OG.com Markets has submitted a proposal to the Commodity Futures Trading Commission seeking permission to list cash-settled perpetual futures linked to individual U.S. stocks. The filing, dated Thursday, outlines rules for contracts that carry no expiration date and would be available for trading 24 hours a day, five days a week.

The move places the platform among a group of trading venues working to adapt a product format long popular in cryptocurrency markets to traditional equities. Perpetual futures allow positions to remain open indefinitely, removing the need for traders to roll into successive dated contracts at set intervals.

Background of the Platform

OG.com Markets was recently established as an independent prediction-markets and derivatives platform after separating from Crypto.com. At the time of the spin-off the business was valued at $5 billion. Chief Executive Kris Marszalek stated that the company intended to move beyond prediction markets into futures and perpetual contracts.

Shortly after the separation, Robinhood acquired an equity stake in OG.com under a multi-year arrangement. The agreement provides for the use of OG.com’s CFTC-regulated derivatives exchange and clearinghouse in connection with prediction-market activity.

Growing Wave of Similar Filings

OG.com’s application follows filings submitted on September 18 by Coinbase, Payward (parent of Kraken) through its Bitnomial exchange, and prediction-market operator Kalshi. Each sought authority to offer perpetual futures tied to individual U.S. equities.

The cluster of proposals arrives after the Senate declined to advance the CLARITY Act on September 15. Despite that outcome, both the Securities and Exchange Commission and the CFTC continued to advance targeted crypto-related measures. The SEC authorized limited on-chain trading of tokenized U.S. stocks under an Innovation Exemption, while the CFTC broadened regulatory relief for software providers that connect users to regulated derivatives platforms offering perpetual contracts.

Regulatory Path for Perpetual Contracts

The CFTC began formalizing its approach to perpetual products earlier this year. In May the agency created a case-by-case review process and approved Kalshi’s Bitcoin perpetual futures contract. In June it issued temporary relief permitting certain registered exchanges to convert existing crypto futures into contracts without expiration dates.

That framework remains incremental rather than comprehensive. Contracts referencing asset classes outside digital commodities, including single-stock futures, continue to require individual evaluation. OG.com’s proposal therefore enters the same review process already applied to earlier crypto-linked applications.

Perpetual futures first gained prominence in digital-asset markets after BitMEX introduced an early version of the structure in 2016. The product has since become one of the most actively traded derivatives formats in the crypto sector. Platforms now seeking to extend the model to U.S. equities argue that continuous trading hours and the absence of expiration can improve liquidity and reduce operational friction for market participants.

Approval of any of the pending applications is not assured. Regulators retain discretion to impose conditions on settlement mechanics, trading parameters, or other operational features before any single-stock perpetual futures may be listed.