1. Asset Scope
What instruments are available?
Please refer to the Trading Rules and Margin Rules page for a list of instruments available for trading on Crypto.com Exchange.
Contract Specifications
Please refer to the Trading Rules and Margin Rules page for the latest specifications. We continuously validate and review these contract specs from time to time.
Trading Bandwidth | Aggressive bandwidth : +/-5% of MarkPrice
Passive bandwidth : +/-50% of MarkPrice |
Difference between perps
These perpetuals reference real-world assets (commodities, equities, equity ETFs) rather than crypto tokens
Dimension | Crypto Perps | Equity, Equity Index Perps | Commodity | Pre-IPO Perps |
Underlying Asset | Crypto assets (BTC, ETH, alts, etc.) | Stocks, ETFs | Real-world physical goods or | A private company's estimated valuation |
Price discovery | Anchored by real-time spot prices | - | - | Anchored by market-based valuation estimates and on-platform trading activity |
Exposure | Crypto price | TradFi price without owning shares | Tradfi price Without owning physical inventories. | - |
Trading hours | 24/7 | 24/7 | 24/7 | - |
Index / mark price / Spot market reference | Crypto exchange composite / index | TradFi oracles + peer venue marks | TradFi oracles + peer venue marks | None - the underlying does not trade publicly |
Data feed bar (CDC listing) | Fetch price feeds from external crypto exchanges or oracles. | ≥3 sources preferred | ≥3 sources preferred | Aggregated valuations from external data venues, secondary trades, funding rounds, and other private market data |
Liquidity profile | Deep liquidity; tighter spreads | Deep liquidity during regular trading hours. | Deep liquidity during regular trading hours. | Lower depth; wider spreads; subject to position and OI caps |
Funding rate behavior | Standard premium-index calculation against spot | Standard premium-index calculation | Standard premium-index calculation | Capped 0% to prevent excessive carry costs under thin liquidity |
Corporate actions | None | Dividends, splits, M&A, delisting - manual ops & contract changes | None | None |
Volatility / gaps | High vol; continuous tape | Overnight/weekend gaps, open/close moves | - | Episodic - driven by funding round news, sentiment, IPO expectations |
Position & leverage limits | Higher leverage and OI limits available | - | - | Conservative - typically isolated margin only, lower max leverage, lower OI caps |
Asset rights | Synthetic exposure only; no on-chain token ownership | - | - | No shares, no IPO allocation, no voting or dividend rights |
Country / compliance | Crypto-specific rules | Country restrictions, TradFi/regulatory constraints | Country restrictions, TradFi/regulatory constraints | Country restrictions, TradFi/regulatory constraints |
User disclosure | Standard perp risks | no ownership, no voting | - | - |
Contract rolling | None | None | Metals/Commodity/Equity Index Perps: Some underlyings track futures requiring monthly index rolls (WTI, NatGas, Copper). | None |
How are instruments categorized on the platform?
New market tags, Stocks, Commodities, Equity Index ETFs and Pre-IPO are added under the perpetual market
2.About Pre-IPO Perps
How does the valuation model work for Pre-IPO Perpetuals?
Pre-IPO Perpetuals on Crypto.com Exchange let you take a position on a private company's value before it goes public. Because these companies are not yet listed, there is no public share price to reference. To make trading simple and intuitive, the contract tracks the company's estimated total valuation rather than a per-share price.
How is the price displayed for Pre-IPO Perpetuals?
The quoted price equals the company's implied valuation divided by 1 billion. For example, if a contract is trading at 420, the market is implying the company is worth $420 billion in total.
How profit and loss work for Pre-IPO Perpetuals?
When the implied valuation rises, long positions profit; when it falls, short positions profit. PnL is paid in the contract's settlement stablecoin. For example, going long at 420 and closing at 450 produces a gain of $30 per contract - representing a $30 billion increase in the company's implied valuation.
Why do we use this model for Pre-IPO Perpetuals?
