LMAX Group
is launching perpetual futures contracts for Bitcoin (BTC) and Ethereum (ETH) with
leverage up to 100 times, joining a wave of established exchanges bringing
high-risk crypto derivatives to institutional traders.
The
London-based firm, which processes over $40 billion in daily trading volume
across FX and digital assets, will offer cash-settled contracts that let
traders hold positions indefinitely without rolling them forward. The products
give institutions exposure to cryptocurrency price movements without requiring
them to hold or custody the underlying tokens directly.
David Mercer, CEO, LMAX Group, Source: LinkedIn
“Perpetual
futures have dominated the crypto market for the last three or four
years,” said David Mercer, LMAX’s Chief Executive Officer. “What we
have heard from our customers including some of the biggest proprietary trading
firms and brokers is that they are looking for that leveraged access into
crypto.”
The
contracts, known as “perps” in trading circles, accounted for 68% of
Bitcoin trading volume through mid-June, according to research firm Kaiko.
While these products have thrived on offshore crypto exchanges, regulated
venues in major financial centers are now racing to capture institutional
demand.
Digital
assets meet tradfi in London at the fmls25
Wall Street Embraces
High-Risk Crypto Bets
LMAX’s
entry follows similar moves by other established players. Coinbase
Financial Markets launched perpetual futures in July, while the Chicago
Board Options Exchange (CBOE) announced plans last week to debut its
own version in November. The rush reflects Wall Street’s growing comfort
with crypto derivatives that were once the domain of retail-focused offshore
platforms.
Also last
week, CFD broker Axi announced
an expansion of its crypto perpetual offerings, adding 150 new contracts.
The appeal
for institutions lies in the structure itself. Perpetual futures eliminate
custody headaches and compliance concerns that come with holding actual
cryptocurrencies, while still providing price exposure. For many traditional
funds and brokers, this removes two major barriers to crypto trading.
The 100x
leverage available through LMAX’s contracts means traders can control positions
worth $100 for every $1 of capital they put down. While this amplifies
potential profits, it also magnifies losses, making these products attractive
primarily to sophisticated trading firms rather than conservative asset
managers.
You may also like: Kraken Turns Crypto Trading Into Sports-Style Bet With New “Perps” Contracts
Institutional
Infrastructure Takes Shape
The shift
represents crypto’s broader integration into traditional finance. Tools
originally built for speed-obsessed retail traders are being rebuilt with
institutional needs in mind: compliance frameworks, liquidity requirements, and
capital efficiency standards that large firms demand.
LMAX, which
started as a foreign exchange platform, has
been expanding its crypto services for institutional clients including
proprietary trading firms, asset managers, and brokerages. The
firm recently strengthened its North American presence by hiring former
Goldman Sachs executive Daniel Lavigne to lead sales and product development in
the region.
The timing
aligns with renewed institutional interest in crypto following regulatory
clarity in key markets and the launch of Bitcoin
exchange-traded funds earlier this year. As traditional finance
infrastructure adapts to accommodate digital assets, products like perpetual
futures are becoming bridges between crypto’s speculative origins and its
institutional future.
LMAX Group
is launching perpetual futures contracts for Bitcoin (BTC) and Ethereum (ETH) with
leverage up to 100 times, joining a wave of established exchanges bringing
high-risk crypto derivatives to institutional traders.
The
London-based firm, which processes over $40 billion in daily trading volume
across FX and digital assets, will offer cash-settled contracts that let
traders hold positions indefinitely without rolling them forward. The products
give institutions exposure to cryptocurrency price movements without requiring
them to hold or custody the underlying tokens directly.
David Mercer, CEO, LMAX Group, Source: LinkedIn
“Perpetual
futures have dominated the crypto market for the last three or four
years,” said David Mercer, LMAX’s Chief Executive Officer. “What we
have heard from our customers including some of the biggest proprietary trading
firms and brokers is that they are looking for that leveraged access into
crypto.”
The
contracts, known as “perps” in trading circles, accounted for 68% of
Bitcoin trading volume through mid-June, according to research firm Kaiko.
While these products have thrived on offshore crypto exchanges, regulated
venues in major financial centers are now racing to capture institutional
demand.
Digital
assets meet tradfi in London at the fmls25
Wall Street Embraces
High-Risk Crypto Bets
LMAX’s
entry follows similar moves by other established players. Coinbase
Financial Markets launched perpetual futures in July, while the Chicago
Board Options Exchange (CBOE) announced plans last week to debut its
own version in November. The rush reflects Wall Street’s growing comfort
with crypto derivatives that were once the domain of retail-focused offshore
platforms.
Also last
week, CFD broker Axi announced
an expansion of its crypto perpetual offerings, adding 150 new contracts.
The appeal
for institutions lies in the structure itself. Perpetual futures eliminate
custody headaches and compliance concerns that come with holding actual
cryptocurrencies, while still providing price exposure. For many traditional
funds and brokers, this removes two major barriers to crypto trading.
The 100x
leverage available through LMAX’s contracts means traders can control positions
worth $100 for every $1 of capital they put down. While this amplifies
potential profits, it also magnifies losses, making these products attractive
primarily to sophisticated trading firms rather than conservative asset
managers.
You may also like: Kraken Turns Crypto Trading Into Sports-Style Bet With New “Perps” Contracts
Institutional
Infrastructure Takes Shape
The shift
represents crypto’s broader integration into traditional finance. Tools
originally built for speed-obsessed retail traders are being rebuilt with
institutional needs in mind: compliance frameworks, liquidity requirements, and
capital efficiency standards that large firms demand.
LMAX, which
started as a foreign exchange platform, has
been expanding its crypto services for institutional clients including
proprietary trading firms, asset managers, and brokerages. The
firm recently strengthened its North American presence by hiring former
Goldman Sachs executive Daniel Lavigne to lead sales and product development in
the region.
The timing
aligns with renewed institutional interest in crypto following regulatory
clarity in key markets and the launch of Bitcoin
exchange-traded funds earlier this year. As traditional finance
infrastructure adapts to accommodate digital assets, products like perpetual
futures are becoming bridges between crypto’s speculative origins and its
institutional future.