OG.com files for CFTC approval to offer single-stock perpetual futures
OG.com has filed for CFTC approval to offer perpetual futures on individual US stocks. The platform was recently spun out of Crypto.com as an independent company valued at $5 billion. Its application puts it alongside Coinbase, Kalshi, and Kraken parent Payward in seeking regulatory clearance to bring crypto-style perpetual contracts to single-stock trading in the US. The newly independent platform is focused on event contracts and derivatives trading.
OG.com's entry crowds a CFTC queue that Kalshi hoped to dominate. Every additional filer stretches staff review timelines and tempts the agency to issue a broad framework rather than rewarding one first mover. For Kalshi, Coinbase, and Kraken, that means a template they must match rather than one they write.
Robinhood's fresh equity stake in OG.com adds pressure: its partner-dependent model now lacks a single platform it controls outright, so any CFTC delay or denial forces immediate volume migration. Retail traders expecting 24/7 single-stock perpetuals will wait longer as the queue thickens. The first approved design will likely set leverage limits, collateral rules, and fee structures that every later entrant must adopt.