Points And Figures • 239 implied HN points • 12 Dec 25
- Bitnomial launched a regulated crypto-margined exchange that lets traders use crypto as margin and settle trades in crypto. That enables deliverable perpetual futures instead of cash-settled contracts.
- They built a vertically integrated exchange and clearinghouse from scratch and are fully regulated by the CFTC, so positions are cleared and collateral is segregated like traditional futures. The team running it are industry veterans, not fly-by-night operators.
- New CFTC and OCC guidance allows independent and bank-affiliated brokerages to support crypto margin deposits and settlement, which could unlock capital efficiencies and wider access for US traders. This makes leveraged spot, perpetuals, and options with crypto-native margin more accessible without going offshore.