Coinbase Files for US Single-Stock Perpetual Futures
Coinbase is seeking to bring perpetual futures linked to individual U.S. stocks to its domestic derivatives market. Through Coinbase Derivatives, the company filed with the Commodity Futures Trading Commission (CFTC) on September 18 to list a product called the Single Stock Perpetual Futures Contract.
The CFTC currently lists the product as a Security Futures Product under the single-stock futures category, with its status shown as “Approval Pending (45).” The filing is therefore a regulatory proposal rather than an approved product at this stage.
CFTC filing
Perpetual futures are derivatives that do not have a fixed expiration date. Instead of purchasing the underlying shares, traders obtain exposure through a futures contract. Coinbase is seeking to apply this structure to individual equities, extending a product format that has already become widely used in crypto derivatives markets.
Proposed Contracts Could Cover Dozens of Stocks
The filing provides a more detailed picture of the equities Coinbase Derivatives currently plans to support. Its SEC Form 1-N says the exchange intends to list cash-settled security futures on individual equity securities, which may include exchange-traded fund securities.
Coinbase Derivatives Form 1-N
The filing's proposed list includes major companies such as Apple, Microsoft, Nvidia, Tesla, Alphabet, Amazon, Meta, Netflix, Oracle, Palantir and JPMorgan Chase, along with other large U.S. companies and ETFs. The document also includes the SPDR S&P 500 ETF Trust among the proposed securities.
The Wall Street Journal reported that Coinbase initially plans to offer perpetual futures tied to roughly 50 to 60 stocks, including Apple, Microsoft, Tesla and Nvidia. That figure is consistent with the broad list included in Coinbase Derivatives' regulatory filing, although the final product lineup remains subject to the applicable regulatory process.
Coinbase Is Building a US Regulatory Framework
The CFTC filing follows another regulatory step taken earlier this month. On September 1, 2026, Coinbase Derivatives submitted Form 1-N to the Securities and Exchange Commission to register as a national securities exchange for the purpose of trading security futures products. The filing states that Coinbase Derivatives is seeking registration specifically for security futures and proposes cash-settled contracts on individual equities and potentially ETFs.
The filing also explains that Coinbase Derivatives already operates as a CFTC-designated contract market and currently lists futures and perpetual-style futures under that authority. The proposed security futures would be subject to additional security-futures rules, including requirements covering listing standards, settlement, position limits and coordinated trading halts.
This distinction is important because Coinbase is not simply adding stock contracts to its existing crypto derivatives lineup. The proposed products fall under the regulatory framework for security futures, requiring coordination between the relevant U.S. derivatives and securities regulatory regimes.
Coinbase Already Offers Stock Perpetuals Outside the US
The proposed U.S. products build on Coinbase's existing international stock-perpetual offering. Coinbase launched stock perpetual futures for eligible customers outside the United States earlier in 2026.
According to Coinbase, its international stock perpetual futures provide 24/7 trading, including weekends, and offer leverage of up to 10x on individual stocks and up to 20x on ETF perpetuals. The products use USDC settlement and can be cross-margined with other eligible perpetual futures and spot positions.
Coinbase stock perpetual futures
Coinbase also states that these international stock perpetuals are available to eligible retail and institutional traders through Coinbase International Exchange, but are not available to U.S. persons and may be restricted in other jurisdictions. The company has said it is working to expand the product into additional regions.
What Perpetual Futures Mean for Stock Traders
A perpetual future gives a trader price exposure to an asset without requiring direct ownership of that asset. Unlike a conventional futures contract, a perpetual contract does not expire on a predetermined date.
For a stock-linked perpetual, this means a trader could potentially take a long or short position on the price of an individual equity through a derivatives contract rather than purchasing the underlying shares. The proposed Coinbase contracts are described in the SEC filing as cash-settled security futures, meaning the contract would settle financially rather than through delivery of the underlying stock.
The structure could also extend trading hours beyond those of traditional U.S. equity markets. Coinbase's international product already operates continuously, including weekends, while the company's proposed U.S. offering is being developed within the regulatory framework applicable to security futures.
Approval Is Still Pending
Despite the regulatory filings, Coinbase's U.S. single-stock perpetual futures are not yet approved. The CFTC's public listing currently identifies the Single Stock Perpetual Futures Contract as Approval Pending (45) with a September 18, 2026 filing date.
The SEC filing is another part of Coinbase's effort to establish the regulatory infrastructure required to offer security futures. The Form 1-N states that the proposed products will require applicable listing standards and terms and conditions to be filed with the SEC under Section 19(b)(7) of the Exchange Act.
As a result, the proposed launch remains dependent on the relevant regulatory processes. Coinbase has already established an international stock-perpetual product, but bringing similar contracts to U.S. traders requires the additional approvals and registrations outlined in its filings.
Coinbase Expands Its Derivatives Push
The proposed single-stock perpetual futures represent another step in Coinbase's expansion of regulated derivatives products. The company already offers perpetual-style futures linked to crypto assets through its CFTC-regulated derivatives operation, while its international platform has extended the perpetual structure to traditional stocks.
The U.S. proposal would take that model into the domestic equity market through cash-settled security futures. If approved, the contracts would give eligible U.S. traders access to perpetual-style exposure to a broad selection of individual equities through a regulated derivatives framework.
For now, however, the key development is the filing itself: Coinbase has formally entered the U.S. regulatory process for single-stock perpetual futures, and the CFTC continues to show the proposed product as pending approval.
