The Singapore Exchange has obtained CFTC authorization under Regulation 48.10, opening its bitcoin and ether perpetual futures to U.S. institutional investors for the first time. The contracts have processed $5.8 billion in cumulative volume since launching in November 2025.
The Singapore Exchange (SGX) can now let U.S. institutional investors trade its bitcoin and ether perpetual futures, after obtaining CFTC authorization under Regulation 48.10. KC Lam, head of crypto derivatives at SGX Group, told CoinDesk that U.S. participants couldn't previously trade these contracts, but now they can.
A regulatory bridge, not a new listing
Regulation 48.10 lets a registered Foreign Board of Trade give U.S. institutions direct access to its order book under CFTC oversight, without requiring the exchange to register separately as a U.S.-regulated venue. As a result, SGX can open its existing crypto derivatives book to American trading desks rather than build a standalone U.S. listing. Lam called the move an important milestone that, according to Lam: "legitimizes crypto derivatives as a regulated asset class".
Volume built up since the November launch
Since launching in late November 2025, SGX's bitcoin and ether perpetual futures have recorded $5.8 billion, or roughly 400,000 lots, in cumulative traded volume. Daily average volume across both contracts stood at 1.3k lots, worth $19 million, as of August, with bitcoin accounting for 66% of open interest and 83% of daily average volume since inception. The highest single-day figure reached 11.5k lots, or $145 million in notional value.
New U.S. clients still need to clear KYC checks, deposits and API connectivity through clearing members, a process that typically takes two to four weeks regardless of jurisdiction. With its FIS-enabled back-office integration now fully in place, SGX is actively preparing its U.S. clearing members to onboard clients over the next month or two, Lam said.
Margin calls instead of auto-liquidation
SGX's perpetuals carry no expiry, mirroring crypto-native contracts, but the exchange relies on margin calls and top-up collateral rather than automatic liquidation to close positions during sharp moves. The exchange also keeps trading and clearing separated, routing trades through clearing members that act as a risk buffer, unlike crypto-native venues that often combine the exchange, clearinghouse and market-maker roles. Stablecoins are excluded as acceptable collateral because they can break their peg during volatile periods, Lam said.
Traders use the contracts for both macro-directional bets tied to themes such as currency debasement and for arbitrage strategies that exploit funding-rate differentials between venues. Looking ahead, SGX plans to launch dated futures and options for bitcoin and ether next; adding other coins after that may become a straightforward process, Lam said.
Source: CoinDesk
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