What Is CDNA?

What CDNA actually is

CDNA is an exchange layer underneath other companies' products more than a destination in its own right. The registered entity is North American Derivatives Exchange, Inc., and the CFTC registers it twice over: as a Designated Contract Market, the venue that lists and matches contracts, and as a derivatives clearing organization, the entity that stands between the two sides of a trade and guarantees settlement. Both registrations date to the same day in February 2004. Most venues in this category hold only the first and route clearing to a separate registered clearinghouse. CDNA owns both halves of the pipe.

That one entity trades under two consumer brands at once. Flutter's own announcement of the FanDuel partnership puts it in a single sentence that has since been reused verbatim across the industry: North American Derivatives Exchange, Inc. "conducts business under the brands OG Prediction Markets and Crypto.com | Derivatives North America (CDNA)." OG is the retail app, launched February 3, 2026. CDNA is the name the exchange files and reports under. They are one order book, and our data covers all of it, because the daily bulletin is published at the entity level rather than per brand.

The instruments themselves are conventional. Each is a binary, Yes/No contract that settles at a fixed value if a defined outcome occurs and at zero if it does not, so the price in between reads as the market's implied probability. If that mapping is new, start with what a prediction market is.

HedgeStreet, then Nadex, then Crypto.com

The exchange was founded by John Nafeh as HedgeStreet, designated by the CFTC on February 18, 2004 and launched that October. The original idea was retail access to small-denomination financial derivatives, and commercially it failed: HedgeStreet shut down its business in late 2007. IG Group agreed on November 16, 2007 to buy the entire share capital for about $6 million, acquiring a collapsed business and a live federal license. In June 2009 IG renamed it the North American Derivatives Exchange, or Nadex, and ran it for the next twelve years as a niche retail venue for binary options, call spreads and Touch Bracket contracts on currencies, indices and commodities.

Crypto.com agreed to buy Nadex and a stake in the Small Exchange from IG on December 1, 2021, and IG's completion filing puts the close at March 2, 2022: Foris DAX Markets, Inc. acquired 100% of North American Derivatives Exchange, Inc. plus 39% of Small Exchange, Inc. for $216 million in cash combined. What Crypto.com bought was the license. A 2004-vintage dual DCM-and-DCO registration would have taken years to build from scratch, and the same logic later drove DraftKings to buy Railbird, Underdog to buy Aristotle, and Polymarket to buy QCEX. Crypto.com simply made the move three years before the category took its current shape. IG bought the Small Exchange stake back in April 2023.

The license paid off on September 30, 2025, when the CFTC issued an amended order of designation vacating the condition that had confined the venue to fully collateralized trading and permitting margined futures cleared through registered FCMs. A companion amended DCO order had landed four days earlier. Crypto.com announced the same day that it had become the first major crypto platform to hold the full FCM, DCM and DCO set of registrations.

⚠️ One widely repeated claim does not survive contact with the document: that order did not rename the exchange. It recites a d/b/a already in use on CFTC filings since 2022 and defines the short form "CDNA" for its own purposes. The registered legal name has been North American Derivatives Exchange, Inc. without interruption since 2009.

The name problem

⚠️ This venue has three names in circulation and a fourth that belongs to a different business entirely. The confusion is not cosmetic. It produces wrong numbers, and it is the reason our interface says CDNA rather than anything friendlier.

• CDNA — the abbreviation the CFTC uses in its own 2025 amended order. This is what we display.
• OG Prediction Markets — the consumer brand, at og.com, launched February 2026. Same legal entity, same order book, different front door.
• Nadex — the legacy name, being wound down but not retired. The exchange closed the nadex.com retail trading platform in December 2025, and it dropped the name from its own daily bulletin during 2026: our January files are headed "Nadex Daily Bulletin" and our September files are headed simply "Daily Bulletin." But the name is still load-bearing infrastructure. The bulletin is published under a nadex.com hostname, nadex.com itself is still live, exchange officers still file with the CFTC from @nadex.com addresses, and the CFTC's own clearing registry still lists the entity as "NADEX d/b/a Crypto.com Derivatives North America" — Nadex first.
• ⚠️ "Crypto.com" — the one that does real damage. Bare "Crypto.com" also names a large global crypto exchange, a separate business that TickerTracker does not ingest and whose reported volumes run orders of magnitude above this venue's. Anyone who reads "Crypto.com volume" on a chart and checks it against Crypto.com's published exchange figures will conclude our numbers are broken. They are measuring two different companies.

The practical consequence for research: searching CFTC materials for "Crypto.com" or "OG" will miss filings published under the registered name, and searching news archives for "CDNA" will miss almost everything written before late 2025. The CFTC's own contract-market registry, for its part, spells the d/b/a "Crytpo.com."

What CDNA lists

CDNA is a sports venue with a crypto inheritance. Over the month ending September 14, 2026, TickerTracker measured $709.9M of face-value volume in Sports, $373.4M in Combos, its parlay product, and $66.2M in Crypto. Together that is about 99.9% of everything that traded. Politics, Economics, Entertainment, Climate and Companies each cleared under $550K in the same window. Whatever the marketing suggests, this is not a venue where election and macro contracts carry the business.

