SGX Cleared to Offer Bitcoin and Ether Perpetual Futures to U.S. Institutions
AI Market Summary
SGX's CFTC authorization under Regulation 48.10 to offer BTC and ETH perpetual futures to U.S. institutions broadens regulated access and could deepen cross-region liquidity. The product has already reached $5.8B cumulative volume, with BTC dominating open interest and activity, underscoring stronger institutional focus on Bitcoin. Planned expansion into periodic futures and options further strengthens market infrastructure, while conservative collateral rules may appeal to risk-managed allocators.
Impact level
● High
Affected assets
BTC/USDT-1.67%
AI Insight · BTC/USDTAI Insight
▲ Bullish
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Singapore Exchange (SGX) said it has received authorization from the U.S. Commodity Futures Trading Commission (CFTC) under Regulation 48.10, allowing U.S. institutional investors to trade its Bitcoin and Ethereum perpetual futures.
KC Lam, Head of Crypto Derivatives at SGX, said the approval links U.S. traditional financial trading institutions to Asia's liquidity pools.
SGX rolled out Bitcoin (BTP) and Ethereum (ETP) perpetual futures in November 2025. As of August this year, cumulative trading volume reached $5.8 billion, or about 400,000 contracts. Average daily volume stands at roughly 1,300 contracts, representing a notional value of $19 million. Bitcoin makes up 66% of cumulative open interest and 83% of average daily trading volume.
SGX added that onboarding and market access for U.S. clients typically take 2 to 4 weeks, with services expected to go live for U.S. customers within the next 1 to 2 months.
The exchange said it uses traditional margin calls and collateral top-up mechanisms, with clearing members providing an intermediate risk buffer. SGX does not accept stablecoins as collateral.
Looking ahead, SGX plans to introduce periodic futures and options for Bitcoin and Ethereum, and to gradually expand the lineup to other major crypto assets.
