFTC. The filing also proposes a 2.5 million-contract position limit and mechanisms for adjusting contracts following dividends, stock splits, mergers, spin-offs and other corporate actions.
One of the more important features is the exchange’s real-time pricing mechanism. Cash adjustments between long and short positions would be processed at 00:00, 08:00 and 16:00 UTC in addition to normal daily mark-to-market settlement. That gives OG.com a mechanism for maintaining an indefinite futures position without relying on a conventional expiration cycle.
The exchange has already taken another necessary regulatory step. It submitted a Form 1-N to the Securities and Exchange Commission on September 14 to register as a national securities exchange specifically for security futures products, with the SEC acknowledging the filing two days later.
Coinbase, Bitnomial and Kalshi Are Chasing the Same Market
OG.com is not moving alone. Coinbase Derivatives, Bitnomial and Kalshi all made regulatory filings on September 18 aimed at establishing frameworks for security futures, including perpetual contracts tied to individual stocks. The filings underline how quickly perpetual futures are expanding beyond their original crypto market.
The regulatory path became clearer in May when the CFTC established a case-by-case review approach for perpetual contracts and approved Kalshi’s Bitcoin perpetual futures contract. That decision created an important precedent for U.S.-regulated bitcoin perpetuals, although the agency explicitly said contracts referencing other asset classes may require individual review.
Stocks add another layer of complexity because security futures sit at the intersection of CFTC derivatives oversight and SEC securities regulation. That helps explain why the exchanges are making parallel filings and registrations rather than simply extending an existing crypto-perpetual rulebook to equities.
The SEC is simultaneously opening a different route for putting equities into newer trading infrastructure. Its September 17 Innovation Exemption created temporary, conditional relief for eligible venues trading tokenized NMS stocks onchain. The framework places particular emphasis on preserving shareholder rights, including voting and dividends, and is substantially different from the derivative exposure contemplated by OG.com. The change has already started redrawing the rules for tokenized stock trading.
OG.com also arrives with an expanding distribution network. The platform was recently separated from Crypto.com as an independent operation with a stated $5 billion valuation, and Robinhood took an equity stake as part of a multi-year arrangement under which OG.com provides regulated exchange and clearing infrastructure for parts of Robinhood’s prediction-market offering.
Perpetual Futures Could Become the Derivatives Version of Tokenized Stocks
The bigger story is that trading platforms are converging on the same problem from two different directions: investors increasingly expect exposure to major assets outside the hours and structures of traditional markets.
Tokenized equities attempt to place stock ownership or stock-linked securities onto blockchain rails. Perpetual futures take another route. They leave the underlying share where it is and create a derivative that tracks its economic value without expiring.
That distinction matters. A trader holding an OG.com perpetual would not become a shareholder in the company whose stock the contract references. There is no direct voting right or conventional stock ownership. Instead, the trader holds a leveraged derivatives position whose value follows the underlying equity and whose economics are maintained through margin, cash adjustments and settlement rules.
Crypto exchanges have already demonstrated how attractive that experience can be. Platforms are experimenting with everything from 24/7 tokenized stock trading to continuously traded foreign-exchange and equity derivatives. For a generation of traders accustomed to Bitcoin markets that never close, the fixed opening and closing hours of equities increasingly look like a market-structure limitation rather than a permanent feature.
For OG.com, the commercial opportunity is broader than adding another futures product. The company already has regulated exchange and clearing infrastructure and relationships with retail platforms. If stock perpetuals receive approval, that infrastructure could support another high-frequency product category alongside prediction markets and crypto derivatives.
The Real Test Will Be Liquidity Outside Normal Stock-Market Hours
The attraction of 24-hour weekday trading also creates the biggest risk.
During the regular U.S. session, a perpetual future can reference an extremely liquid underlying stock market. Overnight, the same contract may continue trading while liquidity in the underlying share becomes much thinner. A major earnings surprise, geopolitical event or company announcement could therefore move the perpetual before conventional equity liquidity fully returns.
That makes market makers, spreads and order-book depth critical. Recent scrutiny of market-maker activity in perpetual futures has already shown why headline trading volume alone does not necessarily reveal how deep or broadly distributed liquidity really is.
Leverage adds another dimension. A perpetual structure removes the inconvenience of rolling an expiring futures contract, but it does not remove margin calls or liquidation risk. In fact, making stock exposure easier to maintain around the clock could encourage traders to hold leveraged positions through periods when the underlying equity market provides a weaker pricing anchor.
That is why the regulatory race among OG.com, Coinbase, Bitnomial and Kalshi matters beyond the companies involved. U.S. regulators are effectively deciding whether the market structure pioneered by crypto can be adapted to individual equities without importing the weakest parts of offshore perpetual trading.
If these products gain approval and attract meaningful liquidity, perpetual futures could become another bridge between crypto-native trading behavior and conventional securities markets. The important question will not simply be whether U.S. traders want stock perps. Global crypto markets have already demonstrated strong demand for perpetual exposure. The harder question is whether regulated U.S. venues can combine that flexibility with enough liquidity, surveillance and risk control to make the structure work when the underlying stock market itself is partially asleep.
Johan Shamshad is a financial markets writer at Dave Finances covering cryptocurrencies, trading platforms, brokers, fintech, financial regulation, and developments across global markets. He previously worked at Gulf News, adding newsroom experience to his coverage of fast-moving financial and digital-asset markets.
His work focuses on identifying market-moving events, company developments, regulatory changes, product launches, and shifts in trading and financial infrastructure.
Johan contributes news and analysis designed to help readers understand not only what happened, but why a development matters and how it may affect the wider financial landscape.