Inside sports the composition is genuinely unusual. Ranked by face value over that month, the largest markets were Combos ($373.4M), MLB ($217.0M), Tennis ($198.4M), College Football ($141.0M), Bitcoin ($59.1M) and NFL ($57.6M). Tennis outtrading both college football and the NFL is not a pattern that appears on the other venues we cover, and it is the sort of thing that only surfaces when you hold a venue's whole catalog rather than its headline markets.

The legacy Nadex product line still exists and has become a rounding error. Across our full coverage window, the non-event financial classes — the currency, commodity and equity-index binaries and knock-outs that were the entire business under IG — account for $483.4M of $7.04B, about 6.9% of face value (through September 18, 2026). The exchange has effectively finished converting into an event-contract venue while leaving the old instruments listed.

Combos: a parlay product that took a third of the venue in seven months

CDNA publishes multi-leg combination contracts as a first-class product under a COMBOS prefix, which means its parlay share is directly measurable rather than inferred — the same property that makes Novig unusually legible. On most venues, multi-leg positions are either absent or blended into the straight markets.

Our data shows that product taking over the exchange. In January 2026, Combos accounted for $17.2M of face value, about 3.1% of the month. By July 2026 they accounted for $378.2M, or 33.5% — a tenfold rise in absolute terms across seven months in which the venue itself only doubled. Parlays went from a side product to a third of the business.

One caveat on reading that: Combos were already trading on January 5, 2026, in the first week of our coverage. This is a growth curve, not a launch. We cannot date the product's introduction from our own data, and CDNA has not published it.

A structural note for anyone modeling this venue: a CDNA combo contract's name carries a mint date and an opaque sequential identifier and nothing else. No teams, no legs, no sport. The leg set is not recoverable from the contract identity, so Combos are reported as their own category with no subcategory. That is a deliberate gap rather than missing enrichment.

What TickerTracker tracks

CDNA publishes no live trade stream and no API. Its entire public data surface is one end-of-day bulletin PDF, filed as a CFTC Part 38 daily disclosure and running up to roughly 4,400 pages. TickerTracker ingests every page: the Summary section, which carries per-family contract counts, and the Detail section, which carries per-contract open interest, four price points and settlement. As of September 18, 2026 we hold 261 consecutive days, January 1 through September 18, 2026, with no gaps — $7.04 billion of face-value volume on 6.67 billion contracts traded, across 17.0 million distinct contracts and 9.0 million events.

⚠️ The single most important thing to know about CDNA volume is that its contracts do not all pay $1. Most venues in this category settle every binary at a dollar, which makes contract counts and dollar volume interchangeable. CDNA does not. Its event binaries pay $1, its legacy financial binaries paid $10 in early 2026 and had moved to $1 by September, and its knock-out contracts pay in the hundreds — measured values include $100, $250, $500, $1,000 and $2,000. So we never multiply by a constant. Every contract's face value is measured, taken from its own settlement on days it settles and inherited from the modal settled payout of its family otherwise. Multiplying CDNA contract counts by $1 understates the venue, and does so badly for early-2026 dates.

Two consequences of the end-of-day shape are worth stating plainly. Our figures always reflect the most recently published bulletin, which covers the prior trade date, so this page runs at least a day behind the exchange. And because the bulletin carries four price points per contract per day rather than per-trade prices, a cash-traded figure would be an estimate. Face value is the exact number here, and it is what we report. See how we handle prediction market data for the cross-venue framing.

Where CDNA sits in the field

CDNA competes on distribution rather than on its own brand, and the most consequential piece of that distribution is FanDuel Predicts. FanDuel launched that product on CME Group in December 2025 and added CDNA-listed sports, entertainment and combination contracts in June 2026. By Flutter's second-quarter report, filed with the SEC on August 5, 2026, the split had hardened into a handover: "all FanDuel Predicts sports and novelties contracts will now be moved to Crypto.com, while continuing to provide our customers access to CME's financial markets." CDNA is now the venue behind FanDuel's sports book of event contracts, with CME retaining the financial markets. FanDuel customers hold their accounts with FanDuel Prediction Markets LLC as the futures commission merchant.

That places CDNA closest to Rothera among the venues we cover — wholesale infrastructure other consumer brands route into — with two differences: it also runs its own retail app in OG, and it clears its own trades. It is the opposite posture from ProphetX, which competes on market structure inside a single category, or Kalshi, which competes on breadth and faces traders directly. The practical implication for anyone sizing the U.S. market is that CDNA's volume is substantially other companies' customers, and its own brand recognition is a poor guide to its scale.

The regulatory ground under all of this is moving, sports contracts most of all. Several states treat sports event contracts as gambling under their own statutes rather than as federal swaps, the courts have split, and CDNA is an active litigant rather than a bystander. See prediction-market legality by state, the live litigation tracker, and are prediction markets legal in the U.S.?

