Crypto Perps Come Onshore: Crypto.com Launches Regulated US Perpetual Futures at 5x Leverage
For years, perpetual futures were the product American crypto traders could see but not legally touch at home. Perps — contracts that never expire and let traders bet long or short with leverage — were the engine of offshore crypto trading, while US traders were limited to expiring futures, spot, and margin. On October 27, 2026, that wall cracked further: Crypto.com and OG.com launched regulated crypto perpetual contracts for eligible US traders, available around the clock through the Crypto.com App and Exchange. It is the third major onshore perps launch of the year, and it turns a quiet regulatory shift into an open race for the most lucrative corner of crypto trading.
What launched, in the numbers
The offering is deliberately narrow at launch — and that narrowness is the point. Six assets are supported at the start: Bitcoin, Ethereum, Solana, Hyperliquid's HYPE, Zcash (ZEC) and Sei (SEI). Leverage is capped at 5x, far below the 50x or 100x that offshore venues made famous. Contracts never expire, trade 24/7, and come with take-profit and stop-loss orders plus isolated margin, so a losing position in one asset cannot automatically drain a trader's whole account. Collateral is US dollar cash only — no crypto collateral, no stablecoin margin. Retail customers access the products through the Crypto.com App, while institutional and experienced traders use the Crypto.com Exchange.
The regulatory plumbing matters more than the feature list. The contracts run through OG.com's CFTC-regulated infrastructure — a designated contract market, a derivatives clearing organisation and a futures commission merchant — with Crypto.com registered as an introducing broker with the National Futures Association. That structure is what makes the product legal to offer to US retail traders at all. Crypto.com had already laid the groundwork: its derivatives affiliate obtained a CFTC clearing licence in September 2025. The launch also dovetails with a deliberate loosening of US crypto-derivatives rules — the CFTC announced measures in May 2026 permitting perpetual futures trading in the US, and has since approved other venues and granted Coinbase a regulatory exemption. For more market news and discussion, follow Zimbuck News at https://zimbuck.com/pages/zimbucknews and join the Zimbuck Market News group at https://zimbuck.com/groups/zimbuckmarketnews.
The race is already crowded
Crypto.com is not first, and that is what makes this interesting. Kraken launched CFTC-regulated US perpetual futures on its Pro platform in June 2026, alongside spot, margin and CME-listed crypto futures. Kalshi, better known for event contracts, expanded into crypto derivatives the same month, and its crypto perpetual contracts generated more than $5.5 billion in trading volume in their first two weeks, according to the company. Coinbase holds an exemption and reports its own third-quarter earnings after the market closes on Thursday, October 29 — a report Wall Street will read partly as a derivatives story, since Coinbase's stablecoin income and growing derivatives business are the counterweight to sluggish spot trading.
The competitive question is no longer whether regulated US perps exist. It is whether they can win real volume from offshore venues that still offer deeper liquidity, more assets and far higher leverage. A 5x cap with USD-cash collateral is a safer product, but safety is not what made perps popular — leverage and liquidity did. The early evidence is mixed: Kalshi's $5.5 billion fortnight shows genuine demand for a regulated venue, while Robinhood's own numbers this week show how soft underlying crypto trading has become. Robinhood also agreed to add Crypto.com's prediction-market contracts to its app and take minority stakes in Crypto.com and OG, on undisclosed terms — a reminder that the perps race and the prediction-markets race are converging into one contest for the same US trader.
The legal fight underneath
There is also a jurisdictional fight running underneath the product launches, and it broke into the open this week. The CFTC sued Utah on October 28 over federal versus state authority to police crypto — a case that will help decide whether crypto derivatives end up governed by one federal rulebook or fifty state ones. For traders, the stakes are practical: a clean federal framework makes products like Crypto.com's perps easier to launch, market and scale, while a patchwork of state rules raises costs and fragments liquidity. The lawsuit does not change any product available today, but it signals that the regulator most friendly to onshore perps intends to defend its turf.
That context also explains the asset list. ZEC and SEI are not the assets a cautious exchange picks for a first launch unless it believes the regulatory weather has genuinely changed — both are altcoins with real trading communities, and both sit squarely in the "leveraged altcoin exposure through a domestic venue" pitch that Crypto.com is making. Bitcoin and Ethereum anchor the product; Solana and HYPE bring the high-beta traders; ZEC and SEI test whether altcoin perps can work inside a regulated box. If volumes follow, expect the list to grow. If they do not, expect the cap and the collateral rules to be blamed before the demand is.
What to watch next
Three markers will show whether onshore perps are a real market or a regulatory trophy. First, volume: does Crypto.com's launch produce Kalshi-scale numbers in its first two weeks, or does it land quietly while offshore venues keep the flow? Second, Coinbase's Thursday earnings call — any detail on its own perps plans, or on derivatives revenue generally, will set the pace for the whole group. Third, the CFTC-Utah case: early signals about federal pre-emption will shape how fast other exchanges follow. The perps genie is out of the bottle in the US. Whether it stays onshore, and at what leverage, is now a commercial question, not a legal one. For the context on this week's earlier bitcoin-led bounce, see our earlier coverage at https://zimbuck.com/blogs/264/Memecoins-Lead-the-Crypto-Bounce-as-Bitcoin-Reclaims-81-000.
FAQ
What did Crypto.com launch? Regulated crypto perpetual futures for eligible US traders on October 27, 2026, via OG.com's CFTC-regulated exchange, clearinghouse and futures commission merchant, with Crypto.com as an NFA introducing broker.
Which assets, and at what leverage? Bitcoin, Ethereum, Solana, HYPE, Zcash and Sei at up to 5x leverage, with no expiration, 24/7 trading, take-profit/stop-loss orders, isolated margin and USD-cash collateral only.
Who else offers US perps? Kraken launched CFTC-regulated US perps on Pro in June 2026; Kalshi's crypto perps did $5.5B+ in their first two weeks; Coinbase holds a regulatory exemption.
Why does the CFTC-Utah lawsuit matter? It will help decide whether crypto derivatives are governed federally or state by state — a single federal rulebook makes onshore products cheaper to launch and scale.
This article is market news and general information only, not financial advice. Do your own research and speak to a qualified adviser before making any investment decision.
