I’ve tracked crypto derivatives long enough to recognize when traditional finance makes a serious play. Perpetual futures generate more than $187 billion in daily trading volumes worldwide, and 97% of that volume happens through unregulated exchanges, mostly offshore.
SGX and Cboe are launching regulated perpetual futures within weeks of each other, targeting that volume directly.
Offshore Dominance
Perpetual futures account for 68% of all Bitcoin trading volume in crypto. Not spot. Not options. Perpetuals.
These instruments let traders hold leveraged positions indefinitely without rolling contracts or dealing with expiration dates. They’ve become the preferred tool for anyone seeking flexible exposure to crypto prices.
Almost all of that activity happens in venues without regulatory oversight, central clearing, or institutional-grade risk management.
Two Exchanges, One Strategy
SGX launches Bitcoin and Ether perpetual futures on November 24. These contracts target accredited and institutional investors in Asia, benchmarked to iEdge CoinDesk Crypto Indices, with exchange clearing under Singapore’s Monetary Authority oversight.
Cboe follows on December 15 with “continuous” futures: 10-year expiration with daily cash adjustments that mimic perpetual economics without the regulatory ambiguity.
Both moves target the same thing: bringing massive offshore trading volume into regulated environments.
Market Capture Strategy
SGX becomes the first major Asian exchange to offer exchange-cleared crypto perpetuals. Cboe creates a structure that combines perpetual-style exposure with CFTC compliance.
These are calculated plays to capture market share from offshore venues that have dominated crypto derivatives for years.
Institutional investors need regulated venues to justify crypto exposure. Traditional exchanges need new revenue streams. Offshore platforms operate in an increasingly uncertain regulatory environment.
SGX and Cboe are building the infrastructure that makes migration possible.
The Institutional Onramp
Institutional investors who couldn’t touch offshore perpetuals now have exchange-cleared alternatives. Risk management becomes standardized. Compliance becomes straightforward.
The products mirror what traders already use, with regulatory oversight and central clearing.
This creates a pathway for institutional capital that previously had nowhere to go. Hedge funds, asset managers, and traditional finance firms get access to the most liquid crypto instruments without regulatory risk.
And both exchanges get a piece of that $187 billion daily volume.
The real competition isn’t between SGX and Cboe. It’s between regulated exchanges and the offshore platforms that currently own this market. Whoever captures even 10% of that daily volume wins.
