Singapore Exchange has filed with the US Commodity Futures Trading Commission (CFTC) to offer its cryptocurrency perpetual futures to US institutions, joining the competition in the crypto space to expand its trading, according to Bloomberg.
If the exchange receives no objection within 10 days, it will be able to offer Bitcoin and Ether perpetual futures to US investors that launched in November last month, the report said.
Perpetual futures, or perps, are contracts that allow traders to speculate on asset prices without an expiration date.
Currently, crypto platforms dominate perps trading, with the turnover of Bitcoin and Ether perps on the Hyperliquid platform reaching about US$80 billion (HK$624 billion) to US$100 billion a month, while that of SGX has recorded around US$6 billion so far.
In August, SGX handled 29,655 Bitcoin perps and 6,758 Ether perps, bringing the total number for the first eight months to 353,825, exchange data showed.
While crypto tokens trade 24/7 versus SGX's contracts 22.5 trading hours a day, five days a week, the exchange said it will not be a problem, citing its targeted clients who are not trading on the weekend.
Earlier, the CFTC approved the first Bitcoin perpetual contract on prediction market Kalshi, while Coinbase, the largest crypto exchange in the US, also actively explores the preps market.
