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Singapore Exchange has received U.S. regulatory authorization allowing eligible American institutions to directly access its Bitcoin and Ether perpetual futures. The move brings SGX into a widening regulated perpetuals market after the CFTC allowed additional perpetual-futures products and clarified their treatment earlier this year.
CFTC Authorization Opens SGX to U.S. Institutions
SGX received authorization under CFTC Regulation 48.10, which allows a registered foreign board of trade to provide qualifying U.S. participants direct access to its electronic trading system. SGX Derivatives has been registered with the CFTC as a foreign board of trade since 2015.
The authorization covers SGX’s existing Bitcoin and Ether perpetual futures rather than creating separate U.S.-listed contracts. Qualifying U.S. institutions previously did not have direct access to trade the products on SGX’s electronic platform.
New clients must still complete onboarding through SGX clearing members, including know-your-customer checks, account funding and technical connections.
Crypto Perpetuals Have Traded Since November
SGX launched its Bitcoin and Ether perpetual futures on Nov. 24, 2025. The contracts have no fixed expiration date and use an exchange-cleared structure aimed at institutional, accredited and expert investors.
The products have generated about $5.8 billion in cumulative trading volume, representing roughly 400,000 contracts, since launch. Average daily volume stood near 1,300 contracts, or about $19 million, as of August.
Bitcoin accounted for about 66% of open interest and 83% of average daily trading volume since inception, according to figures attributed to SGX.
CFTC Clarifies Treatment of Foreign Crypto Perpetuals
The U.S. regulatory environment for perpetual futures shifted in May when the Commodity Futures Trading Commission approved additional perpetual-futures products on registered U.S. markets.
On May 29, CFTC staff also confirmed that certain crypto perpetual contracts listed on a registered foreign board of trade can qualify as foreign futures under Regulation 30.1. The guidance addressed how registered U.S. futures commission merchants can facilitate customer access to those foreign-listed products under applicable conditions. CFTC Chairman Michael Selig said:
“Having true perpetual contracts in the United States is a major step forward cementing America as the crypto capital of the world.”
SGX Plans More Crypto Derivatives
SGX’s current U.S. access is limited to eligible institutional participants rather than the broader retail market. In Singapore, trading in the contracts is similarly restricted to accredited, expert and institutional investors.
SGX also plans to expand its crypto derivatives lineup with conventional dated Bitcoin and Ether futures and options. For now, the new authorization gives qualifying U.S. institutional participants direct access to the same perpetual order books already trading on SGX.
