Singapore Exchange Opens Bitcoin and Ether Perpetual Futures to US Institutions

The Singapore Exchange has received authorization from the US Commodity Futures Trading Commission allowing American institutional investors to trade its bitcoin and ether perpetual futures for the first time. The approval comes under a regulatory framework that permits registered foreign exchanges to grant US participants direct access to their trading systems without requiring separate registration as a US-regulated exchange.

Trading Volume Has Grown Steadily Since Launch

SGX’s crypto perpetual futures, covering bitcoin and ether, have recorded roughly $5.8 billion in cumulative trading volume since launching in late 2025, with bitcoin accounting for the majority of both open interest and daily trading activity. The exchange’s head of crypto derivatives said the products are used both for directional market bets and arbitrage strategies exploiting pricing differences across trading venues.

Structure Differs From Crypto-Native Platforms

Unlike typical crypto exchanges, SGX’s contracts rely on margin calls and additional collateral requirements rather than automatic liquidations during periods of high volatility, a structure designed to reduce the risk of cascading market disruptions.

The exchange also keeps trading and clearing functions separate, routing trades through clearing members that act as intermediary risk buffers, similar to traditional futures markets. Notably, stablecoins are excluded as acceptable collateral due to concerns about price stability during volatile conditions. SGX said it plans to expand its offerings to include dated futures and options contracts for bitcoin and ether going forward.