TLDR
Coinbase and other crypto venues are moving to offer perpetual futures on individual US stocks, importing a core crypto derivatives product into regulated equity markets.
- Coinbase has filed with US regulators to list over 50 single stock perpetual futures, while Crypto.com and Kraken are pursuing similar stock linked derivatives.
- These contracts would let traders take leveraged long or short positions on major stocks with 24/5 trading and no expiry, using crypto style funding mechanisms to track prices.
- None of the stock perpetuals are live yet, so the next key step is how the CFTC and SEC set guardrails around leverage, access, and market structure.
Deep Dive
1. Who Is Filing And For What
Coinbase Derivatives has asked the CFTC to approve a suite of cash settled single stock perpetual futures, initially targeting roughly 50 to 60 names such as Apple, Microsoft, Tesla and Nvidia, after first registering with the SEC as a security futures exchange through Form 1 N. This is documented in the CFTC focused Coinbase filing coverage.
Crypto.coms US derivatives venue OG.com (Nadex) has completed SEC registration to offer single stock futures and says it is working with both the SEC and CFTC on single stock perpetuals for US traders, according to its OG.com registration update.
Separately, Payward, the parent of Kraken, has filed to launch single stock perpetual futures on a regulated US venue, initially covering 10 equities with 24/5 trading, as reported in Krakens Payward filing.
2. How Stock Perpetual Futures Work
Perpetual futures are derivatives that track an underlying asset price without a fixed expiry date. Traders keep positions open as long as margin and funding payments are met.
Single stock perpetuals tie that structure to individual shares. A trader can go long or short on a stocks price with leverage, but does not receive voting rights, dividends, or ownership. Funding rates, where longs periodically pay shorts or vice versa, are used to keep the perp price close to spot, mirroring the design that has dominated crypto derivatives markets for years.
Because these are classified as security futures, US versions sit under joint SEC and CFTC oversight, unlike many offshore crypto only perpetuals.
3. Market Impact And What To Watch
If approved, regulated stock perpetuals would give US traders crypto like leverage and almost round the clock access to equity price movements on the same platforms where they already trade Bitcoin and Ether derivatives. That tightens the link between equity and crypto risk taking and could make cross market volatility transmission faster.
Key variables still unknown are leverage limits, position caps, funding rate formulas, and which investors will be eligible in each venue. Regulatory review will determine whether these products remain niche tools for sophisticated traders or expand into broader retail use.
For crypto users, stock perpetuals could turn major exchanges into multi asset leverage hubs, making it important to track how much risk and funding cost you take on across both crypto and equity books.
Conclusion
The move by Coinbase, Crypto.com, Kraken and others toward stock perpetual futures signals a deeper convergence between crypto derivatives and traditional equities. The products are not live yet, but if regulators allow them in a robust framework, US traders could gain new ways to express equity views with crypto style leverage and schedules, alongside higher complexity and risk that will need careful monitoring.
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