Singapore Exchange is opening its Bitcoin and Ether perpetual futures to eligible U.S. institutional investors after receiving authorization from the U.S. Commodity Futures Trading Commission, The Business Times reported on September 14, 2026.

The move gives American institutions access to SGX’s existing crypto derivatives market, connecting U.S. trading desks with liquidity built around the Asian trading day. SGX launched the two perpetual contracts in November 2025.

The contracts have since generated about $5.8 billion in cumulative trading volume, according to figures reported by The Business Times. U.S. clearing members are expected to begin onboarding clients over the coming weeks.

How U.S. Institutions Gain Access

The CFTC authorization allows eligible U.S. institutions to access SGX’s Bitcoin and Ether perpetual futures rather than requiring the exchange to create separate U.S.-listed versions of the products.

KC Lam, head of crypto derivatives at SGX Group, said U.S. participants previously could not trade the contracts but can now gain direct access following the regulatory authorization.

SGX’s own rules already restrict Singapore-based access to accredited, expert and institutional investors. The products are therefore positioned as institutional derivatives rather than retail crypto trading instruments.

Perpetual futures differ from conventional futures because they do not have an expiration date, a structure explained in more detail in an explainer on how Bitcoin futures work. 

Traders can maintain exposure without periodically rolling an expiring contract into a new one, although margin requirements and losses still apply, risks worth understanding through a broader guide on how crypto leverage trading works and why it’s risky.

Bitcoin Still Dominates SGX’s Crypto Volume

SGX’s crypto perpetual market remains relatively new, but trading activity has grown since the contracts launched on November 24, 2025. The exchange has recorded around 400,000 lots representing approximately $5.8 billion in cumulative volume. By August, average daily volume stood at about 1,300 lots, or $19 million in notional value, with Bitcoin accounting for most of that activity.

Table 1. Trading activity in SGX Bitcoin and Ether perpetual futures since their November 2025 launch.

SGX’s own earlier market statistics also show how open interest developed after launch, rising from a combined 77 contracts at the end of November 2025 to more than 1,400 by March 2026.

Why SGX’s Structure Differs From Crypto-Native Exchanges

SGX combines the no-expiry structure associated with crypto perpetuals with conventional exchange clearing and margining. Positions are subject to margin calls and collateral top-ups rather than the automatic liquidation systems commonly used by offshore crypto platforms, and stablecoins are not accepted as collateral.

The contracts are benchmarked against the iEdge CoinDesk Crypto Indices, which provide reference rates for Bitcoin and Ether.

When SGX originally announced the contracts in November 2025, it said global perpetual futures were averaging more than $187 billion in daily volume, with much of the activity taking place on offshore platforms. Bringing the structure onto SGX was intended to give institutions a regulated, exchange-cleared alternative.

Regulated Exchanges Race Deeper Into Perpetual Futures

SGX’s U.S. expansion comes as regulated exchanges and crypto platforms compete for a larger share of the perpetual futures market. The CFTC in May clarified that certain crypto perpetual contracts offered through foreign boards of trade can qualify as foreign futures, after which Coinbase began onboarding institutional clients for regulated access to global crypto perpetual futures and options.

U.S. platforms are also moving beyond crypto. Coinbase recently filed registration documents as part of its effort to offer equity perpetuals, while Kalshi is pursuing perpetual contracts tied to equities.

For SGX, the opportunity is different. Rather than building a new U.S. derivatives venue, it can expose American institutions to an existing Asian order book while keeping the products within its exchange and clearing infrastructure.

What’s Still Ahead for SGX’s Crypto Lineup

SGX is expected to work with U.S. clearing members to onboard institutional clients, with the process expected to take several weeks. The exchange is also planning to expand its crypto derivatives lineup beyond perpetuals, identifying Bitcoin and Ether dated futures and options as its next area of development.

The U.S. opening will provide an early test of whether connecting American institutional desks to Asian crypto liquidity can materially increase trading volume and open interest in SGX’s relatively young crypto market.

What this means for you: SGX’s authorization does not open its Bitcoin and Ether perpetual futures broadly to U.S. retail traders. The immediate change is institutional access, giving eligible American firms another regulated route into crypto derivatives while connecting them with an Asian exchange and its existing liquidity.

This is not financial advice. Perpetual futures are leveraged derivatives that can generate substantial losses. Access, margin requirements and eligibility depend on applicable regulations and participating intermediaries.