Private companies typically have uncertain share counts, evolving capital structures, and changes such as stock splits or new share issuances before their IPO. Trading valuation directly removes the need to estimate or adjust for these factors, giving you a clean view of the company's overall value.
3. Index Price
The index price is a weighted median of prices from multiple data feeds. Each instrument has bespoke index constituents. We continuously validate and review the index constituent from time to time, and you could check the latest index constituent information from: https://static2.crypto.com/exchange/assets/documents/Exchange - Index Constituent.pdf
4. Mark Price
What is the mark price formula?
Same formula for existing crypto perps. Please refer to this doc for more details: Key Applicable Terms - Perpetuals
5. Funding Rate
How does the funding rate work during active hours?
For Equities, Commodity and Equity Index Perps: Same formula as existing crypto perps. Please refer to this doc for more details: Funding and Session Settlement
For Pre-IPO: The funding rate will be 0% since the first day of trading. We’ll implement a funding rate when the underlying company is listed publicly.
How does the funding rate work during off-market hours?
For Equities, Commodity and Equity Index Perps: During inactive hours, the funding rate switches to Default Premium Rate Mode:
Premium rate is set to a default value (not derived from mark - frozen index)
Current Default Premium rate = 0.02284% (per 4-hour funding interval)
6. Rolling Mechanism
Which instruments require rolling?
Copper, WTI Crude Oil, and Natural Gas - these are based on futures contracts with expiry dates. Precious metals (Gold, Silver, Platinum, Palladium) do not have expiry and do not roll.
How does the roll work?
Rolling begins on the 5th business day of each month and completes over 5 consecutive business days via a linear weight transition from the current front-month contract to the next delivery month.
Day | Front-month | Next-month |
T-5 (5:30 PM ET) | 80% | 20% |
T-4 | 60% | 40% |
T-3 | 40% | 60% |
T-2 | 20% | 80% |
T (roll complete) | 0% | 100% |
7. Margin & Leverage
What margin modes are available?
Crypto Perps |
Available Modes |
Isolated or Smart Cross Margin |
Equity, Commodity and Equity Index Perps
User Type | Available Modes | Default |
Retail | Isolated or Cross Margin | Isolated |
Non-retail | Isolated or Cross Margin | Cross |
Pre-IPO
User Type | Available Modes | Default |
Retail | Isolated Margin only | Isolated |
Non-retail | Pre-IPO Perpetuals are available to eligible institutional clients on request. Please reach out to your Crypto.com Exchange representative to enable access for your account. |
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8. Non US stock perps
Non-US stock perpetuals like SAMSUNG, HYUNDAI and KIOXIA with no market off hour settings operate exactly like standard crypto perpetuals. The index price of these assets is derived from external centralized (CEXs) and decentralized (DEXs) perpetual prices
Since these external perpetual prices may deviate from the actual stock closing prices and continue to float over the weekend, special market-close mechanisms—such as custom funding rates, index prices, or restricted price bandwidths—are not applied.
Mark Price Bandwidth | Exchange default 4% |
Funding Cap | Exchange default 4% / 4 hours |
Exchange Calendar | 24/7 |
9. UI Flow - Web & App
How do users find commodity and index perps?
Web:
Navigate to the Perpetual market.
Four new tabs: Stocks, Commodities, ETFs and Pre-IPO
Instruments are searchable.
Each instrument has an RWA icon with tooltip: "The price of the perpetual contract references external data sources tracking real-world assets".
App:
Same tabs under Perpetual market selector.
RWA icon with bottom sheet explanation.
Category filters are not available for commodity/index perps.
10. Country & Region Restrictions
Where are commodity/index perps unavailable?
70+ countries and regions, including: US, Canada, UK, EU member states, Australia, Japan, Hong Kong, Singapore, Switzerland, and others. Here is a full list of geo-restrictions: Perpetual Futures on Traditional Assets Geo-Restrictions
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