Company & funding

North American Derivatives Exchange, Inc. is a wholly-owned affiliate of Crypto.com, which is private and founder-led (CEO Kris Marszalek). The exchange has no separately disclosed financials, no independent funding and no public listing. The acquiring entity named in IG Group's completion filing and in the CFTC's own registry is Foris DAX Markets, Inc.

• Registered with the CFTC as BOTH a Designated Contract Market and a derivatives clearing organization under a single legal entity, both dating to February 18, 2004 — it lists and clears its own contracts, unlike most venues in this category. There is no separate CDNA clearing company.
• The oldest CFTC registration of any platform TickerTracker covers, predating Kalshi's by more than sixteen years. It was designated as HedgeStreet, Inc. and has been North American Derivatives Exchange, Inc. since June 2009.
• ⚠️ Bare "Crypto.com" also names a large global crypto exchange that TickerTracker does NOT ingest. Volume figures reported for "Crypto.com" in crypto media refer to that venue, not this DCM; the two are different businesses and must never be compared or summed. This naming collision is why our interface says "CDNA".
• ⚠️ One legal entity, two live consumer brands: North American Derivatives Exchange, Inc. conducts business as BOTH "OG Prediction Markets" and "Crypto.com | Derivatives North America." Searching for one brand misses the other, and searching CFTC materials for either misses filings under the registered name.
• ⚠️ "Nadex" is being wound down but is NOT formally retired. The legacy nadex.com trading platform closed in December 2025 and the name left the daily bulletin during 2026 ("Nadex Daily Bulletin" in January, plain "Daily Bulletin" by September) — but the bulletin still publishes under a nadex.com hostname, exchange officers still file with the CFTC from @nadex.com addresses as recently as April 2026, and the CFTC's DCO registry still lists the entity "NADEX d/b/a..." first.
• ⚠️ The CFTC's 2025-09-30 amended order did NOT rename the exchange. It recites a d/b/a already in use on CFTC filings since 2022 and defines the short form "CDNA"; what it actually changed was trading authority, vacating the 100%-collateralization condition to permit margined futures cleared through registered FCMs.
• ⚠️ CDNA contracts do not all pay $1. Event binaries pay $1; legacy financial binaries paid $10 in early 2026 and $1 by September 2026; knock-outs pay $100–$2,000. Any dollar figure derived by multiplying CDNA contract counts by $1 is wrong, and materially so for early-2026 dates. (TickerTracker measures payout per family per day rather than assuming one.)
• ⚠️ The $216M paid in 2022 was the COMBINED consideration for Nadex (100%) and a 39% stake in Small Exchange, Inc. No Nadex-only price was ever disclosed, and Crypto.com's own announcement stated no price at all. IG Group reacquired the Small Exchange stake in April 2023.
• In 2012 the CFTC prohibited the exchange's political event contracts as "gaming" contrary to the public interest — twelve years before Kalshi won the opposite result in federal court.
• CDNA is an active litigant in the federal-versus-state fight over sports event contracts, having sued both the Maryland Lottery and Gaming Control Commission (April 2025) and the Nevada Gaming Control Board (June 2025).

Timeline

Regulatory status

North American Derivatives Exchange, Inc. — doing business as Crypto.com | Derivatives North America ("CDNA") and as OG Prediction Markets — is registered with the U.S. Commodity Futures Trading Commission as both a Designated Contract Market (DCM) and a derivatives clearing organization (DCO). Both registrations trace to the same February 18, 2004 order, originally granted to HedgeStreet, Inc. The current DCM order is the amended order of designation dated September 30, 2025, with a companion amended DCO order four days earlier.

⚠️ Read that 2025 order for what it does rather than what it is often said to do. It vacated the condition confining the venue to fully collateralized trading and permitted margined futures cleared on an intermediated basis by registered FCMs. It did not rename the exchange; the "CDNA" d/b/a appears on CFTC filings from 2022 onward, and the order simply recites it and defines the short form. One condition in the order is worth noting for anyone assessing the venue's controls: CDNA represented that it cannot perform automated cross-market surveillance across its fully collateralized and margined platforms simultaneously, and it is barred from listing products on both where such surveillance would be needed.

Holding both registrations means CDNA lists, matches, clears and settles end-to-end rather than routing settlement to a separate clearinghouse the way most peers do. An affiliated Crypto.com futures commission merchant completes what the company describes as the first full FCM, DCM and DCO set of registrations held by a major crypto platform. Like every DCM here, CDNA self-certifies its event contracts under the standard Commodity Exchange Act process — the CFTC does not pre-approve each product and can only object afterward, which it has done to this exchange twice: prohibiting its political contracts in 2012, and opening a 90-day review of its first sports contracts in January 2025.

The federal footing is settled; the fight over sports contracts is not, and CDNA is a party to it rather than an observer, having sued gaming regulators in Maryland and Nevada during 2025. Several states treat sports event contracts as gambling under state law rather than as federal swaps, and the federal appellate courts have split. See our prediction-market legality overview and the live litigation tracker for current status.

This is informational, not legal advice. Verify current, location-specific status before relying on it.

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