SGX Seeks CFTC Approval for US Institutional Crypto Perps

Singapore Exchange Ltd. (SGX) is seeking permission from the Commodity Futures Trading Commission (CFTC) to offer its crypto perpetual futures to US institutions.

The exchange has already listed Bitcoin and Ether perps in November last year, and plans to court a wider spectrum of institutions, including hedge funds, asset managers, and prop trading firms.

Perpetual futures allow traders to use leverage without dealing with contract expirations, and SGX's version will be available for 22.5 hours each weekday, requiring members to post 35% margin and fund positions with fiat collateral.

According to KC Lam, who leads crypto derivatives at SGX, the exchange is targeting institutions that are not trading on weekends, and believes that access to a larger institutional base can help narrow the liquidity gap between traditional exchanges and decentralized platforms like Hyperliquid.