OG.com and Crypto.com both said Tuesday they will offer perpetual crypto derivatives to eligible U.S. traders. The contracts never expire, carry up to five times leverage, and sit inside what the companies describe as a federally regulated trading structure available to retail and institutional customers alike.
The timing lands in a market where U.S. customers have had few regulated routes into leveraged crypto exposure. Access is limited to traders who qualify under the platforms' eligibility rules.
What a perpetual actually is
Perpetual futures are the workhorse of crypto trading outside the United States. Unlike dated futures, they don't roll or settle on a calendar — a funding mechanism keeps the contract price tethered to spot. That design made them the default instrument on offshore venues long before any U.S.-regulated venue touched them.
Offering them here means building within a domestic framework rather than importing the offshore version. OG.com and Crypto.com are framing the launch around that regulated structure, and the five-times cap is part of it — a limit that keeps the product well short of the leverage some offshore platforms advertise.
Both venues, one Tuesday
The two companies announced on the same day, which is less coincidence than it looks. Perpetual contracts need liquidity to function, and a venue that lists them alone carries the full weight of market-making and risk. Two platforms moving together signals a bet that U.S. demand is real and that the regulatory groundwork is now firm enough to build on.
Crypto.com already runs a global exchange business and has been steadily expanding its U.S. footprint. OG.com arrives at the same product from a different starting point. Neither company disclosed volume targets or the specific contracts that will list first.
The leverage question
Five times is modest by crypto standards. Offshore venues routinely offer twenty, fifty, sometimes more. For U.S. regulators, that gap is the point — high leverage is where retail traders get wiped out fastest, and a federally regulated product has to clear a higher bar than an unregulated one.
Whether five-times leverage satisfies traders accustomed to offshore terms is an open question. It may not matter much for institutions, which typically use far less leverage than retail anyway. It matters a great deal for the retail audience the platforms are courting.
What's still unclear
Neither company named the regulator supervising the structure, the specific contract specifications, or the exact eligibility criteria that will separate approved traders from everyone else. Those details will decide how much of the U.S. market can actually reach the product. A regulated perpetual is only useful if the regulation lets people trade it.
Expect the first contract listings and eligibility rules to surface in the coming weeks. Until then, the announcement is a signal about where U.S. crypto derivatives are heading — and a reminder that the offshore playbook is being rewritten for a domestic audience, leverage cap and all.
