Crypto-native single-stock futures access in the US market

Affiliates of Crypto.com have cleared a notable regulatory hurdle: the North American Derivatives Exchange (also known as Nadex, operating under Crypto.com Derivatives North America and OG.com brands) filed Form 1-N and the SEC acknowledged the filing, authorizing the platform to list single-stock futures in the U.S. The acknowledgement opens the path to single-stock perpetual contracts, though no launch date, list of underlying assets, or maximum leverage figures have been disclosed.

CEO Kris Marszalek said the company is working with both the SEC and the CFTC because these products lie at the intersection of securities and commodities law. The move builds on prior regulatory wins: the firm secured CFTC licenses in September 2025 and by August 2026 had begun offering tokenized stock derivatives outside the U.S. The development adds another bridge between TradFi and digital-asset markets amid similar industry activity from players such as Coinbase and the CME Group.

Nadex registration and product details

The new reports add precision to the earlier narrative: Nadex’s Form 1‑N filing was effective on Sept. 14 (the SEC formally acknowledged receipt on Sept. 16), and the filing itself discloses material operational and product details not previously published. Exhibit I names ten proposed cash‑settled security‑futures reference securities — Apple, AMD, Amazon, Alphabet, Meta Platforms, Microsoft, Micron, Nvidia, Tesla and SpaceX — and signals that ETFs could be added later. The filing says access will be limited to qualified exchange members, that carrying firms must be registered futures commission merchants and SEC‑registered broker‑dealers, and that orders will run through an electronic matching system with market and limit orders accepted. An operational exhibit cites a planned fee of $0.10 per one‑share security‑futures contract. The notice reiterates that Nadex remains a CFTC‑designated contract market and clearing organization, and it clarifies that Form 1‑N is a notice registration under Section 6(g) rather than an SEC approval of specific products; Nadex must still file product‑level listing standards under Section 19(b)(7) before contracts trade. The filing also reflects corporate changes: OG Markets US acquired 100% ownership on June 15, OG.com’s valuation in the related transaction was tied to a Citadel Securities investment at $5 billion, and Robinhood has begun routing certain event contracts to OG.com from Sept. 8 while taking equity stakes as part of the arrangement. CEO Kris Marszalek’s comments that the company is working with both the SEC and the CFTC on single‑stock perpetuals are reiterated but the filing does not announce launch dates, leverage limits or funding‑rate rules for any perpetual products.

Coinbase seeks single-stock perps

The new items add a clear, product‑level push from Coinbase to bring single‑stock perpetual futures onshore: after SEC notice filings in early September and an X announcement on Sept. 3, Coinbase has submitted a CFTC approval request dated Sept. 18 seeking to list a suite of cash‑settled single‑stock and ETF perpetuals on its U.S. regulated derivatives venue. The filings and reports describe more than 50 proposed contracts (some reports cited roughly 50–60 names), including Nvidia, Microsoft, Tesla and Apple, though the public CFTC docket does not enumerate every contract. Unlike tokenized shares, these instruments would be derivatives that do not convey ownership rights. Coinbase’s paperwork proposes 24/5 trading (roughly 8 p.m. ET Sunday through 5 p.m. ET Friday), settlement in dollars, use of a Coinbase‑calculated index to reference prices across premarket, regular and after‑hours sessions, and an hourly funding payment mechanism capped at ±0.10% per hour to keep perp prices aligned with the reference. The filing uses an Apple contract as a representative spec (contract size shown as 0.01× the Apple index, about $2.25 in the provided example when Apple trades near $225) and names Nodal Clear as the central counterparty for clearing. Coinbase has previously tested single‑stock perps for non‑U.S. customers and launched perpetual‑style equity indexes domestically; the new submission would extend that onshore structure to individual securities if regulators approve. The company’s stock jumped roughly 10% on the initial announcement. Key commercial details — full contract list, leverage limits and a firm launch date — remain subject to regulatory review and have not been finalized.

More US single-stock perp filings

New filings broaden the onshore perp race: Payward, Kraken’s parent, filed via Bitnomial Exchange to offer single‑stock perpetual contracts for U.S. traders, proposing an initial slate of ten equities and 24/5 trading, with reports naming Tesla, Nvidia, Apple, Microsoft and Amazon among the planned underlyings. Separately, Kalshi submitted a rule change with the SEC and an application to the CFTC to list perpetuals treated as security futures and to clear them through its CFTC‑registered Kalshi Klear. Coverage from PANews and Cointelegraph confirms both firms are proposing expiry‑free contracts that use periodic funding between longs and shorts to keep prices aligned with underlying equities.

The filings add operational context: Payward’s plan builds on its May 2026 acquisition of Bitnomial (up to $550 million), which supplies CFTC‑regulated market and clearing infrastructure, while Kalshi’s paperwork stresses its registered clearinghouse as the central counterparty. The notices also arrived amid the CLARITY Act’s failure in the Senate and subsequent regulator commentary suggesting agencies may act within existing authority, a political backdrop that frames these parallel market access attempts.