What is Sports Event Trading?
Sports Event Trading is a CFTC-regulated derivatives trading feature available in the Crypto.com App and on the Crypto.com Web.
It presents you with a straightforward Yes/No decision based on whether you believe an outcome of a sporting event will occur. If you believe the outcome will occur, you can select “Yes” to trade contracts and open a position. Otherwise, you can choose “No.”
After the event is resolved, you will receive a US$1 / US$10 / US$100 payment for each contract you own if you are correct. If you are incorrect, you will lose the amount you paid to open the position and nothing more, allowing you to know your potential gains and losses upfront.
Payout amount:
$1 contract value→ $1 payout
$10 contract value → $10 payout
$100 contract value → $100 payout
Is Sports Event Trading regulated in the US?
Yes. Sports Event Trading is offered by Crypto.com | Derivatives North America (CDNA) and is subject to US regulatory oversight by the Commodity Futures Trading Commission (CFTC).
Contract Specifications
The contract specifications for the respective events can be found in the product filings below:
Event | Product Filing |
Contingent Derivatives Contract (Industry Event - Live Presentations) |
|
Trading Hours
Crypto.com | Derivatives North America opens Sports Event Trading when the contracts are listed, expiring on the respective event dates.
Scheduled maintenance takes place at 4:15PM ET every Friday and generally lasts 1-2 hours. During this period, Sports event contracts are not available for trading. If you have an open position during this period, your position remains open and can only be traded after the scheduled maintenance period is over.
For all the latest updates, holiday schedules, and contract availability, please see the Holiday and Hours page and the Notices page on the Crypto.com | Derivatives North America website.
Onboarding
To trade Sports event contracts, you need to set up an account with Crypto.com | Derivatives North America. To do so, follow these steps in the Crypto.com App or Web:
Go to the Sports tab in the Crypto.com App
Tap ‘Start now’ on the top banner to set up your USD Account
If your USD Account is set up, tap ‘Enable now’ on the top banner
Accept and confirm the Terms & Conditions
You will receive an in-app notification and email when your account is approved
Congrats, you can start trading Sports contracts!
Funding
Sports Event Trading is a fully collateralized trading product. You need to have sufficient funds in your USD Cash Account to trade. The calculation for your available balance may include unsettled funds (i.e., via Instant Deposit). Visit our Help Center for more information on USD deposits with Wire Transfer and ACH Direct Deposit and how you may use Instant Deposit for trading Derivatives.
Alternatively, you can use Crypto Funding to instantly convert your preferred crypto to USD to trade. This feature currently supports all over 350 tokens in the Crypto.com App and Web, including BTC, ETH, and CRO.
Trading
To open a position, simply select the outcome you think will occur for an event and confirm the number of contracts you wish to trade. You can increase, open, and close positions before the event concludes.
If you close your position before the event: The difference between the contract price when you opened the position and the price when you are closing it will be your PnL, excluding fees
If you hold your position until the event: You need to wait until the event resolves to ascertain your PnL.
If your position matches the event outcome, you will receive a US$1 / US$10 / US$100 return for each contract you own, excluding fees. If your position does not match the event outcome, you will receive $0.
Notes:
Contracts for teams that are ineligible for the event will expire early. For example, if the team is eliminated from the event.
What are the limits for Sports Event Trading?
Position Limits
A position limit defines the maximum aggregate position you can hold per Sports event.
A $1 value contract has an event-level position limit of 2,500,000.
A $10 value contract has an event-level position limit of 250,000.
A $100 value contract has an event-level position limit of 2,500.
This means you can hold a maximum of 2,500,000 / 250,000 / 2,500 open positions across all contracts within the same event at the same time.
What order types does Sports Event Trading support?
The orders you submit to trade Sports event contracts are Market Orders (“MO”) with protection on an Immediate-or-Cancel (“IOC”) basis.
An MO with protection is a request submitted to buy or sell a set number of Sports event contracts at the displayed indicative price when the order is submitted.
In the event that the displayed indicative price is no longer available when Crypto.com | Derivatives North America receives the order, the MO with protection order will be acceptable to fill within the set slippage tolerance. See the ‘What is Slippage Tolerance?’ section for more information.
An IOC order demands immediate execution or cancellation. It can be filled in whole or in part, with any remaining quantity automatically canceled. This is also known as a “partial fill.”
What is Slippage Tolerance?
