Key Highlights
- Sei Network announced that a CFTC-regulated exchange has certified SEI perpetual futures.
- North American Derivatives Exchange, operating as OG.com Markets, submitted the contract filing on October 8.
- The contract is cash-settled in U.S. dollars, has no expiry, and uses periodic funding payments linked to SEI’s spot price.
Sei Network said perpetual futures linked to its native token, SEI, had been certified by a CFTC-regulated exchange. The contract was filed by North American Derivatives Exchange, Inc., which operates as OG.com Markets.
In an October 16 post on X, Sei said SEI joins Bitcoin (BTC), Ether (ETH), Solana (SOL), and XRP among assets with perpetual futures listed by exchanges regulated by the U.S. Commodity Futures Trading Commission (CFTC).
OG.com Markets submitted the contract under CFTC Regulation 40.2(a) on October 8, stating that it intended to list the product on or after October 12. The filing outlines the contract’s trading terms and risk controls.
Contract offers 24/7 trading without expiry
According to the filing, the SEI-USD perpetual futures contract is settled in U.S. dollars and has no expiration or fixed settlement date. Periodic funding payments between long and short positions are intended to keep its price aligned with SEI’s spot market.
The contract is scheduled to trade 24 hours a day, seven days a week, subject to exchange-imposed trading halts and maintenance windows. Traders must maintain the required margin through a futures commission merchant or an introducing broker connected to one.
Funding is calculated at eight-hour intervals ending at 00:00, 08:00, and 16:00 UTC. When the contract trades above its underlying index, long positions pay short positions. When it trades below the index, short positions pay longs.
Filing Details: Market and risk controls
OG.com Markets identified the CF Sei-Dollar Spot Rate, administered by CF Benchmarks, as the contract’s underlying reference price. The benchmark uses order-book data from designated exchanges to reflect trading activity in the SEI spot market.
The filing describes automated trade surveillance, reference-index monitoring, margin requirements, and procedures for blocking orders or halting trading when necessary. The exchange set an initial position-accountability level of $5 million and said at least one dedicated market maker had committed to providing liquidity.
These provisions describe the exchange’s proposed controls but do not remove the risks associated with price volatility, trading disruptions, or leveraged positions.
CFTC rules provide regulatory context
The filing follows a regulatory development covered by Crypto Times on October 6. That report discussed a CFTC framework allowing eligible broad-based security index futures to operate without expiration dates, subject to customer-protection and filing requirements.
However, that framework concerns a specific category of futures and is not identified in the SEI filing as the basis for the contract. OG.com Markets relied on Regulation 40.2(a) and argued that SEI’s spot market activity supported its self-certification. The exchange also cited a May 2026 CFTC order concerning a Bitcoin perpetual futures contract.
The filing records the exchange’s assessment under the self-certification process. It does not represent a separate CFTC approval of the SEI contract.
Ripple Prime expands perpetual swaps across asset markets
In a separate development, Ripple Prime had launched perpetual swaps linked to more than 100 reference markets, covering equities, equity indices, exchange-traded funds, metals, energy and foreign exchange.
The service offers institutional clients round-the-clock exposure to those markets, with cross-margining and support for RLUSD collateral, according to the announcement. Unlike the SEI-linked contract, Ripple Prime’s offering covers multiple traditional asset markets.
SEI Contract’s trading impact remains unclear
The contract gives eligible traders a way to take positions on SEI’s price without directly holding the token. Perpetual futures can be used for speculation or hedging, although leverage and margin requirements can magnify losses.
Sei announced the certification on October 16, but the available materials do not independently confirm whether trading has begun. The contract’s actual availability, trading volume, and liquidity also remain unconfirmed.
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