SGX wins CFTC approval for US crypto perpetual futures
In brief
- SGX received CFTC authorization under Regulation 48.10 to offer crypto perpetual futures to US institutional investors.
- American hedge funds and asset managers access SGX's $5.8 billion cumulative Bitcoin and Ether volume through clearing members.
- Live trading begins within one to two months after two to four week onboarding period.
The products and traction
SGX's Bitcoin and Ether perpetual contracts have already accumulated $5.8 billion in cumulative volume since launching on November 24, 2025. These aren't dated futures—they're contracts that never expire, using periodic funding rates to keep prices tethered to the spot market.
Peak daily volume hit 11,500 lots in a single session, equivalent to approximately $145 million. Bitcoin dominates the venue, accounting for 66% of open interest and 83% of average daily trading volume. At the end of August 2026, open interest stood at 1,300 lots, roughly $19 million.
How US access works
American hedge funds, asset managers, and proprietary trading firms will soon be able to tap directly into Asian crypto liquidity pools from their existing setups. No new exchange memberships. No offshore entity gymnastics. Onboarding through SGX's current clearing members is expected to take two to four weeks, with live trading access following within one to two months.
One notable detail: SGX does not accept stablecoins as collateral for its perpetual futures contracts.
Why it matters for CME
Perpetuals have been the most traded crypto derivative globally for years, dwarfing the volume of traditional dated futures. CME doesn't list them. That's the gap SGX just filled.
By listing the products on a well-regulated foreign exchange and then obtaining CFTC authorization for US access, SGX achieves something that no domestic venue has managed: giving US institutions a regulated way to trade the single most popular crypto derivative instrument on the planet. For CME Group, which has dominated regulated crypto futures in the US with its dated Bitcoin and Ether contracts, this introduces a new competitive dynamic.
US trading desks that previously had to choose between CME's regulated products and offshore perpetuals now have a middle path. SGX is not stopping at perpetuals either—the exchange is working on expanding its crypto lineup to include dated Bitcoin and Ether futures alongside options products.
