Which venue offers regulated BTC perps?

TLDR

Two venues currently offer regulated Bitcoin (BTC) perpetual futures to institutions: the Singapore Exchange (SGX) and LMAX Group.

1. SGX lists regulated BTC and ETH perpetual futures, building liquidity with reported $250 million cumulative volume in two weeks per a media report.
2. LMAX Group launched USD-settled BTC and ETH perpetuals on its regulated platforms, expanding institutional access via Gold?i integration per a trade publication.
3. In the U.S., rules are evolving; a pilot on tokenized collateral was announced, with coverage noting potential CFTC?supervised perps, which requires formal confirmation per a policy update.

Deep Dive

1. SGX Perps

SGXs regulated BTC/ETH perpetual futures are explicitly targeted at institutions and basis traders, with conservative margining and no high?leverage auto?liquidations.

• SGXs president said the perpetual futures are attracting fresh liquidity and are being used for cash?and?carry arbitrage rather than speculative leverage, with early activity around $32 million notional on one day and $250 million cumulative after two weeks per the media report.
• The exchange frames perps as benchmark contracts for Asian hours, emphasizing regulated clearing and broker?topped margin rather than offshore liquidations per the same report.

2. LMAX Group Perps

LMAX Group offers USD?settled BTC/ETH perpetual futures on regulated platforms, positioning the product for institutional execution and risk controls.

• LMAX first launched perps in September and is adding connectivity (Gold?i) to broaden access for brokers and professional clients per a trade publication.
• The firm presents these perpetuals as part of a regulated cross?asset marketplace aimed at deep liquidity and low?latency execution per the same publication.

3. U.S. Regulatory Context

Coverage highlights a CFTC pilot for tokenized collateral and mentions that CFTC?registered venues may list spot and potentially perps, but formal listings still require venue notices.

• The pilot allows certain digital assets as collateral with reporting and risk standards, signaling a more supportive posture toward regulated crypto derivatives per a policy update.
• References to U.S. perps under full CFTC oversight need exchange?level confirmation before relying on them. Confidence: moderate given evolving rules and the need for official venue notices.

Conclusion

If your goal is regulated BTC perpetual exposure today, SGX and LMAX Group are the clearest institutional venues backed by recent coverage. The U.S. framework is improving, but rely on formal exchange notices before assuming perps are available there. For basis strategies, regulated margining and clearing at SGX and LMAX reduce offshore liquidation risks while preserving funding?rate dynamics.