Crypto.com Launches U.S. Perpetuals With 5x Leverage

Crypto.com joins the U.S. perpetuals rollout

The product arrives after competitors brought similar contracts onshore. Kraken’s earlier U.S. perpetual-futures rollout used Bitnomial infrastructure, illustrating the competition to distribute crypto derivatives through domestic regulated venues.

A perpetual contract provides exposure to an asset’s price without delivering ownership of that asset. Unlike a dated future, it does not force traders to close or roll into a replacement contract at a scheduled expiry. Positions still depend on sufficient collateral and applicable trading controls.

Crypto.com’s product notice lists BTC, ETH, SOL, HYPE, ZEC and SEI as examples available at launch. It also describes stock, pre-IPO and commodity perpetuals as coming later; that language does not establish that those additional markets are available now.

The same notice identifies the legal route for customer accounts. Foris DAX Inc. introduces traders to Foris DAX FCM, LLC, which carries the accounts and holds customer funds. Contracts are offered by Crypto.com Derivatives North America, or CDNA, the CFTC-regulated exchange.

The company announcement identifies CDNA as North American Derivatives Exchange, Inc., also operating under the OG.com Prediction Markets brand. It says Crypto.com recently registered with the National Futures Association as an introducing broker. The broker interface and the entity holding margin therefore perform different roles.

The release does not provide a complete state eligibility list. First-time perpetual traders must complete a risk-profile survey, according to the product page, while the U.S. trading rules specify that only U.S. dollar cash is accepted as collateral.

Fee promotion leaves perpetual funding costs intact

Crypto.com is promoting trading-fee relief from October 27 through November 26. Its launch-offers FAQ describes a fee waiver during that period, while the product announcement calls it a full trading-fee rebate. Customers need to check the applicable execution terms rather than assume every cost disappears.

Both the promotion’s scope and its exclusions are significant. The FAQ explicitly says standard funding payments continue. Those payments pass between traders holding opposite positions to help keep the contract price aligned with its underlying asset; they are separate from the platform’s trading fee.

Crypto.com’s funding guide sets settlement at 00:00, 08:00 and 16:00 UTC. Positions held at those times are affected. Positive funding means long positions pay shorts, while negative funding reverses that direction.

Funding applies to the full position size. At the advertised 5x leverage, $200 of margin supports $1,000 of exposure, so the funding calculation uses the larger amount. Payments can reduce the margin keeping a trade open even when the underlying price barely moves.

The distinction makes the promotion narrower than cost-free exposure. A customer holding a position across repeated funding settlements faces a different cost profile from someone who closes between them. Actual rates vary, and the launch release supplies no fixed funding rate for the new markets.

Isolated margin does not cap every trading loss

The launch emphasizes isolated margin, which allocates collateral to an individual position. A loss does not automatically consume another isolated position’s margin, according to the U.S. rules. That separation does not guarantee that losses stop at the initial deposit.

The rules explicitly warn that extreme conditions can produce a negative balance that the customer must repay. They also say withdrawals and outward transfers across related master accounts can be blocked when a master account has an outstanding negative balance.

Automatic liquidation can begin when margin falls below the maintenance requirement, without a guaranteed cure period. Actual execution may differ from the estimated liquidation price because of volatility and available liquidity. Those mechanics reinforce the distinction between owning spot crypto and assuming the liquidation risks of crypto futures.

Broader sentiment was subdued on launch day. Alternative.me’s Bitcoin-focused Fear & Greed Index read 48, classified as Neutral, when checked October 27, compared with 50 the previous day. The dated component below shows that previous reading; neither value measures demand for these contracts.

The next useful disclosures are a complete availability list, contract-level trading parameters and observable liquidity. The launch establishes a new U.S. distribution channel; it does not yet show how much activity will move into it or how tight spreads will remain during sharp market moves.