Crypto.com and derivatives platform OG.com have launched crypto perpetual futures for eligible U.S. traders, extending a product long associated with offshore exchanges into a regulated domestic structure. The contracts are available through the Crypto.com App for retail users and the Crypto.com Exchange for advanced and institutional customers. They trade around the clock, do not expire and allow long or short positions with leverage of up to five times.

What the launch includes

Crypto.com's product page lists contracts linked to bitcoin, ether, solana, HYPE, zcash and SEI at launch. Users can set take-profit and stop-loss instructions and choose isolated margin, which separates the collateral assigned to one position from other isolated positions. Only U.S. dollar cash is accepted as collateral under the published product guide. The company describes the rollout as live for eligible users, but it does not publish a complete state-by-state availability list on the announcement page.

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The regulated chain has several entities

The customer-facing Crypto.com business acts as an introducing broker rather than the holder of futures accounts. The company says Foris DAX Inc. is registered with the National Futures Association as an introducing broker, while accounts and margin are carried by Foris DAX FCM LLC, a Commodity Futures Trading Commission-registered futures commission merchant. The contracts trade through Crypto.com Derivatives North America, the affiliated exchange and clearing organization also known as North American Derivatives Exchange.

Perpetual does not mean cost-free

Unlike a dated futures contract, a perpetual has no final settlement date. Funding payments between long and short holders help keep its price aligned with the underlying market, and those payments can continue as long as a position remains open. Crypto.com is temporarily rebating certain trading fees during the launch period, but its help material says funding payments remain separate. Traders therefore need to consider both price movement and the recurring cost or credit created by the funding mechanism.

Leverage raises liquidation risk

Five-times leverage lets a trader control a position larger than the cash posted as initial margin, magnifying gains and losses. Crypto.com's risk disclosure says losses can exceed the initial margin deposit. Its product guide also states that liquidation may begin immediately when margin falls below the maintenance requirement, with no guaranteed grace period. Isolated margin limits automatic use of collateral assigned elsewhere, but it does not guarantee that the isolated position cannot develop a negative balance.

U.S. competition is widening

The Block reported that the launch follows U.S. perpetual offerings from Kalshi, Coinbase and Kraken after regulatory developments earlier in 2026. Crypto.com's distribution advantage is the combination of a retail app, an advanced exchange and affiliated derivatives infrastructure. That reach does not remove eligibility checks, product limits or jurisdictional restrictions, and the company requires first-time perpetual traders to complete a risk-profile survey before trading.

What remains to watch

The next tests are adoption, liquidity and how consistently the contracts track their underlying markets during volatile periods. Public materials do not provide launch volumes or a comprehensive list of eligible states. Traders will also need to compare contract specifications, funding rates, position limits and execution quality rather than treating the 5x ceiling as a complete risk measure. The launch broadens regulated U.S. access to crypto derivatives, but it does not make leveraged perpetuals equivalent to owning the underlying assets.

Sources

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