Crypto.com rolls out US perpetuals with a fee holiday and separate funding charges

Crypto.com and OG.com began rolling out crypto perpetual futures to eligible US users on 27 October, distributing the contracts through the Crypto.com App and Exchange. The launch brings continuous long and short exposure, with advertised leverage of up to five times, into the retail and advanced trading interfaces. Clients can keep positions open without a scheduled expiry, subject to the product’s margin and risk controls.[1]

The Exchange lists Bitcoin, Ether, Solana, Hyperliquid and Zcash at launch. Its disclosure identifies Foris DAX Inc. as the introducing broker and Foris DAX FCM LLC as the futures commission merchant carrying customer accounts and holding margin. The introducing broker is guaranteed by that FCM and does not itself hold the futures customers’ funds.[2]

The venue has several names. Its September regulatory notification identifies North American Derivatives Exchange, Inc. as doing business both as OG.com Markets and Crypto.com Derivatives North America. That document anticipated exchange contract launches around 8 October. The 27 October development is the subsequent App and Exchange distribution rollout, rather than a new exchange designation.[5]

A trading-fee holiday leaves funding in place

Funding serves a different purpose from a commission. It adjusts the economics of holding the contract when its market price diverges from the underlying reference. In the published ZEC terms, a positive rate transfers money from long holders to short holders; a negative rate reverses the direction. The exchange and clearinghouse retain none of that periodic funding adjustment.[6]

Those terms also distinguish two clocks: funding is calculated over eight-hour intervals ending at 00:00, 08:00 and 16:00 UTC, while daily clearing settlement occurs at 11am and 4pm US Central Time. There is no scheduled contract expiry, although exchange rules allow suspension or delisting. A position can therefore remain open through repeated funding and settlement cycles, subject to margin.[6]

Isolated collateral is not a guaranteed loss ceiling

Crypto.com’s US guide says only dollar cash is accepted as collateral. Under isolated margin, cash is assigned to a particular position and is not automatically drawn from another isolated position. But the same guide expressly says an isolated position can develop a negative balance during extreme market conditions, and that the deficit must be repaid.[3]

Automatic liquidation may begin when margin falls below the maintenance requirement, without a guaranteed cure period. Execution is also subject to liquidity and price controls, so liquidation need not finish immediately or at the estimated price. These conditions qualify the launch material’s presentation of isolated margin as a way to contain risk per trade.[3]

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