Chicago-based crypto exchange Bitnomial has launched monthly futures contracts settled in Injective’s native token, INJ — the first US-regulated derivatives product tied to Injective. The contracts expire monthly and let traders take price exposure without owning the underlying token. Positions can be margined in crypto or U.S. dollars through Bitnomial’s clearinghouse.
The listing opens a six-month performance window that could support a spot exchange-traded fund application under SEC listing rules. In July, Canary Capital filed for a staked-INJ spot ETF and the Cboe BZX Exchange submitted a related rule change to the SEC, moves that make regulated INJ derivatives particularly relevant to potential ETF developments.
Institutional clients can trade the new monthly INJ futures immediately; retail access is expected through Bitnomial’s Botanical platform in the coming weeks. Bitnomial also plans to add perpetual futures and options tied to INJ in future rollouts.
Injective is a Layer 1 blockchain designed for financial applications, with an on-chain order book and cross-chain links to networks including Ethereum and Solana.
Bitnomial operates a CFTC-regulated trading venue, clearinghouse and brokerage for crypto futures and options. Earlier this year the exchange launched monthly futures for Aptos (APT), the first US-regulated derivatives product for that altcoin.
Expanding altcoin futures in US markets
U.S.-regulated crypto futures have historically concentrated on major assets such as Bitcoin and Ether. Bitnomial is among the few venues pushing into altcoin derivatives, a strategy that has required navigating a shifting regulatory landscape.
Bitnomial’s prior attempt to list XRP futures in August 2024 via CFTC self-certification ran into SEC pushback, with the agency arguing the contracts could trigger securities-exchange requirements. After a lawsuit filed in October 2025, Bitnomial later dropped the case in March and subsequently launched regulated XRP futures for U.S. users, citing changes in SEC policy.
Other firms have expanded more gradually. Coinbase introduced CFTC-regulated Bitcoin and Ether futures for institutional clients in June 2023, later adding retail-sized contracts in May 2025 and rolling out 24/7 trading to extend market access. In May, Kraken acquired futures platform NinjaTrader for about $1.5 billion, gaining a CFTC-registered Futures Commission Merchant and broader access to regulated derivatives markets.
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