Coinbase Files Application for Single-Stock Perpetual Futures

Coinbase Derivatives has submitted an application to the Commodity Futures Trading Commission (CFTC) to list single-stock perpetual futures in the United States. This initiative, following Coinbase Files with the CFTC, aims to introduce a popular cryptocurrency trading instrument to individual equities.

The proposed perpetual futures contracts would track an asset's price without an expiration date. Coinbase intends to offer approximately 50 to 60 such contracts, including those for major companies like Apple, Microsoft, Tesla, and Nvidia, pending regulatory approval.

Perpetual futures allow traders to maintain positions indefinitely, provided they meet margin and funding requirements. While these instruments have been a staple in crypto markets, their availability to U.S. traders has been limited until recently.

Coinbase has already introduced stock perpetuals to eligible non-U.S. traders, launching that product in March. This development is part of Coinbase's broader effort to expand its onshore derivatives offerings and provide 24/5 exposure to individual equities.

This filing by Coinbase contributes to an ongoing trend of bringing perpetual futures onshore in the U.S. The CFTC previously approved Bitcoin perpetual futures for Kalshi, which has since broadened its offerings to include commodities. Polymarket has also moved to introduce its own crypto perpetual futures.

It is important to note that holding a single-stock perpetual would provide price exposure only, without conferring shareholder rights, dividends, or ownership. The full specifications and leverage limits for these contracts have not yet been detailed, and regulatory clearance is a prerequisite before trading can commence.