Slippage Tolerance allows your trade to be completed even if the contract’s price moves from the time you place the order to the time it is executed. It is a predetermined number of points, expressed as a dollar value, away from the displayed indicative price that will be acceptable to fill the MO with protection.
If the contract’s price movement is within the tolerance and either the full or partial order quantity can be filled, your order will be executed on an Immediate-or-Cancel (“IOC”) basis. If the contract’s price movement exceeds the tolerance, your order will not be executed because no order quantity can be filled in this case.
How do I set my Slippage Tolerance?
Slippage Tolerance for Prediction contracts is set at $0.05 per contract and can be adjusted through the slippage settings on the order input screen
What happens when there is insufficient liquidity in the market?
When the market has insufficient liquidity, it means there is no party offering to match the other side of your order. You will either see that there are no price quotes available to place your trade or that your trade will not be executed.
Simply put, if you want to buy a contract, there must be another party selling it to match your purchase order, and vice versa.
Possible Reasons for Insufficient Liquidity:
Expiry Time: As the expiry time of a Sports event contract approaches, fewer parties, or none at all, may be willing to take on the less desirable side of the trade.
Outside Trading Hours: Market makers actively quote during trading hours.
Match Is Live: When a match is in progress, trading activity for the two teams involved decreases. Usual liquidity should resume once the match concludes.
When there is insufficient liquidity to close your position, there is no Price to Close, and your Unrealized PnL cannot be calculated.
Getting Started With Sports Event Trading
Opening a position
You can open a position anytime before the event begins.
Follow these steps to open a position:
Go to the Sports tab from the main menu
Select an event to view all available contracts and select Yes or No based on whether you think the relevant outcome will occur.
Input the number of contracts you wish to trade
Review the order details; in particular, the Estimated Total amount. Click Place Order when you’re ready.
Tap Confirm on the pop-up. You have the option to check the box above the Confirm button to bypass this step for future trades.
You will receive an in-app notification once your order is filled or rejected.
 |
How do I calculate the amount I need to pay to open a position?
Before placing your trade, you will see the Estimated Total amount on the Order Input page.
The Estimated Total is the Contract Price multiplied by the Contract Quantity plus fees. Please note this amount is not final, as slippage may result in the actual total being higher. This amount, including slippage, will be held in your USD Cash Account until your order is filled or rejected.
When your order is filled, the actual amount you paid (the Actual Contract Price plus fees) will be reflected in your Order History page.
Your maximum loss is the cost you put into the trade, including fees.
Example 1 - You open a Yes position
The contract price for an outcome you think will occur (i.e., “Yes”) is $0.19. The default Slippage is $0.05 per contract. You decide to open a position for 10 contracts.
The Estimated Total displayed will be:
(Contract Price + Exchange Fee + Technology Fee) ✕ No. of Contracts Traded
= (0.19 + 0.02 + 0) ✕ 10
= $2.1
This is an estimation, as the actual amount may be higher because of slippage. A hold is put on your USD Cash Account for the amount, including possible slippage:
Estimated Total + (Slippage ✕ No. of Contracts Traded)
= 2.1 + (0.05 ✕ 10)
= $2.6
When your order is executed, the Actual Amount you pay will be based on the Actual Contract Price for the position of 10 contracts:
(Actual Contract Price + Exchange Fee + Technology Fee) ✕ No. of Contracts Traded
= (0.19 + 0.02 + 0) ✕ 10
= $2.1
Your USD Cash Account is debited this amount.
Example 2 - You open a No position
The contract price for an outcome you think will occur (i.e., “No”) is $0.65. The default Slippage Tolerance is $0.05 per contract. You decide to open a position for 10 contracts.
The Estimated Total displayed will be:
(Contract Price + Exchange Fee + Technology Fee) ✕ No. of Contracts Traded
= (0.65 + 0.02 + 0) ✕ 10
= $6.7
This is an estimation, as the actual amount may be higher because of slippage. A hold is put on your USD Cash Account for the amount, including possible slippage:
Estimated Total + (Slippage ✕ No. of Contracts Traded)
= 6.7 + (0.05 ✕ 10)
= $7.2
When your order is executed, the Actual Amount you pay will be based on the Actual Contract Price for the position of 10 contracts:
(Actual Contract Price + Exchange Fee + Technology Fee) ✕ No. of Contracts Traded
= (0.65 + 0.02 + 0) ✕ 10
= $6.7
Your USD Cash Account is debited this amount.
