US Regulated Crypto Perps Compared

Eligible US traders can now reach CFTC-regulated crypto perpetuals on several venues, with far less leverage than offshore: Crypto.com and OG.com Markets market up to 5x, Kalshi sets it per asset (about 2.4x to 6.8x when we read it), and Coinbase and Kraken figures need checking on their pages. As of 2026-11-02.

Last updated 2026-11-02 · Facts checked 2026-11-02 · Formulas on the methodology page · Educational, not advice

Risk: educational information only, not investment advice. Leveraged products can lose more than a small move in price would suggest, and funding and fees affect returns. Product terms change, so confirm everything on each venue's official pages (see Sources).

What changed in October 2026 for eligible US traders

Regulated crypto perpetuals now come from several US venues. Kalshi was first: its BTC perpetual was approved May 29, 2026 and listed around June 2, 2026, and it is described as the first CFTC-regulated US true perp [7][9]. Kraken announced CFTC-regulated US perps on Kraken Pro on June 15, 2026, listed on Bitnomial [10].

On October 27, 2026, Crypto.com and OG.com announced the public launch of regulated US crypto perpetuals for eligible US traders [1]. Coinbase Derivatives, meanwhile, certified changes in late October 2026 that remove the stated expiry on its long-dated US contracts. Verify the current status before relying on it [12][13].

The venues differ in leverage, assets, funding schedule and how accounts are held. The table below summarizes them.

Comparison table

Eligible US venues, as of 2026-11-02. "Check the venue" means the figure was not verified for this page.
Venue	True perpetual?	Max leverage (as marketed / variable)	Launch / listed assets (high level)	Funding	Margin notes	Who can use	Fees / promo
Crypto.com + OG.com Markets	Yes, no expiry	Marketed as up to 5x	Launch set includes BTC, ETH, SOL, HYPE, ZEC [2]; the OG.com Markets notice also referenced SEI [6]	Every 8 hours at 00:00, 08:00, 16:00 UTC [3]	Isolated margin; TP/SL [1][3]	Eligible US traders only, via Crypto.com App or Crypto.com Exchange	Oct 27 – Nov 26, 2026: zero trading fees (maker, taker, DCM pass-through, liquidation fees). Funding is not waived [4]
Kalshi	Yes	Variable by asset and subject to change. A live page showed roughly BTC 6.8x, ETH 4.9x, SOL 3.5x, HYPE 2.4x, ZEC 2.6x. It is not a flat 5x [7]	BTC, ETH, SOL, HYPE, ZEC, among others [7]	Every 8 hours [8]	Not in brief; check the venue	Eligible US users per Kalshi terms	Not in brief; check the venue
Coinbase Derivatives	Historically "perpetual-style" long-dated futures; expiry removal certified around late Oct 2026, so verify status	Not in brief; check the venue	Not in brief; see the contract list	Accrues hourly, settled twice daily historically [12]	Not in brief; check the venue	Eligible US users per Coinbase terms	Not in brief; check the venue
Kraken Pro + Bitnomial	Yes	Not in brief; check the venue	BTC, ETH, SOL, XRP, ADA, LINK, DOGE, LTC, AVAX and more (16 contracts per the support article). No HYPE in the listed launch set [10][11]	Every 8 hours (7pm / 3am / 11am CT) [11]	USD collateral at launch; some states may restrict [11]	Eligible US users; state restrictions possible	Not in brief; check the venue
Offshore perps (e.g. Hyperliquid)	Onchain perps (context only)	Not covered here	Not covered here	Not covered here	Not covered here	Not for US persons. Its interface terms list persons located in or residing in the United States as Restricted Persons [14]	Not applicable to US readers

How the Crypto.com / OG stack works

Crypto.com's US perps involve three regulated roles. They are easier to follow if you picture them as layers [1][5]:

The introducing broker (IB). Foris DAX Inc. is an NFA-registered Introducing Broker, shown as Crypto.com | Broker and Crypto.com Exchange IB. This is the layer you interact with through the App or Exchange.
The futures commission merchant (FCM). Foris DAX FCM, LLC is a CFTC-registered FCM, and customer accounts are held here.
The exchange and clearinghouse (DCM/DCO). North American Derivatives Exchange, Inc. (NADEX), doing business as OG.com Markets and Crypto.com | Derivatives North America (CDNA), is a CFTC-registered DCM and DCO. It lists and clears the contracts.

In plain terms, you order through the IB layer. Your account sits with the FCM, and the contract trades and clears on the CFTC-registered venue. That separation is different from an offshore, single-platform setup. Review the OG.com regulatory page and the September 30, 2026 margin-products notice for the official detail [5][6].

Model a 5x position

The leverage calculator opens in US regulated mode, capped at an illustrative 5x, and shows the liquidation price, buffer to liquidation, fees and funding for your own entry and margin. The numbers are generic isolated-margin estimates, not any venue's quote, and the maintenance margin rate is an editable placeholder. Formulas are on the methodology page. A 5x long on the generic model liquidates after an adverse move of roughly 19.5%, before fees and funding; see 5x vs 10x leverage for the comparison.

FAQ

Can I trade crypto perps in the US?

Eligible US traders can access CFTC-regulated crypto perpetuals on several venues, including Crypto.com/OG.com Markets, Kalshi and Kraken Pro via Bitnomial. Coinbase Derivatives offers long-dated US futures with perpetual-style features [1][7][10][12]. Eligibility depends on each venue's terms, and some states may restrict access [11].

What is the max leverage?

There is no single answer. Crypto.com/OG.com Markets markets up to 5x [1]. Kalshi's leverage varies by asset and changes; the live page showed roughly 2.4x to 6.8x across the assets listed above [7]. Coinbase and Kraken leverage figures are not in our verified brief, so check their pages. Higher leverage means a smaller adverse move can trigger liquidation.

Does fee-free mean no funding?

No. The Crypto.com/OG.com promo (Oct 27 – Nov 26, 2026) waives trading, DCM pass-through and liquidation fees, but funding payments are not waived [4]. After the promo, the App FAQ says new Perps accounts set up on or after Oct 27 get a US$50 fee rebate voucher valid for 7 days. It does not cover funding or liquidation fees [4]. Funding can be paid or received depending on your position and market conditions.

Is HYPE available to eligible US traders on regulated venues?

As of 2026-11-02, HYPE perps are listed on Crypto.com/OG.com Markets [2] and Kalshi [7]. HYPE is not in Kraken's listed launch set [10][11]. Coinbase's list is not in our verified brief. Availability can change. For how that differs from trading on Hyperliquid itself, see Can US traders access HYPE / Hyperliquid?.

Are offshore DEX perps available to US persons?

No. For example, Hyperliquid's Interface Terms (§1.6) define Restricted Persons to include people or entities that reside in, are located in, are incorporated in, or have a registered office in the United States or Ontario, Canada, as well as sanctioned territories. The interface is described as not licensed or registered [14]. This guide does not suggest US persons use offshore venues, and you should not try to work around location restrictions.

Sources

Read 2026-11-02. Product terms change; the venue's own page is the authority.

Next step (informational)

The US regulated mode of the leverage calculator shows how a position's liquidation distance and funding costs change at up to 5x under your own assumptions. A separate comparison view with high leverage is available there for non-US readers only, behind its own disclaimer. Use any calculator output to understand risk, not as a recommendation to trade.

For HYPE specifically — onchain Hyperliquid access versus a regulated HYPE perpetual for eligible US traders — see Can US traders access HYPE / Hyperliquid? on Hyperliquid Apps.