Coinbase files CFTC application for single-stock perpetual futures
In brief
- Coinbase filed with the CFTC Friday for single-stock perpetual futures on 50-60 US stocks
- Perpetual futures contracts offer 24/5 exposure without owning underlying shares and never expire
- The product already operates outside the US; approval would expand access to US persons
Perpetual futures differ from traditional futures contracts in that they do not expire. This structure allows traders to maintain positions indefinitely, funding them through periodic settlement mechanisms rather than contract expiration dates. Coinbase plans to initially offer perpetual futures tied to roughly 50 to 60 stocks, including Apple, Microsoft, Tesla, and Nvidia.
The proposed contracts are classified by the CFTC as single-stock futures and remain pending regulatory approval. Separately, Coinbase Derivatives filed a Form 1-N with the Securities and Exchange Commission on Sept. 1 to register as a national securities exchange for the purpose of offering security futures.
Existing offshore product
Coinbase isn't new to the space. Coinbase already offers stock perpetual futures to eligible traders outside the United States, having launched the product in March with contracts tracking major US stocks and indexes, including Apple and Nvidia. The company said the products were unavailable to US persons but that it was working to expand the offering to additional regions.
The filing signals Coinbase's push to bring derivatives infrastructure—long established in crypto markets—into traditional equity trading. If approved, the products would offer US retail traders a new way to gain leveraged exposure to major stocks without taking ownership of shares.
