Bitnomial Exchange and Clearinghouse have just become the first U.S. derivatives Exchange and Clearinghouse to launch crypto margin collateral. Traders can now deposit crypto directly as margin, trade perps, futures, and options, and also settle trades in the same asset. Crypto provides a second, independent liquidity rail alongside Treasuries and repo, making the U.S. derivatives system faster, safer, and more resilient.
A New Kind of Collateral
Crypto margin collateral behaves differently than fiat. It moves in real time, finalizes every transfer in real time, and cannot be clawed back. It is the same asset no matter where it is used, so a trader in Singapore and a trader in Chicago can rely on identical settlement processes. And for the first time, that same collateral type and transfer method can be used by every participant in the chain, from trading firms, to brokerages, and ultimately to Clearinghouses, without conversion or delay.
Taken together, these qualities represent collateral mobility: capital that is free to flow at the speed of the market, without borders or bottlenecks. This idea underpins all of the benefits that follow.
Perpetual Futures as Proof Point
The best example of why this matters is perpetual futures. Perps utilize constant funding payments and real-time margin adjustments to offer increased leverage. Traditional collateral rails were not fast enough to support them. Crypto margin deposits and settlement solved that problem, making perps not only viable but one of the most successful derivatives formats globally. Bringing that same structure into the regulated U.S. market shows why collateral mobility is more than an upgrade. It is a requirement for the products of the future.
Settlement That Matches Market Speed
Because collateral settles for good, margin calls and funding can be met right away, even during volatility. A single asset, whether Bitcoin, Ether, or a well-designed stablecoin, can serve as both margin and settlement. This eliminates the old double-collateralization problem where traders had to pre-post dollars before receiving them from a hedge. Now, the crypto traders hold can be used directly to margin and settle the position, unlocking capital that was once trapped in duplicate exposures.
Just as important, traders can now keep exposure in-kind. Posting and settling in crypto avoids repeated conversions into dollars, cutting out FX spreads, slippage, and operational drag that compound over time. It also may reduce tax and accounting frictions that arise when constantly moving in and out of fiat.
From Traders to Clearinghouses
For traders, funding accounts in dollars often means relying on ACH, FedNow, or wires. These methods introduce delays and expose deposits to clawback risk. Every extra day or potential reversal adds cost, whether through missed trading opportunities, higher capital requirements, or reduced ability to manage risk. With crypto collateral, deposits are final the moment they are confirmed on chain. That same asset then flows through brokerages and on to the Clearinghouse, creating, for the first time, a single collateral rail that links every level of the market with the same speed and certainty.
Stronger and More Resilient Infrastructure
Collateral mobility also makes the system stronger as a whole. Liquidity never depends on overnight repo markets or emergency central bank interventions. The repo market was strained in September 2019 when rates spiked and the Fed had to inject liquidity. With crypto collateral, markets do not rely on temporary fixes or potentially fragile overnight funding. Instead, digital assets provide a second rail of liquidity that is independent of Treasuries and repo, giving the system greater resilience. And unlike fiat rails, which are ultimately controlled by banks and governments, crypto collateral is tamper-resistant. Transfers settle on networks that cannot be arbitrarily blocked or delayed.
Unlocking Capital Efficiency
This form of collateral opens up significantly better ways to use capital. With cross-asset margining, the same crypto can simultaneously support spot and derivative exposures. Traders no longer need to silo collateral for different strategies. Unified collateral makes it easier to run basis trades across spot, perpetuals, futures, and options, with portfolio margining recognizing offsets across positions. That frees up capital, reduces costs, and enables more sophisticated strategies.
Borderless and Always On
Because crypto moves around the clock and across borders, markets become more globally integrated. Traders in different time zones follow the same collateral rules, same asset, and same process. That kind of consistency does not exist with fiat. Fiat is tied to countries, regulated rails, and operating schedules.
The Next Generation of Derivatives
Crypto collateral is not only faster and more resilient than fiat rails, it is also handled within the same CFTC-regulated framework that governs traditional derivatives. Collateral is segregated, positions are cleared, and standardized risk models and default waterfalls apply. From traders through brokerages to Clearinghouses, the process is transparent, secure, and consistent. This simplicity and mobility make crypto collateral the foundation for the next generation of U.S. derivatives trading.