Closing a position
You proactively close your position
You can close your position anytime before the event begins or before the contract is settled.
Follow these steps to close a position:
Go to the Sports tab from the main menu
Your Open Positions will be displayed below the main banner. Click the Close button next to the position you wish to close.
Review the Position Details and click the Close Position button when you’re ready
|
|
The contract has expired
Your position will be closed when the contract expires because of one of two scenarios:
Scenario 1 - The contract expires after the event ends and outcome is determined
After the event ends and outcome is determined, the contract for it will expire and it will be settled within 24 hours. You receive a US1 / US$10 / US$100** return per contract if the outcome matches your trade and nothing if it does not.
Scenario 2 - The contract expires before the event begins
Your contract may expire prior to the event starting if the outcome has no likelihood of occurring.
For example, if a team is eliminated during a playoff match, the contract will expire out-of-the-money before the final match. You receive a US$1 / US$10 / US$100** return per contract if the outcome matches your trade and nothing if it does not.
**Payout amount:
$1 contract value→ $1 payout
$10 contract value → $10 payout
$100 contract value → $100 payout
How do I calculate the amount I'll receive when I close a position and what is my Profit/Loss?
Example 1 - You proactively close a position
You closed the whole position at a price of US$0.32 per contract. The amount you will receive is:
(Closing Price - Exchange Fee** - Technology Fee**) ✕ No. of Contracts Traded
= (0.32 - 0.02** - 0**) ✕ 10
= $3
**When the position is closed prior to expiration, the Exchange Fee and Technology Fee will be charged per contract. Only applicable for a $10 and $1 contract value.
Assuming you opened the position of 10 contracts earlier at a price of US$0.19 per contract. The amount you paid was:
(Actual Contract Price + Exchange Fee + Technology Fee) ✕ No. of Contracts Traded
= (0.19 + 0.02 + 0) ✕ 10
= $2.1
Your Realized Profit/Loss is the amount you receive less the amount you paid
= 3 - 2.1
= $0.9
Example 2 - The contract expires, and the outcome matches your trade
The contract expires, and the outcome matches your trade. You will receive a US$1 / US$10 / US$100 return per contract. In this $1 contract value example, after deducting fees, you will receive:
($1 Return - Exchange Fee** - Technology Fee**) ✕ No. of Contracts Traded
= (1 - 0** - 0**) ✕ 10
= $10
**When the position settles in-the-money
$10 contract value: US$0.1 Exchange Fee will be charged per contract and the Technology Fee will be waived
$1 contract value: Exchange Fee and Technology Fee will be waived.
Assuming you opened the position of 10 contracts earlier at a price of US$0.19 per contract. The amount you paid was:
(Actual Contract Price + Exchange Fee + Technology Fee) ✕ No. of Contracts Traded
= (0.19 + 0.02 + 0) ✕ 10
= $2.1
Your Realized Profit/Loss is the amount you receive less the amount you paid
= 10 - 2.1
= $7.8
Example 3 - The contract expires, and the outcome does not match your trade
The contract expires, and the outcome does not match your trade. You will receive US$0 per contract.
Assuming you opened the position of 10 contracts earlier at a price of US$0.19 per contract. The amount you paid was:
(Actual Contract Price + Exchange Fee + Technology Fee) ✕ No. of Contracts Traded
= (0.19 + 0.02 + 0) ✕ 10
= $2.1
Your Realized Profit/Loss is the amount you receive less the amount you paid.
= 0 - 2.1
= -$2.1
You can only lose the amount you put into your trade, not more.
Payout Settlement
When is an Industry Event Contract settled?
All Industry Event Contracts are settled by the Exchange based on the result issued by the relevant news or market data provider once the event concludes. Any disqualifications, revisions, or amendments made by the news or market data provider regarding the result of the Industry Event after the event concludes do not affect settlement.
What happens if an Industry Event is moved earlier?
If an Industry Event is moved earlier than originally scheduled, the market remains open and is settled by the Exchange once the result is issued by the relevant news or market data provider.
What happens if an Industry Event location changes?
If an Industry Event location changes, the market remains open and is settled by the Exchange once the result is issued by the relevant news or market data provider.
What happens if an Industry Event is postponed, canceled or not completed?
If an Industry Event is postponed, canceled or otherwise not completed within one (1) year of its originally scheduled start, it is treated by the Exchange as a Canceled Event.
