Prediction market operators wanting to offer more than event contracts have a potential new infrastructure supplier in Rails, which has partnered with Crypto.com to provide access to regulated perpetual futures.
Rails Markets Inc., an affiliate of Rails Holdings, has been a National Futures Association (NFA) member and Commodity Futures Trading Commission (CFTC)-registered introducing broker since June 1.
A Nov. 10 announcement detailed a partnership with Crypto.com and OG.com to provide access to regulated perpetual futures through Rails’ trading technology.
“Rails’ technology combined with our fully regulated stack gives U.S. institutions something they haven’t had before: high-performance perpetual futures, offered onshore, with the same protections they expect in any other regulated futures market,” Kwon Park, Crypto.com’s managing director and global head of digital asset partnerships, said in the news release.
The arrangement targets brokerages, fintech businesses, exchanges and prediction market platforms. Rails supplies the trading technology, while regulated entities affiliated with Crypto.com and OG.com provide exchange, clearing and brokerage services.
That would save participating firms from having to establish those operations themselves.
Rails isn’t entering prediction markets directly. Its customers would instead be able to add perpetual futures trading under their own brands. Perpetual futures have no expiration date. They allow positions to remain open, provided traders meet margin obligations and applicable funding payments.
Rails cited the scale of the global cryptocurrency perpetual futures market, which it said generated nearly $93 trillion in trading volume in 2025, accounting for 93% of crypto derivatives trading.
Rails reports more than 100 million trades and $3.6bn in trading volume since launching. It has attracted $20m from investors including Kraken, Slow Ventures and CMCC Global.
Crypto.com’s prediction market business provides the link
Crypto.com doesn’t need to establish a separate exchange for the Rails venture. Its North American Derivatives Exchange (Nadex) already operates as a CFTC-regulated exchange and clearinghouse under the OG.com Prediction Markets and Crypto.com | Derivatives North America (CDNA) brands.
On Oct. 27, Crypto.com and OG.com began offering cryptocurrency perpetual futures to eligible US customers, with leverage of up to five times. Those contracts sit alongside prediction markets covering subjects ranging from financial indicators to sports and politics.
An operator offering event contracts could potentially use Rails to add cryptocurrency perpetual futures without building another trading system. No prediction market customer has yet been identified.
The contracts themselves serve different purposes. Event markets settle against a defined result, while perpetual futures track price movements without a scheduled expiration.
More prediction market firms secure NFA registrations
Rails’ registration follows several moves into federally regulated brokerage operations during 2026. Kalshi affiliate Kinetic Markets LLC received NFA approval as a futures commission merchant (FCM) in March.
Betr bought NFA-registered Ascent Capital Management in May, securing an introducing broker business for its planned Polymarket offering.
High Roller Technologies’ ROLR US LLC received guaranteed introducing broker approval in June for its planned prediction market offering with Crypto.com.
Alpaca Derivatives also obtained FCM registration in August, while Polymarket’s PM Derivatives received NFA approval for the same category on Oct. 30, announcing the development Nov. 3. PM Derivatives had not yet begun customer operations.
Crypto.com itself recently registered as an introducing broker to distribute perpetual futures.
These businesses haven’t all obtained the same privileges. Introducing brokers arrange trading access but cannot hold customer funds. Futures commission merchants can accept customer margin and maintain accounts.
Rails has the former registration. It can’t operate an exchange merely because it belongs to the NFA, and the Crypto.com agreement doesn’t establish an event-contract distribution business.
For existing prediction market operators, however, Rails could offer another route into cryptocurrency derivatives trading, allowing them to expand beyond event contracts without building their own trading infrastructure.