Chicago-based crypto derivatives exchange Bitnomial has launched the first U.S.-regulated futures contracts for the Injective (INJ) token. The move expands the American altcoin derivatives market beyond Bitcoin and Ethereum, allowing for price exposure without holding the underlying asset. The products can be collateralized with crypto or fiat and are available to institutions, with retail access planned.
Bitnomial has launched new monthly futures contracts pegged to the Injective (INJ) token. This marks the debut of an American-regulated derivatives product for the token.
According to a statement from the company, the contracts are traded in INJ and have monthly maturities. This structure provides price exposure without holding the asset itself.
The contracts can be collateralized in cryptocurrency or fiat through Bitnomial’s clearinghouse. It could also facilitate the creation of an underpinning for future investment vehicles.
A six-month track record is frequently required for a spot exchange-traded fund under SEC regulations. Canary Capital applied to list a staked INJ ETF this year, and a rule change filing was submitted by the Cboe BZX Exchange.
While institutional investors have access to these new futures, retail investors will soon be able to trade via Bitnomial’s Botanical platform. The exchange also intends to extend its Injective suite by including perpetual futures and options.
The American crypto futures market is currently concentrated mostly on Bitcoin and Ethereum. The move towards altcoins has been challenging because of shifting regulations.
For instance, in 2024, Bitnomial sought to offer futures contracts based on XRP using a self-certification model with the CFTC. The SEC, however, warned that the asset might be considered a security.
Following a lawsuit filed against the SEC in 2025, which was later dropped, the exchange offered regulated XRP futures to its American customers. Other platforms are also making progress in this area.
Kraken has made substantial gains by acquiring NinjaTrader, which was a $1.5 billion deal. Bitnomial, which is regulated by the Commodity Futures Trading Commission, launched futures for Aptos in early January.
