US Traders Can Now Long or Short HYPE at 5x on Crypto.com

Crypto.com and OG.com announced the rollout on October 27, after Crypto.com registered as an introducing broker with the National Futures Association.

What US traders can trade, and who qualifies

A perpetual is a futures contract with no expiry date: a position stays open until the trader closes it or it is liquidated. On the Crypto.com Exchange, the launch contracts are BTC, ETH, SOL, HYPE and ZEC. The App labels each position by asset, direction and leverage, for example “BTC Perpetual · Price up · 5x.”

The HYPE listing stands out. US traders still have no regulated route onto Hyperliquid itself, and Kraken’s parent Payward is waiting for approval to run a permissioned US market on Hyperliquid. Crypto.com now offers a regulated HYPE contract on its own venue instead.

Access is limited to eligible US customers, and first-time perpetuals traders must complete a risk profile survey before placing an order. According to Crypto.com’s US trading guide, only US dollar cash counts as collateral. Each user gets one master account and one sub-account, each able to hold up to eight isolated positions. Hedge mode is not supported, so a trader cannot hold a long and a short in the same contract within one account.

Trading fees are waived from October 27 to November 26. On the Exchange, the waiver covers maker, taker, exchange pass-through and liquidation fees. App users who set up a perpetuals account on or after October 27 also get a $50 fee-rebate voucher from November 27, valid for seven days, according to the launch-offer FAQ. Funding payments are not part of the waiver.

Crypto.com’s affiliates run every layer

The App and the Exchange put a single front end on three registered entities, all tied to Crypto.com.

The exchange is the former Nadex, which Crypto.com’s parent agreed to buy from IG Group in a $216 million deal that closed in March 2022. Kris Marszalek is chief executive of both Crypto.com and OG.com, which describes itself as an independent platform. So while customer margin sits at a legally distinct futures commission merchant, that firm is a Crypto.com affiliate rather than an outside company.

What the structure does provide is the US futures rulebook. A futures commission merchant must keep customer funds segregated from its own money, and the perpetuals account is a separate futures account rather than part of the user’s spot wallet. Customers fund it by card, ACH, wire or a transfer from their Crypto.com USD account.

What 5× and funding cost in practice

At 5×, $200 of margin controls a $1,000 position, so a 5% move against it costs about $50, a quarter of the margin, before fees and funding. Crypto.com warns that losses can exceed the initial margin.

Funding settles every eight hours, at 00:00, 08:00 and 16:00 UTC. The formula starts from a 0.01% interest component per interval and adjusts for how far the contract trades from the index, capped at 2% in either direction per interval. At the 0.01% baseline, a long holding a $10,000 BTC position pays about $1 per interval, roughly $3 a day and about $90 over a month, if the premium stays near zero.

For someone hedging spot coins with a short, the sign flips: when funding is positive, the short collects it. Either way, what a hedge earns or costs depends on funding over its whole life, not just the fee paid to open it.

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Rules that bite once a trade is open

There is no guaranteed grace period. Once a position’s margin balance drops below the maintenance requirement, automatic liquidation can begin immediately, and at launch, margin warnings and liquidation notices go out by email only, with no push notifications. A trader who isn’t watching the inbox can learn about a liquidation after the fact.

Prices are fenced in. Buy limit orders priced above roughly 105% of the mark price, or sell orders below roughly 95%, are rejected by default. Liquidation orders get a wider band but are still bound by it, so in a thin market a liquidation may not complete immediately or at the estimated price.

Profits are not instantly withdrawable. Open positions are marked to a settlement price twice a day, at 11:00 a.m. and 4:00 p.m. Central Time, and unrealized gains can’t be transferred out until that settlement turns them into cash.

Losses can follow a trader across accounts. Customers are liable for any negative balance, including on an isolated position in extreme markets, and a negative balance in any master account blocks withdrawals and transfers out across all related master accounts until it is repaid.

How it compares with Coinbase and Kraken

Coinbase opened its US perpetual-style futures in July 2025, with contracts that technically expire after five years, and had grown to 15 contracts by the end of that year. Kraken followed on June 15 with Bitnomial-listed perpetuals cleared through NinjaTrader, which Kraken acquired in 2025. Each of the three US routes runs on a stack its parent company controls.

Crypto.com’s 5× cap is half Coinbase’s 10× intraday limit, and both sit well below the 20× to 50× common on offshore platforms. Against Coinbase, Crypto.com offers a contract with no expiry date at all; against Kraken, it adds HYPE and ZEC, neither of which was on Kraken’s US launch list. Coinbase still leads on breadth.

Four things will show how competitive the launch is: fee levels and funding once the promotion ends on November 26, whether the App’s contract list matches the Exchange’s, whether push alerts arrive for margin warnings, and how quickly Crypto.com adds contracts to close the gap with Coinbase.

This article is provided for informational purposes only and does not constitute financial or investment advice. Leveraged futures involve substantial risk, and losses may exceed the initial margin deposit.

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