Coinbase Files for U.S. Stock Perpetual Futures With CFTC Approval

• Coinbase filed with the CFTC to launch cash-settled perpetual futures tied to more than 50 U.S. stocks.
• Apple, Microsoft, Tesla and Nvidia are among the companies referenced, with Apple serving as the representative contract.
• The products would offer leveraged stock exposure without ownership rights, dividends or voting rights, pending regulatory approval.

Coinbase Derivatives has filed with the CFTC to launch cash-settled perpetual futures tied to U.S.-listed stocks and ETFs. The proposed contracts would target U.S. traders, subject to CFTC and other required approvals. Apple would serve as the representative contract, extending Coinbase’s perpetual futures offering beyond crypto assets.

https://twitter.com/coinbase/status/2100933683888656883?s=20

Coinbase Targets Individual U.S. Stocks

The proposed contracts would give traders 24/5 exposure to individual stocks without owning the shares. Unlike traditional futures, perpetual futures have no fixed expiration date. Coinbase’s filing classifies the contracts as single-stock futures. 

The products would fall under joint CFTC and SEC jurisdiction as security futures products. Coinbase plans to offer contracts tied to more than 50 stocks. Apple, Microsoft, Tesla and Nvidia are among the companies mentioned. The company could introduce the contracts later this year if regulators approve the proposal.

New Products Extend Coinbase Derivatives

The contracts would let traders speculate on stock prices through derivatives rather than direct share ownership. Funding payments generally help keep perpetual futures aligned with their assets. Traders could use leverage, increasing exposure and liquidation risks. 

However, perpetual futures holders would not receive voting rights or dividends from underlying companies. Coinbase already offers equity perpetual futures to eligible users outside the United States. 

It launched those products in March, covering major U.S. stocks and indexes, including Apple and Nvidia. Meanwhile, Coinbase Derivatives filed Form 1-N with the SEC on Sept. 1.

U.S. Approval Separates Perps From Tokenized Stocks

The SEC filing sought registration as a national securities exchange for offering security futures. Coinbase’s latest CFTC filing seeks access to the U.S. market. The proposed products differ from tokenized stocks under the SEC’s new framework. 

Tokenized securities represent underlying shares and can provide shareholder rights. Perpetual futures instead track stock prices through derivative contracts. Meanwhile, other platforms have explored stock-linked perpetual futures.

Crypto.com and Kalshi have pursued similar products through different regulatory routes. Offshore platforms, including Hyperliquid, already offer comparable stock-linked contracts. Coinbase’s proposal would bring its equity perpetual futures into the U.S. regulatory framework if approvals are granted.