Crypto.com and OG.com launch US crypto perps with up to 5x leverage

What happened

Crypto.com and partner OG.com began offering crypto perpetual futures to eligible U.S. traders on Tuesday. The contracts allow bets on rising or falling crypto prices with no expiration date and up to 5x leverage, which means borrowing to enlarge a position.

Confirmed

Global impact / market context

This expands U.S. access to leveraged crypto trading, letting traders take larger positions with less upfront cash. That can raise potential gains and losses, bring more trading revenue to the platforms, and increase risk in the U.S. crypto market.

Analyst inference

The launch follows the CFTC's May decision to open U.S. markets to crypto perpetuals and earlier moves by Kalshi, Coinbase and Kraken. Crypto.com is also seeking stock derivatives, signaling growing competition to offer U.S. crypto-linked trading products.

Analyst inference

What to watch

1. Crypto.com did not specify eligibility requirements in its Tuesday release, so the rules deciding which U.S. traders can use these perpetual futures remain unclear. Confirmed
2. Crypto.com is working with the SEC and CFTC to offer single-stock perpetual futures, and Nadex registered with the SEC to trade security futures last month. Proposed
3. Watch whether wider U.S. perpetual futures access increases borrowed-money trading and platform revenue, and whether regulators set clearer rules for these products. Analyst inference

Affected assets

• BTC — Bitcoin

Evidence

• theblock.co