Singapore Exchange to list Bitcoin and Ether perpetual futures

According to the official press release, the products are built to mirror perpetual swaps common on crypto platforms while operating under a traditional clearinghouse model. Positions are maintained through collateral top-ups when markets move, instead of being forcibly closed by the exchange. 

Michael Syn, president of SGX, is aiming the contracts at professional traders who want clearer rules for leverage. He described many offshore venues as “bucket shops” and questioned practices such as auto-deleveraging and the use of in-house market makers. “The challenge that repeatedly faces a lot of the guys who are trading on the unregulated exchanges is that clearing doesn’t work the way they expect it to,” he stated in a Bloomberg interview. “You don’t know if the exchange involved liquidated against a fair third-party, or against the in-house market maker.”

Perpetual futures have no expiry date and allow leveraged positions to be held indefinitely, subject to margin and funding payments. They became a flashpoint in October when sharp swings led to at least $19 billion of futures positions being wiped out as auto-deleveraging mechanisms kicked in on several platforms.

SGX manages margin through its clearing members, similar to Futures Commission Merchants in the United States. These intermediaries meet margin calls from the clearinghouse and must make it whole even if a client fails to pay. Positions are reconciled daily.

“What your basis trader, or even absolute position trader wants, is position certainty,” Syn noted. “What they don’t want to have is a variable position that gets auto-liquidated at a price that they can’t manage.”

Other exchanges are preparing comparable offerings. CME Group and Cboe Global Markets have outlined plans to launch perpetual futures tied to crypto assets. Cboe’s rollout was delayed during a U.S. government shutdown, according to Rob Hocking, the firm’s global head of derivatives.

As GNcrypto pointed out earlier, decentralized perpetuals trading surged in October, with monthly volume on pace for about $1.3 trillion and a single-day peak near $78 billion on Oct. 10. Platforms such as Hyperliquid led activity, while centralized exchanges still posted larger 24-hour totals. Some wallets added native perp trading during the month.