Coinbase Files to Bring Single-Stock Perpetual Futures to US Market

Coinbase’s Filing and Product Characteristics

On Friday, Coinbase Derivatives submitted an application to the CFTC to register single-stock perpetual futures contracts. Unlike traditional futures, these contracts have no expiration date, allowing US traders to gain exposure to individual stocks without owning them.

Coinbase described these offerings as an extension of its already existing US perpetual futures market, adapting the structure to individual US equities. The filing is currently pending regulatory approval.

Planned Stock Coverage and Regulatory Context

According to The Wall Street Journal, Coinbase aims to initially offer perpetual futures linked to approximately 50 to 60 stocks, including giants like Apple, Microsoft, Tesla, and Nvidia.

This filing follows Coinbase Derivatives’ earlier submission on September 1 to the US Securities and Exchange Commission (SEC) via Form 1-N to register as a national securities exchange, enabling it to offer security futures.

Collectively, these steps indicate Coinbase’s strategy to enter the regulated US derivatives market with innovative products.

Coinbase’s Experience with Stock Perpetual Futures Outside the US

Earlier this year in March, Coinbase launched stock perpetual futures for eligible traders outside the United States, offering contracts tied to major US stocks and indexes such as Apple and Nvidia.

At that time, Coinbase noted these products were unavailable to US persons but emphasized ongoing work to expand to additional jurisdictions.

The recent filing with the CFTC may therefore mark an initial move toward bringing these offerings to US investors.