Coinbase Files CFTC Approval for Single-Stock Perpetual Futures
In brief
- Coinbase filed with the CFTC Friday to list single-stock perpetual futures for U.S. traders
- Single-stock perps would offer 24/5 leveraged exposure to Apple, Tesla, Nvidia without ownership
- Coinbase already offers stock perps internationally and crypto perps with up to 50x leverage
What Are Single-Stock Perpetuals?
Perpetual futures are derivatives contracts that track an asset's price but carry no expiration date. Unlike traditional options or futures, perps allow traders to hold leveraged positions indefinitely (as long as they maintain margin). Holding a single-stock perpetual would confer no shareholder rights, dividends or ownership, only price exposure.
The contracts have long been a staple of crypto markets but have been off-limits to U.S. traders in most forms until recently. Coinbase became the first U.S. exchange cleared to offer regulated crypto perpetual futures earlier this year, later rolling out contracts with leverage up to 50x.
Coinbase's Expansion Into Equities
The filing, submitted Friday through Coinbase Derivatives, marks the exchange's push to extend perps beyond crypto. Coinbase plans to launch roughly 50 to 60 contracts, including Apple, Microsoft, Tesla and Nvidia, potentially later this year if regulators sign off.
The company already offers stock perps to eligible non-U.S. traders, having launched that product in March. Expanding to U.S. customers would represent a significant step into traditional equity derivatives.
Regulatory Landscape Shifting
The CFTC has begun opening doors to new derivatives products. The CFTC approved Bitcoin perpetual futures for Kalshi, which has since expanded into commodities like copper. Polymarket has moved toward crypto perpetual futures of its own.
Contract specifications and leverage limits for single-stock perpetuals were not fully detailed in the filing, leaving key questions about risk parameters unresolved until regulators review the submission.
