TLDR
Coinbase is seeking US approval to list perpetual futures tied to individual stocks, bringing a crypto style derivatives product into regulated equity markets.
- Coinbase Derivatives filed to launch more than 50 single stock perpetual futures, classified as security futures and still awaiting SEC and CFTC approval.
- The products would offer 24/5, leveraged exposure to big-name US stocks without ownership, using the same funding mechanics familiar from crypto perpetuals.
- Other venues like Crypto.coms Nadex and Kraken are pursuing similar stock futures and perps, so the key unknowns are regulatory treatment, access limits, and eventual launch timing.
Deep Dive
1. What Was Filed
Coinbase Derivatives has filed with both the SEC and CFTC to offer cash settled perpetual futures on individual US listed stocks and some ETFs. A CoinsKid community recap notes that Coinbase submitted Form 1 N to register as a security futures exchange and a related broker dealer notice, positioning the contracts as jointly overseen by the SEC and CFTC as security futures.
Separately, a CFTC docket described in a Defiant summary shows Coinbase seeking approval for a first set of single stock perpetuals that would trade 24 hours a day from Sunday evening to Friday, with hourly funding payments and central clearing via Nodal Clear. Other reports say the initial lineup targets 50 to 60 large cap names such as Apple, Microsoft, Tesla and Nvidia.
Nothing has launched yet; this is still a regulatory approval process, not live trading.
2. How Stock Perps Would Work
Perpetual futures are derivatives without an expiry date; traders can keep positions open as long as they meet margin and funding obligations. Coinbase already runs crypto perpetuals and plans to reuse that model for equities, including 24/5 trading and recurring funding payments to keep contract prices close to underlying stocks.
Coverage in TokenPost and crypto.news highlights that these contracts would be cash settled, give no voting rights or dividends, and allow leverage, which can amplify both gains and losses. Hourly or periodic funding would transfer small payments between longs and shorts depending on whether the perp trades above or below spot.
Functionally, this gives US traders a regulated way to use familiar crypto style perps mechanics on blue chip equities instead of tokens.
3. Competitive And Regulatory Context
Coinbase is not alone. Crypto.coms Nadex has registered with the SEC to trade security futures on 10 major stocks and is working with regulators on single stock perpetuals, as outlined in a Nadex focused update. Payward, Krakens parent, has also filed to launch single stock perps for US traders, building on its acquisition of Bitnomial, according to Crypto Briefing.
US regulators are still feeling out the framework. The SEC and CFTC have treated these instruments as security futures rather than unregulated swaps, and timelines are unclear. Access may initially be limited to qualified or margin approved traders, and leverage caps could be conservative compared with offshore venues.
The opportunity is a more integrated crypto plus equities derivatives stack, but users should assume staged rollouts, tight risk controls, and possible changes as regulators iterate.
Conclusion
Bringing single stock perpetual futures into the US rulebook is a significant step in blending crypto market structure with traditional equities. If Coinbase and its competitors secure approval, US traders could use familiar perp style tools on stocks in a regulated setting, but the key variables remain leverage limits, eligibility, and how quickly regulators are comfortable allowing these products to scale.
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