Since launching in late November 2025, SGX’s crypto perpetual futures, covering bitcoin (BTP) and ether (ETP), have recorded $5.8 billion, or roughly 400,000 lots, in cumulative traded volume. Daily average volume across both contracts stood at 1.3k lots ($19 million) as of August, with bitcoin accounting for 66% of open interest and 83% of daily average volume since inception. The highest single-day figure came in at 11.5k lots, or $145 million in notional value.
Asked whether volumes had picked up following August’s bitcoin and broader crypto rally, Lam pointed to onboarding timelines as the natural pace-setter.
New clients go through clearing members for KYC checks, deposits and API connectivity, a process that typically takes two to four weeks regardless of jurisdiction.
“With our FIS-enabled back-office integration now fully in place, we are actively preparing our U.S. clearing members to onboard clients over the next month or two,” Lam said.
SGX’s perps are currently used by traders for both macro-directional bets and arbitrage-driven strategies. Traders use the perpetuals to express directional views on bitcoin and ether tied to broader macro themes, including currency debasement concerns, alongside more mechanical cash-and-carry trades that exploit funding-rate and pricing differentials between venues.
SGX’s product is structured differently from crypto-native perpetuals. It offers no expiry, mirroring the crypto-native format, but relies on auto-liquidation with margin calls and top-up collateral rather than auto liquidations.
