Singapore Exchange’s derivatives division is preparing to offer institutions access to one of crypto’s most heavily traded products: perpetual futures.

On Monday, SGX Derivatives announced it will launch bitcoin (BTC) and ether (ETH) perpetual futures on Nov. 24, positioning the new contracts as a blend of traditional market discipline and the flexibility that defines crypto derivatives.

“Digital assets have become part of institutional portfolios,” said Michael Syn, president of SGX Group. “Our next step is a deliberate one — bringing the same rigor that supports global derivatives markets to crypto’s most widely used payoff.”

Perpetual futures, which have no expiry date, are a hallmark of crypto trading, attracting users who want continuous exposure without the rollovers associated with traditional futures. Despite largely operating on offshore, lightly regulated platforms, perpetuals still account for over $187 billion in daily trading volume, using funding-rate payments between long and short positions to anchor prices near spot levels.

SGX’s new contracts will reference the iEdge CoinDesk Crypto Indices, benchmarks widely used by institutions for transparent price discovery.

“More than two-thirds of all crypto volume sits in derivatives, and perpetuals are a major driver of that,” said Andy Baehr, head of product and research at CoinDesk Indices. “We’re excited to see SGX bring perpetual futures onshore with established margining and clearing frameworks, and we’re proud to support the benchmark rate for these contracts.”

The iEdge CoinDesk Cryptocurrency Indices provide real-time benchmarks and daily reference rates for bitcoin and ether. Reference rates are published at 4 p.m. SGT (8 a.m. UTC) every day — including weekends and holidays — using price data from liquid, reputable exchanges during a one-hour window from 3 p.m. to 4 p.m. SGT. Real-time indices update every second around the clock.

Major industry players including DBS Bank and centralized exchange OKX have endorsed the move, calling it a timely step in improving institutional access to digital asset markets.

“As a pioneer in this space, we’re committed to supporting a responsible digital asset ecosystem in Singapore,” said Patrick Yeo, head of digital assets for global financial markets at DBS Bank. He added that perpetual futures offer institutions a more capital-efficient way to manage crypto exposure without directly holding the underlying assets.

Gracie Lin, CEO of OKX Singapore, said demand for regionally grounded benchmarks reflects a broader trend of institutions structuring diversified portfolios that blend traditional and digital assets.

“This is a natural stage in Singapore’s market evolution,” Lin said. “A deeper reference point enhances transparency and confidence for institutions, and supports long-term ecosystem growth.”