Singapore Exchange (SGX) has received authorisation from the Commodity Futures Trading Commission (CFTC) to give eligible US institutions direct access to its Bitcoin and Ether perpetual futures.
The approval, granted under Regulation 48.10, covers SGX’s Bitcoin perpetual futures (BTP) and Ether perpetual futures (ETP). Both contracts began trading in late November 2025 and have no expiry date.
US clients will access the contracts through SGX clearing members. New customers must complete know-your-customer checks, fund their accounts and establish API connections, with onboarding usually taking two to four weeks.
KC Lam, head of crypto derivatives at SGX Group, told CoinDesk the approval allows US institutions to trade contracts that had previously been unavailable to them. Regulation 48.10 enables a CFTC-recognised Foreign Board of Trade to provide qualifying US participants with access to its electronic trading system.
That means SGX can offer its existing contracts and order books to American institutions without creating separate US listings or registering the Singapore exchange as a domestic venue.
Lam described the decision as “an important milestone”, saying it links traditional US financial institutions trading crypto futures with liquidity pools in Asia. He added that the regulatory framework helped establish crypto derivatives as a regulated asset class.
The move comes as regulated perpetual futures gain traction in the US. In May, the CFTC approved the first regulated Bitcoin perpetual for listing on a US exchange. Kraken followed in June by launching perpetual futures through its CFTC-regulated derivatives business, Bitnomial, giving eligible clients access alongside spot, margin and traditional futures products.
Coinbase Financial Markets also received a regulatory route in May to offer eligible US institutions access to global crypto derivatives, initially through products listed on Deribit. That arrangement relied on CFTC staff positions covering foreign futures and related margin requirements.
Bitcoin leads SGX trading
SGX’s Bitcoin and Ether perpetual futures have generated $5.8 billion in cumulative volume since their launch, equivalent to about 400,000 lots.
Average daily volume across the two contracts reached 1,300 lots, or $19 million, as of August. Bitcoin accounted for 83% of average daily volume since launch and 66% of open interest. SGX’s busiest session recorded 11,500 lots, representing $145 million in notional volume.
US participation is not expected immediately while clients complete the onboarding process. SGX has finished its FIS-enabled back-office integration and is preparing US clearing members to bring in customers over the next one or two months.
The contracts are used for directional trading and arbitrage. Some positions reflect macroeconomic concerns such as currency debasement, while cash-and-carry strategies seek to exploit differences in funding rates and prices between venues.
Unlike many crypto-native exchanges, SGX uses margin calls rather than automatic liquidation. Traders must provide additional collateral when positions fall below requirements, rather than having positions closed immediately. Its clearing members provide an intermediate risk layer between the exchange and clients.
“By routing trades through clearing members who act as an intermediate risk buffer, we mirror the proven infrastructure of traditional futures and commodities markets,” Lam said.
SGX does not accept stablecoins as collateral because they can lose their peg during volatile markets. Its contracts use benchmarks developed with CoinDesk Indices and managed under the European Union Benchmark Regulation, according to Mohit Baheti, head of iEdge Indices at SGX Group.
SGX plans to add dated Bitcoin and Ether futures and options. Lam said the main technical challenge is building the required infrastructure; once complete, adding other major cryptocurrencies should be similar to introducing another futures contract.
