Rails registers U.S. broker affiliate to bring no-expiry futures onshore
Perpetual futures made up 93% of crypto derivatives trading, while Rails says the market handled nearly $93 trillion in 2025. Its institutional service has no launch date.
Rails, whose infrastructure processed $3.6 billion-plus, said Nov. 10 its broker affiliate registered for a planned U.S. service for perps, futures without expiry. The route could link U.S. financial firms to a market that Rails said handled nearly $93 trillion of trading in 2025.
The affiliate, Rails Markets, joined the National Futures Association, the U.S. derivatives industry's self-regulator, the company said. Rails Markets also registered with the Commodity Futures Trading Commission, the U.S. derivatives regulator, as an introducing broker. An introducing broker brings customer business to firms that carry futures accounts.
| Venue or route | Who can access it | Product | Current status |
|---|---|---|---|
| Rails Markets | Planned U.S. institutional access through platforms using Rails infrastructure | Perpetual futures and options | National Futures Association member and Commodity Futures Trading Commission-registered broker; launch planned, according to a Rails release republished by AOL |
| Crypto.com Derivatives North America | Direct access and intermediaries | Cryptocurrency perpetuals | Already offered through a registered market and clearing organization, according to a Rails release republished by AOL |
| Kalshi | U.S. traders | Long or short positions in more than 50 individual stocks | Launched in early November, The Motley Fool reported |
| Robinhood | U.S. traders | Cryptocurrency perpetuals | Announced in September but not yet live; no single-stock perps announced, The Motley Fool reported |
Rails said the new status supports a U.S.-based route for trading on margin, where a deposit backs a larger position. The product is not live yet.
Rails is working with Crypto.com and OG.com for access to the firms that carry accounts, run the market and clear trades. Crypto.com executive Kwon Park said the deal gives institutions "high-performance perpetual futures, offered onshore, with the same protections they expect in any other regulated futures market."
Why it matters
Rails is building the backend rather than opening another retail trading screen. Fintechs, brokerages, exchanges and prediction markets could connect through one API and offer Rails' perpetual futures and options under their own brands.
That puts Rails between established U.S. financial platforms and one of crypto's main trading products. Perpetual futures accounted for 93% of cryptocurrency derivatives trading, according to Cornell researchers.
Crypto.com gives the planned service an existing market and clearing route. It already offers cryptocurrency perpetuals through direct access and intermediaries, including introducing brokers and futures commission merchants.
Its current scale is clear. The value of open positions on Crypto.com was $839.6 million across 414 markets at 1:47 p.m. Eastern Time on November 11. That ranked 14th among 42 venues in OptimistFi's hourly reading.
Rails brings a tested trading system to the deal. The company said its infrastructure had processed more than $3.6 billion in volume and 100 million trades.
What traders can access while the rules move
U.S. traders already have some live choices. The Motley Fool reported that Kalshi launched long and short positions on more than 50 individual stocks in early November.
RobinhoodHOOD+4.06% announced U.S. cryptocurrency perpetuals in September, but the product was not yet live and it had announced no single-stock perps. Rails differs because its planned service targets institutions and platforms that want to put the product under their own brands.
The legal path is still being tested. Analytics Insight said disputes remain over whether single-stock perps are security futures, futures contracts on securities under the SEC-CFTC framework, or security-based swaps under SEC rules. A separate case asks whether crypto perps should count as futures or swaps.
A federal judge initially allowed single-stock trading to continue while indicating that the challenge deserved consideration. That account differs from The Motley Fool's description of the Commodity Futures Trading Commission as having cleared U.S. equity-perp trading in early November.
What's next
An unanswered question is whether and when a U.S. financial platform will launch through Rails. The company gave no launch date, while any ruling on how stock or crypto perps are classified could affect the route platforms use.