If the Industry Event is a Canceled Event, the Exchange will settle the Industry Event Contracts by crediting the account of the Buyer (the “Yes” trade) and the Seller (the “No” trade), as follows:
The markets for eligible Industry Participants will resolve so “Yes” holders receive $1 / [the number of Industry Participants remaining, with Open Interest], rounded down to the nearest cent and “No” holders receive $1 minus the Yes payout. The number of Industry Participants remaining does not include Industry Participant contracts that have already settled.
For example, if an Industry Event is scheduled between Team1 and Team2, and is settled as a Canceled Event, “Yes” holders will receive $0.50 per contract, and “No” holders will receive $0.50 per contract.
Pursuant to CDNA Rule 7.1, CDNA may also settle a contract as Canceled Event if a material format or participant rule changes (e.g. reduction in playoff teams) after a contract is opened, or if a defined phase of a trading event is skipped or not conducted as expected.
What happens if a draw or tie occurs?
If a draw or tie occurs, the contract is treated as a Canceled Event unless the Event Contract provides for a tie as an outcome.
Contingencies
Before settlement, CDNA may, at its sole discretion, initiate a Market Outcome Review Process pursuant to Rule 7.1 of the Rulebook.
If an Expiration Value cannot be determined by the Expiration Date, CDNA will determine contract payouts in accordance with Rule 7.1.
Adjustments
Industry Event Contract Markets are generally settled by the Exchange shortly after the Industry Event concludes. The Exchange has the discretion to adjust any settlement if the market was settled in error due to a human or technical issue.
In cases where the Exchange adjusts the settlement of an Industry Event Contract, customer balances may be increased or decreased accordingly to reflect the revised settlement. This may include debiting or crediting funds to settle to the correct result.
If the Exchange cannot obtain official confirmation of the outcome or identifies a clear error, the Industry Event Contract may be settled at the Exchange’s reasonable discretion pursuant to CDNA Rule 7.1.
Temporary Delays on an Order
What is a Temporary Delay on an Order?
Any time delays related to Orders placed after the Industry Event has commenced shall be set at a default level of three seconds, unless otherwise set forth on the Exchange website or in the Trading System. Specifically, Orders placed by Members after the scheduled start time of an Industry Event are subject to a time delay before entering the Exchange orderbook for execution:
The delay duration is determined by the Exchange based on market conditions and will be posted in the Trading System or on the Exchange website;
For head-to-head matchups, the Temporary Delay applies from the start time of the Industry Event until the Industry Event concludes.
For futures contracts based on a single event (like a golf tournament), the Temporary Delay applies from the start time of the Industry Event until the Industry Event concludes.
For futures contracts based on a season-long outcome (like Pro Football Champion), the Temporary Delay applies from the end of the regular season until the Industry Event concludes.
The Exchange uses a Temporary Delay for orderly market conditions during live Industry Events.
American Football
Does overtime count?
Overtime is included for all markets.
Baseball
What happens if a game is shortened but deemed official by MLB?
Contracts are settled by the Exchange based on the news or market data provider providing the outcome of the event. Shortened games do not trigger a Canceled Event if MLB deems the game official.
Do extra innings count?
Extra innings are included for all markets.
Basketball
Does overtime count?
Overtime counts for all markets.
Ice Hockey
Do overtime and shootouts count?
Overtime and shootouts count
In shootouts, the winning team is credited one goal, which applies to all applicable markets
Soccer
Do extra time and penalties count?
Unless otherwise stated, all soccer contracts are settled based on 90 minutes of regulation play plus stoppage time. Extra time and penalties are excluded unless specified in the Trading System.
What if a draw/tie is not an available outcome?
If a head-to-head market does not list a draw or tie option, the market is treated as “To Advance.” In such cases, the winner is determined by the team that progresses.
Tennis
What happens if a player or team is disqualified, withdraws, or retires mid-match?
Contracts on the advancing player/team settle in-the-money
Contracts on the retired/disqualified/withdrawing player/team settle out-of-the-money
This settlement applies whether the match started or not
For avoidance of doubt, the player who advances in the tournament is considered the winner of the match, and the other player is considered the loser of the match
Do changes in venue, surface, or schedule affect settlement?
No. Contracts stand under any of the following conditions:
Change of venue
Indoor vs. outdoor court switch
Surface change (even mid-match)
Delayed start
Suspension, as long as the match resumes and is completed
What if the number of sets changes?
