SGX Targets US Institutions with Crypto Perpetual Futures

Singapore Exchange (SGX) filed with the US Commodity Futures Trading Commission in August to offer cryptocurrency perpetual futures to American institutions. This makes SGX the first major traditional exchange to bring these specific contracts into the US regulatory framework. The filing relies on a ten-day no-objection period for registered overseas exchanges. If approved, SGX gains access to hedge funds, asset managers, and proprietary trading firms in the United States.

SGX launched Bitcoin and Ether perpetual futures in November 2025. The exchange recorded approximately US$6 billion in trading volume across these products since launch. In contrast, the decentralized platform Hyperliquid handles between US$80 billion and US$100 billion monthly in Bitcoin and Ether perpetuals. The gap highlights the current dominance of crypto-native venues in this asset class. SGX aims to close this distance by attracting institutional capital that currently trades offshore.

Structural differences from crypto natives

SGX contracts operate on a twenty-two and a half hour daily schedule for five days a week. This differs from the twenty-four-seven trading hours of underlying crypto assets. Members must post thirty-five percent margin and use fiat collateral for these positions. The exchange also omits the automatic deleveraging mechanisms found on some decentralized platforms. SGX head of crypto derivatives KC Lam stated that the target client base does not trade on weekends.

Lam emphasized that the firm is targeting accredited and expert investors. These participants prioritize regulatory clarity and fiat settlement over continuous market access. The structural changes align the product with traditional financial standards. This approach positions SGX to serve institutional mandates that require specific compliance and collateral frameworks.

Regulatory shifts in the US market

The US Commodity Futures Trading Commission approved the first true Bitcoin perpetual contract on Kalshi in May. CFTC chairman Michael Selig described this as a step toward bringing crypto liquidity into the US system. This approval opened the door for domestic offering of such products. It signaled a more receptive regulatory stance toward complex crypto derivatives.

US President Donald Trump noted in August that Selig was working to bring Hyperliquid into the US. He described the effort as fully compliant and legal. No specific timeline or commitment was attached to this statement. The broader political and regulatory environment has thus become more favorable for regulated crypto derivatives. SGX cited this timing as a key factor in its decision to file.

Trading volumes and competitive landscape

SGX data shows 29,655 Bitcoin perpetuals and 6,758 Ether perpetuals traded in August. The combined total for the first eight months of the year reached 353,825 contracts. These figures represent a baseline before potential US institutional inflows. Lam expects increased participation to drive further volume growth. He noted that liquidity begets liquidity in these markets.

Coinbase and other crypto-native rivals are also preparing to capitalize on the regulatory changes. The market for perpetual futures generates hundreds of billions of dollars in trading monthly. SGX enters this competition with a regulated, fiat-based product. The outcome will test whether traditional exchange infrastructure can attract significant institutional share from offshore venues. GN markets/crypto (en-US) reports that this marks a new front in the derivatives race.