CFTC authorises SGX crypto perpetual futures for U.S. institutional investors

Singapore Exchange (SGX) received CFTC approval under Regulation 48.10, allowing eligible U.S. institutional investors to trade its Bitcoin perpetual (BTP) and Ether perpetual (ETP) contracts directly through clearing members.

Regulatory pathway

The authorization permits SGX to extend its existing order books to U.S. participants without creating separate U.S. listings or registering as a domestic exchange. Clients are onboarded via clearing members, a process that typically takes two to four weeks.

Trading activity to date

Since launching in late November 2025, the two perpetual contracts have generated about $5.8 billion in cumulative volume, roughly 400,000 lots. Average daily volume reached 1,300 lots (≈ $19 million) as of August, with Bitcoin accounting for 83 % of daily volume and 66 % of open interest. The highest single‑session activity recorded was 11,500 lots, or $145 million in notional value.

Risk management differences

SGX employs margin calls and collateral top‑ups rather than the automatic liquidation mechanisms common on crypto‑native exchanges. Clearing members act as an intermediate risk buffer, separating trading from clearing functions.

Future product roadmap

SGX plans to add dated Bitcoin and Ether futures and options, citing the need for additional infrastructure. The exchange intends to follow a disciplined, step‑by‑step approach to expanding its crypto derivatives suite.