If the match format changes (e.g., best-of-5 reduced to best-of-3), contracts still stand and settle normally.
Golf
What happens if a player withdraws?
All trades stand, and contracts on the player settle out-of-the-money
What if the tournament does not complete?
Contracts are settled if an official result is declared by the governing body. If not, all unsettled contracts are treated as event canceled.
What happens in a playoff?
The result of the playoff determines the tournament winner. All applicable contracts settle based on that outcome.
F1
What happens if there is no official result?
If the race is abandoned with no FIA presentation classification or podium result:
Contracts that are already determined are settled
All others are treated as event canceled
What if there are post-race penalties or disqualifications?
F1 race contracts are settled based on the official FIA classification at the time of the podium ceremony. Any penalties or changes after that point do not affect settlement.
What if a driver does not start the race?
All trades stand, and contracts on the driver settle out-of-the-money
What happens in a tie?
Championship standings ties are broken as follows:
Most race wins
Most 2nd-place finishes
Most 3rd-place finishes
… and so on until the tie is broken
What if there is a tie for pole position?
If two or more drivers post identical qualifying times, the higher grid position is awarded to the driver who set the time first, per FIA rules.
MMA
What happens if there are appeals or rule reversals?
Contracts are settled based on the official result at the conclusion of the event. Later appeals or disqualifications do not affect settlement.
What happens if a bout ends in a "No Contest"?
If an official "No Contest" is declared, contracts are treated as event canceled unless the contract outcome was already determined before the stoppage.
What if a fighter withdraws or the fight is stopped between rounds?
The fight is deemed to have ended in the last completed round, and markets will be settled accordingly.
What happens if a fighter is replaced?
If a listed fighter is replaced, all unsettled contracts are treated as event canceled.
What happens if the round structure changes?
If the round structure of a fight changes, all trades stand and are settled normally.
Trading Fees
The following fees apply per Sports contract based on contract value:
| Contract Value | Contract Value | Contract Value |
| $1 | $10 | $100 |
Open a position | Exchange Fee: $0.02 Technology Fee: Not Applicable | Exchange Fee: $0.10 Technology Fee: $0.10 | Exchange Fee: $1.00 Technology Fee: $0.99 |
Close a position (before expiry) | Exchange Fee: $0.02 Technology Fee: Not Applicable | Exchange Fee: $0.10 Technology Fee: $0.10 | Exchange Fee: $1.00 Technology Fee: $0.99 |
Position settles in-the-money (correct prediction) | Exchange Fee: Waived Technology Fee: Waived | Exchange Fee: $0.1 Technology Fee: Waived
| Exchange Fee: $1.00 Technology Fee: $0.99
|
Position settles out-of-the-money (incorrect prediction) | No Fees** | No Fees** | No Fees** |
**When the position settles out-of-the-money (OTM), you can only lose the amount you put into your trade, not more
Where is this feature available?
Sports Event Trading is currently available in the United States only.
FAQs
Is Sports Event Trading legal?
Sports Event Trading is regulated by the Commodity Futures Trading Commission (CFTC), and it is legal to trade Sports event contracts on a CFTC-regulated exchange like Crypto.com | Derivatives North America.
What's the minimum amount I can trade in Sports event contracts?
Sports event contracts are priced between US$0 and US$100.
Why am I not able to trade a contract when it is nearing expiry?
As a contract nears its expiration, there may be insufficient liquidity in the market, resulting in unavailable price quotes to complete a trade.
Glossary
Term | Definition |
Contract Range | A predefined boundary or limit that the contract's price can move within. For example, the price of a Sports event contract can move between 0 and 1 for a $1 contract value / between 0 and 10 for a $10 contract value / between 0 and 100 for a $100 contract value |
Tick Size | The tick size represents the minimum price movement in a token's contract, indicating the smallest increment by which the price can change.
For example, Sports event contracts with a tick size of 0.01 means the contract price can move in increments of 1 cent. So if the current price is $0.50, the next possible price would be $0.51 or $0.52. |
Probability | The potential of your contract settling profitably at expiration (excluding fees). For Sports event contracts, it’s derived from the current ASK price. |
Contract Return or Payment | The fixed amount a trader will receive if the event outcome matches their trade. |
Expiry Time | This is the specific moment when the contract concludes when the event begins. The outcome of whether it ends profitably or at a loss is determined after the event concludes. |