US-regulated Injective futures debut on Bitnomial as platform eyes potential ETF pathway
Injective makes its debut in regulated US derivatives trading through this launch, potentially paving the way for spot ETF approval after Canary Capital's recent application.
Bitnomial, a crypto derivatives exchange based in Chicago, has introduced futures contracts with monthly settlements for Injective, representing the inaugural US-regulated derivatives offering for the native token of this Web3 financial ecosystem.
Based on Wednesday's announcement that was provided to Cointelegraph, these contracts are settled in INJ and feature monthly expiration dates, enabling market participants to obtain price exposure without the necessity of directly owning the asset itself, while offering the flexibility to be margined using either cryptocurrency or US dollars via Bitnomial's clearinghouse infrastructure.
This product launch additionally initiates a six-month performance record that may provide the foundation for a spot exchange-traded fund under the US Securities and Exchange Commission (SEC) requirements for listings. Canary Capital submitted an application in July for a staked INJ ETF, accompanied by Cboe BZX Exchange's submission of a related rule modification to the SEC.
The futures contracts are now available for institutional market participants to trade, while retail investor access is anticipated to become available through Bitnomial's Botanical platform within the next several weeks. According to the company's statement, there are also intentions to introduce perpetual futures contracts and options products linked to INJ.
The Injective platform operates on a Layer 1 blockchain infrastructure designed specifically for financial applications, featuring an onchain order book mechanism and cross-chain interoperability with various networks such as Ethereum (ETH) and Solana (SOL).
Bitnomial functions as a derivatives trading platform that maintains a trading venue, clearinghouse operations, and brokerage services for cryptocurrency futures and options products under the regulatory oversight of the Commodity Futures Trading Commission (CFTC). The exchange introduced monthly futures contracts for Aptos (APT) in January, representing the initial US-regulated derivatives offering for this alternative cryptocurrency.
Exchanges push to expand US crypto futures offerings
The landscape of US-regulated cryptocurrency futures continues to be predominantly focused on leading assets such as Bitcoin (BTC) and Ether (ETH), with Bitnomial standing among the limited number of platforms offering derivatives products connected to alternative cryptocurrencies. The expansion of these product offerings has necessitated careful navigation through a regulatory landscape characterized by continuous change and frequent uncertainty.
During August 2024, Bitnomial attempted to introduce XRP futures contracts utilizing the CFTC's self-certification process, however the SEC contested this initiative, maintaining that such contracts might necessitate registration as a securities exchange.
Following the filing of legal action in October 2025, Bitnomial withdrew the lawsuit in March and subsequently introduced regulated XRP futures contracts for United States traders that same month, referencing changes in SEC policy direction.
Alternative platforms have adopted a more measured strategy for expansion. Coinbase introduced CFTC-regulated futures products connected to Bitcoin and Ether for institutional market participants in June 2023, subsequently broadening availability through retail-sized contract offerings in May 2025 and implementing 24/7 trading capabilities to deliver continuous market access for participants based in the United States.
Additionally in May, Kraken completed the acquisition of NinjaTrader, a futures trading platform, for approximately $1.5 billion, thereby obtaining a CFTC-registered Futures Commission Merchant designation and broadening its presence within regulated derivatives trading markets.