Launching a U.S. derivatives offering without building the full stack

Derivatives are becoming a meaningful source of trading activity and revenue for exchanges and platforms. In the first four months of 2026, the 11 largest centralized perpetual exchanges averaged $4.69 trillion in monthly trading volume¹. Event contracts are also gaining traction: U.S. prediction-market exchanges recorded an estimated $75.1 billion in event-contract trading volume in September 2026², driven largely by sports. These figures point to growing interest across a range of derivatives products.

For platforms exploring a U.S. launch, accessing regulated exchange, clearing, and brokerage services can be complex. Payward Services brings those capabilities together through one integration.

A U.S. derivatives offering typically relies on three regulated functions:

• Exchange (Designated Contract Market, or DCM): lists contracts and matches orders.

• Clearinghouse (Derivatives Clearing Organization, or DCO): manages clearing, settlement and counterparty risk.

• Broker (Futures Commission Merchant, or FCM): carries client accounts and connects customers to markets.

Payward provides these functions through its group entities: Bitnomial Exchange is a CFTC-designated contract market, Bitnomial Clearinghouse is a CFTC-registered derivatives clearing organization, and NinjaTrader Clearing is a CFTC-registered futures commission merchant.

Each function brings its own regulatory, capital, risk and compliance obligations. Platforms can build these capabilities themselves or work with infrastructure partners. The right model depends on the products they plan to offer, including futures, perpetuals, spot margin and event contracts.

Provider information reflects publicly available materials reviewed as of October 20, 2026. Product availability and partner access may vary by product, customer, jurisdiction, and provider approval; confirm current availability and terms directly with each provider.

Payward Services brings brokerage, exchange and clearinghouse capabilities together through a single integration. Platforms can choose the model that best fits their product and strategy:

1. Connect users to regulated markets. Offer users access to regulated markets without building your own brokerage or exchange connections. Payward Services helps select an introducing broker (IB) model and supports onboarding, funding, execution and risk management.

2. Bring your market onshore. Keep your technology, product and brand while Payward provides the regulated exchange, clearinghouse and brokerage infrastructure underneath.

3. Clear your own markets. List markets on your exchange and use Bitnomial Clearinghouse for clearing and settlement without operating your own DCO. Markets may include spot margin, futures, perpetuals, options and prediction markets depending on product availability.

4. Offer ready-made contracts. Distribute regulated contracts already listed on Bitnomial Exchange, including spot margin and perpetuals, without creating or listing them yourself.

Across these models, partners can access Payward group entities with U.S. registrations: Bitnomial Exchange, a CFTC-designated DCM; Bitnomial Clearinghouse, a CFTC-registered DCO; and NinjaTrader Clearing, a CFTC-registered FCM and NFA member. Payward Services provides the infrastructure through one integration, while you retain the customer relationship. Partners typically go live in 6 to 12 weeks.

Collateral and settlement affect the customer experience, margin model and risk controls. Payward's infrastructure supports a shared collateral framework across spot margin, futures, perpetuals and options. Customers can use crypto, stablecoins or USD as collateral, depending on the product and applicable clearing requirements. The infrastructure also supports settlement in the asset the market trades.

The CFTC's December 2025 staff no-action position allows FCMs to accept certain non-securities digital assets, including bitcoin, ether and payment stablecoins, as customer margin collateral, subject to specified conditions. Platforms should confirm product-specific collateral, margin and settlement requirements with their clearing and brokerage providers.

Interest in regulated derivatives is growing, and more firms are exploring entry into the market. Launching requires a model for exchange access, clearing, brokerage, funding, execution and risk management. Working with an infrastructure provider can give platforms a path to market without building and integrating every regulated function themselves, leaving teams more time to focus on product and distribution.

The right model depends on your products, customers and operating strategy—whether you want to connect users to regulated markets, bring your market onshore, clear contracts listed on your exchange or distribute ready-made contracts.