Singapore Exchange has applied to the Commodity Futures Trading Commission (CFTC) to offer Bitcoin and Ether perpetual futures to US institutional investors, subject to a 10-day no-objection period. The move would bring a major traditional exchange's no-expiry crypto derivatives into the US regulatory framework and expand access for hedge funds, asset managers and proprietary trading firms. SGX launched the contracts last November and has recorded roughly $6 billion in cumulative volume, compared with $80 billion to $100 billion in monthly Bitcoin and Ether perpetual-futures trading on Hyperliquid. Its contracts trade 22.5 hours a day, five days a week, require 35% fiat margin and do not use auto-deleveraging. The filing comes as Kalshi develops single-stock perpetual futures requiring potential joint CFTC and Securities and Exchange Commission (SEC) oversight, while Coinbase pursues regulated crypto and equity-linked products.