ChainCatcher report: The Singapore Exchange (SGX) has received authorization from the U.S. Commodity Futures Trading Commission (CFTC) under Regulation 48.1 to offer its Bitcoin and Ethereum perpetual contracts to U.S. institutional investors. KC Lam, Head of Crypto Derivatives at SGX Group, stated that U.S. participants were previously unable to trade these contracts but are now permitted direct access to its trading system. Since its launch at the end of November 2025, SGX’s crypto perpetual contracts have累计 achieved a total trading volume of $5.8 billion (approximately 400,000 contracts), with an average daily volume of 1,300 contracts ($19 million) as of August. Bitcoin accounts for 66% of open interest and 83% of average daily volume, with a single-day peak volume of 11,500 contracts (notional value of $145 million). Lam noted that, as FIS backend integration is now fully ready, the exchange will assist U.S. clearing members in onboarding clients over the next one to two months. Unlike crypto-native platforms, SGX perpetual contracts have no expiration date but employ margin calls and collateral top-ups instead of automatic liquidation, and separate trading from clearing, following the infrastructure model of traditional futures markets. Stablecoins are not accepted as collateral, and the contract benchmark index is jointly developed by SGX and CoinDesk Indices. SGX’s next planned offering includes regular futures and options on Bitcoin and Ethereum.
SGX Opens Bitcoin and Ethereum Perpetual Contracts to U.S. Institutions
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Summary
Ethereum news emerged as SGX announced U.S. institutional access to its Bitcoin and Ethereum perpetual contracts, approved under CFTC Regulation 48.1. KC Lam, Head of Crypto Derivatives at SGX, confirmed that U.S. participants now have direct trading access, which was previously unavailable. Since their launch in late November 2025, these contracts have achieved $5.8 billion in cumulative volume, with Ethereum ecosystem activity showing steady growth. Bitcoin dominates with 83% of daily volume and a single-day high of $145 million in notional value. Full FIS integration will support onboarding in the coming months. SGX contracts differ from native platforms by using margin calls instead of liquidation and separating trading from clearing. Stablecoins are not accepted as collateral, and benchmarks are co-developed with CoinDesk Indices. Bitcoin and Ethereum term futures and options are next on the roadmap.
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