Key points

  • Eligible U.S. institutions can now access SGX Bitcoin and Ether perpetual futures.
  • SGX reported $5.8 billion in cumulative volume since the contracts launched in November 2025.
  • The products use clearing members, margin calls and top-up collateral rather than crypto-style automatic liquidations.

Singapore Exchange has opened its Bitcoin and Ether perpetual futures to eligible institutional customers in the United States, widening access to a regulated Asian derivatives venue. SGX's product page now describes the contracts as available to U.S. customers, while the exchange told CoinDesk that the change followed authorization under the U.S. foreign-board framework.

What changed for U.S. institutions

The development allows qualifying U.S. participants to trade SGX's existing crypto perpetual futures rather than requiring the exchange to create separate domestic contracts. KC Lam, SGX Group's head of crypto derivatives, said U.S. participants had previously been unable to trade the products and that the new access connects traditional U.S. trading desks with Asian liquidity.

Related reporting: Webull Expands Crypto Trading to Canada Through Coinbase Partnership

How the foreign-board framework works

Section 48.10 of U.S. derivatives regulations sets the process for a registered foreign board of trade to make additional futures, options or swaps available through direct electronic access to identified U.S. members and participants. The rule requires a written request, contract terms and certifications that the overseas exchange and its clearing organization continue to meet their registration conditions.

A market built for professional participants

SGX restricts the Bitcoin and Ether contracts to accredited, expert and institutional investors. The perpetual futures have no scheduled expiry and use recurring funding adjustments to help keep contract prices aligned with their reference markets. That structure gives professional traders a continuous instrument for hedging, relative-value strategies or directional exposure without repeatedly rolling an expiring contract.

Trading volume since launch

The exchange launched the contracts in late November 2025. CoinDesk reported that SGX has since processed about $5.8 billion, or roughly 400,000 lots, in cumulative trading volume. As of August, combined average daily volume was about 1,300 lots, equivalent to approximately $19 million, while Bitcoin represented most open interest and daily turnover since inception.

Traditional clearing shapes the risk model

SGX's design differs from many crypto-native perpetual markets. It separates trading and clearing, routes participants through clearing members and manages adverse price moves with margin calls and requests for additional collateral. The exchange said it does not accept stablecoins as collateral, citing the possibility that a token could lose its intended peg during stressed conditions.

Access will still take time

Regulatory availability does not mean every U.S. institution can begin trading immediately. New clients must complete know-your-customer reviews, fund accounts and establish technical connections through clearing members. SGX said this onboarding normally takes two to four weeks, and it is preparing U.S. clearing members to bring customers onto the market over the coming one to two months.

Why the expansion matters

The move adds another regulated route for U.S. firms seeking exposure to the crypto derivatives market during Asian trading hours. The Commodity Futures Trading Commission has separately described perpetual futures as an important tool for price discovery and risk management, while emphasizing regulated safeguards. SGX plans to build dated Bitcoin and Ether futures and options next, but it has not announced launch dates for those products.

Benchmarks and the next product phase

The contracts are benchmarked to reference indices developed by SGX and CoinDesk Indices, according to the exchange officials quoted in the report. That provides an institutional price reference while SGX builds the infrastructure for conventional dated futures and options. Adding other major digital assets may follow later, but the exchange has made no commitment on which tokens or when.

Sources

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