OG.com Markets has filed with the US Commodity Futures Trading Commission (CFTC) to offer perpetual futures contracts linked to individual stocks. The filing proposes cash-settled, expiration-free contracts that would trade 24 hours a day, five days a week.
OG.com, recently spun out as an independent platform from Crypto.com and valued at $5 billion, stated plans to expand beyond prediction markets into futures and perpetual contracts. Robinhood has taken an equity stake in OG.com as part of a multi-year agreement to use its CFTC-regulated derivatives exchange and clearinghouse for prediction markets.
The filing adds to a wave of regulatory applications for stock-based perpetual futures. Coinbase, Kraken's Payward through its Bitnomial exchange, and prediction market Kalshi all filed for similar approvals on September 18.
Perpetual futures differ from traditional contracts by having no expiration date, allowing traders to maintain positions without rolling into new contracts. The product originated in cryptocurrency markets, pioneered by BitMEX in 2016.
The CFTC has been establishing regulatory pathways for perpetual futures. In May, the agency created a case-by-case review process and approved Kalshi's Bitcoin perpetual futures product. In June, the CFTC granted temporary relief permitting certain registered exchanges to convert existing crypto futures into contracts without expiration dates.
