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- Singapore Exchange Ltd. said it filed an application with the CFTC to offer Bitcoin (BTC) and Ether (ETH)perpetual futures to US institutional investors.
- SGX said it aims to expand its institutional client base to hedge funds, asset managers and proprietary trading firms through its US push, while differentiating itself with fiat collateral and a 35% margin structure.
- SGX said it expects US institutional inflows and the easing US regulatory stance on crypto perpetual futures to help drive higher trading volume and deeper liquidity.
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Singapore Exchange Ltd. is stepping up its push into crypto derivatives by seeking to open Bitcoin and Ether perpetual futures to US institutional investors.
Bloomberg reported on September 14 that SGX filed an application with the US Commodity Futures Trading Commission last month to offer crypto perpetual futures to US investors. As an overseas registered exchange, SGX can offer the products to US institutional investors if the CFTC does not object within 10 days.
SGX launched Bitcoin and Ether perpetual futures in November 2025. It plans to use its US expansion to broaden its client base to hedge funds, asset managers and proprietary trading firms.
Unlike standard futures, perpetual futures do not expire. They allow investors to use leverage to bet on the direction of crypto prices. The market has largely grown on crypto exchanges, but traditional financial exchanges are increasingly entering the space as regulation turns more supportive.
SGX’s products differ structurally from perpetual futures offered by crypto exchanges. They trade 22.5 hours a day, five days a week, and members must post 35% margin. Collateral is posted in fiat currency rather than crypto, and the contracts do not use the auto-deleveraging, or ADL, mechanism employed by some crypto platforms.
KC Lam, SGX’s head of crypto derivatives, said the exchange is targeting institutions, accredited investors and professional investors. They are not the type of clients that trade on weekends.
Liquidity in the perpetual futures market remains concentrated on crypto-native platforms. Monthly Bitcoin and Ether perpetual futures volume on decentralized exchange Hyperliquid runs at $80 billion to $100 billion. By contrast, SGX has recorded about $6 billion in total perpetual futures trading since launching the products in November 2025.
SGX expects inflows from US institutional investors to provide a catalyst for higher trading volume. Lam said the US is one of the most active markets for institutional participation in crypto, including futures and exchange-traded funds, making a pivot to the US market a natural choice.
Regulatory barriers to crypto perpetual futures are also easing in the US. In May, the CFTC approved a Bitcoin perpetual futures product from Kalshi, the regulated exchange and prediction-market operator. That marked the start of perpetual futures moving into the US regulatory framework after American investors had mainly accessed them through offshore platforms.
Competition is intensifying as well. Coinbase said in May that it could offer institutional clients global crypto perpetual futures and options through a US-regulated futures commission merchant, or FCM. This month, it also filed an application with the US Securities and Exchange Commission to offer stock-based perpetual futures.
SGX says its advantage is that it operates as a broad-based exchange where investors can trade equities, interest rates, foreign exchange and commodities alongside crypto derivatives. It is also aiming to capture institutional demand during Asian trading hours after US markets close.
“Liquidity begets liquidity,” Lam said. “More investors will come in and trade.”
#Crypto Derivatives
#Crypto Regulation
#Crypto Exchange
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Source: en.bloomingbit.io