Not another old story about “a foreign exchange launching BTC futures contracts.”
The pain point is the regulatory route: the Singapore exchange (SGX) obtained authorization from the U.S. CFTC under Regulation 48.10, allowing eligible U.S. institutions to trade its $BTC (BTP) and $ETH (ETP) perpetual futures directly—SGX no longer needs to register separately as a U.S. exchange. The Foreign Board of Trade routing Asian order books to U.S. capital is harsher than “opening another parallel listing.”
The product itself isn’t new. It went live in late November 2025; as of this August, total成交 reached about $5.8 billion, roughly 400,000 cards. Daily averages are about 1,300 cards, with a notional value of around $19 million. $BTC remains the mainstay: cumulative positions are about 66%, and daily trading is about 83%. Structurally, it’s a traditional margin and top-up / margin-call model, which does not accept stablecoins as collateral—KC Lam told CoinDesk bluntly that when volatility spikes, it may lose its peg (de-peg).
Don’t fantasize about a full volume spike tonight. To open an account via the clearing member: KYC, funding, and the API typically take 2–4 weeks. SGX is expected to start serving U.S. clients in the next 1–2 months. The next product lines are futures and options with expiration dates.
My take: in May, the U.S. mainland just opened a regulated $BTC perpetual channel; SGX is taking another route—“bringing existing Asian liquidity to U.S. institutions.” What’s really worth watching is whether this FBOT template will be copied by other overseas exchanges. The trading numbers need to wait until the clearing members have connected the pipeline to validate.
Sources compiled from Odaily, The Cryptonomist, and other reports dated September 10, as well as KC Lam’s public statements to CoinDesk. Not investment advice.