OG.com 申请美国商品期货交易委员会批准推出单只股票永续合约

OG.com Markets向美国CFTC提交申请，寻求推出挂钩个股的现金结算永续期货

OG.com Markets已向美国商品期货交易委员会（CFTC）提交文件，寻求批准提供与个股挂钩的现金结算永续期货合约。此举旨在将“永续合约”引入美国股票衍生品市场。

该公司在周四提交的文件中提出了针对不 expire 且可全天候连续交易的单只股票期货的规则。若获批准，这种结构将使交易者能够通过避免定期展期至新合约来维持市场敞口，从而为传统的到期日期货合约提供一种替代方案。

核心要点

• OG.com Markets正在寻求CFTC批准，以推出永不到期的现金结算单只股票永续期货。
• 拟议的合约将实行每周5天、每天24小时的交易制度，旨在将全天候衍生品交易扩展至美国股票市场。
• OG.com从Crypto.com分拆后成为独立平台，现已引起成熟市场参与者的关注。
• 此次 filing 发生在其他美国衍生品场所（包括Coinbase、Kraken旗下的Bitnomial以及预测市场运营商Kalshi）竞相追求类似产品的背景下。
• 监管机构正逐步为永续式加密货币衍生品开辟路径，这为进入传统市场奠定了基础。

OG.com Markets寻求CFTC规则以支持挂钩股票的永续合约

The core of OG.com Markets 'request is to obtain regulatory authorization to list cash settlement single stock futures with perpetual terms. Unlike traditional futures, which have a clear expiration date, perpetual futures are designed to keep holders open between contract cycles without requiring traders to roll them into new instruments.

According to OG.com's filing with the CFTC on Thursday, the company requested near-continuous trading hours: 24 hours a day, five days a week. This trading window is consistent with the way crypto markets operate and reflects the industry's efforts to promote derivatives trading to match the real-time nature of financial flows.

The history of OG.com: spin-off and cooperation

According to reports, OG.com recently spun off from cryptocurrency exchange Crypto.com and re-established as an independent forecasting market and derivatives platform valued at US$5 billion. At the time of the spin-off, CEO Kris Marszalek said the platform plans to expand from the forecasting market to futures and perpetual contracts.

Shortly after the reorganization, Robinhood took a stake in OG.com as part of a multi-year agreement. The agreement includes plans to use OG.com's CFTC-regulated derivatives exchanges and clearing houses for market forecasting.

While the current document focuses on perpetual contracts linked to stocks, this series of actions is significant: OG.com is positioning itself as a venue where existing regulatory infrastructure for derivatives and forecasting markets can be extended to a single stock futures space.

Why perpetual contracts attract stock market attention

OG.com的申请是大趋势的一部分：交易平台和预测市场公司越来越多地探索是否可以将永续期货模式适应于美国股票。

在同一推动下，此前报道指出，9月18日，Coinbase、Kraken母公司通过其Bitnomial交易所以及Kalshi提交了申请，以提供与单个美国股票挂钩的永续期货。这一波申请表明，主要市场参与者不再认为这条监管途径纯属投机。

在政策层面，据早期报道，在美国国会推动《CLARITY法案》的努力于9月15日在参议院停滞之后，时机变得微妙。尽管如此，监管机构仍在推进有针对性的加密举措。就在投票几天后，SEC在其创新豁免下允许有限的代币化美国股票链上交易，而CFTC则扩大了对连接用户至受监管衍生品平台（包括支持永续合约的平台）的软件提供商的监管救济。

综合来看，这些步骤表明，尽管更广泛的综合性加密立法尚未取得进展，但对于特定用例，存在部分但日益增长的许可意愿。

CFTC为永续合约奠定 groundwork

OG.com的申请符合CFTC早些时候开始的工作，即阐明如何审查永续合约。根据引用的CFTC新闻材料，该机构于5月建立了针对永续合约的逐案审查流程，随后批准了Kalshi的比特币永续期货产品。

In June, the CFTC also issued temporary relief measures that would allow certain registered exchanges to convert existing cryptocurrency futures into contracts with no expiration dates. This is crucial for perpetual contracts linked to stocks because it shows that regulators are already willing-at least under established conditions-to view perpetual structures as something beyond the initial crypto derivatives experimental cycle.

For investors and traders, the real question now becomes what happens once equity becomes the underlying asset. Perpetual stock futures will bring the derivative form closer to mechanisms familiar to many crypto traders, but its economic drivers-such as stock-specific market dynamics, hedging costs and settlement rules-may be significantly different from crypto benchmarks.

Highlights for follow-up observations

OG.com's submission to the CFTC is a step towards making sustainable, pegged equity derivatives available in the U.S. market, but approval is not a certainty. Market participants should pay close attention to how the CFTC evaluates the perpetual contract mechanism for individual stocks, especially around settlement design and the regulatory boundaries between traditional securities markets and crypto-style trading infrastructure.