Major Exchange seeks approval for stock perpetuals

TLDR

Coinbase and other crypto-first venues are seeking US approval to offer perpetual futures on individual stocks, bringing a core crypto derivative into regulated equity markets.

1. Coinbase has filed with US regulators to list more than 50 single stock perpetual futures, with Kraken and Crypto.com pursuing similar equity linked products for US traders.
2. These stock perpetuals would offer 24/5, leveraged exposure to big name equities using crypto style funding rates, but with security futures style regulation and risk controls.
3. Actual launch timing depends on CFTC and SEC decisions on product approval, leverage limits, user eligibility, and how these new contracts fit alongside existing crypto and stock markets.

Deep Dive

1. Who Is Filing And For What

Coinbase Derivatives has filed with the CFTC to list single stock perpetual futures in the US and has also filed Form 1 N with the SEC to register as a security futures exchange, initially targeting 50 to 60 large cap US stocks like Apple, Microsoft, Tesla and Nvidia, according to multiple reports and a Coinbase announcement.

These proposed contracts would be cash settled perpetuals on individual equities, classified as security futures and currently sitting in an approval pending status with regulators.

Other major players are moving too. Krakens parent company Payward has filed to offer single stock perpetual futures for US traders via its Bitnomial infrastructure, starting with around 10 stocks and 24 by 5 trading, while Crypto.coms Nadex platform has completed SEC notice registration for stock security futures and is working with regulators on single stock perpetual products.

2. How Stock Perpetuals Work And Why They Matter

Perpetual futures are derivatives with no expiry date that use recurring funding payments between longs and shorts to keep the contract price close to the underlying asset, a model that became standard in crypto markets.

In the stock context, the proposed contracts would be cash settled security futures that let traders take leveraged long or short exposure to individual names without owning shares, voting rights, or dividends, typically trading 24 hours a day from Monday to Friday instead of regular cash equity hours.

For crypto users, this effectively takes the mechanics of Bitcoin or ETH perps and applies them to equities onshore, which could make it easier to run cross asset strategies that link stock and crypto positions on the same derivatives venue, but it also imports the familiar liquidation and funding rate risks into equities.

3. Regulation, Risks, And What To Watch Next

Because these contracts are security futures, they sit under joint CFTC and SEC oversight, meaning exchanges need both security futures exchange registration and specific product approvals before any US customer can trade them.

Key open variables are leverage caps, margin methodology, eligible user categories, and how regulators enforce position limits and risk controls compared with offshore single stock perps that already run on platforms like Hyperliquid.

You should watch three things: whether the CFTC and SEC approve the first wave of contracts and under what conditions, how quickly volume migrates from offshore and DeFi style equity perps, and whether this regulatory template is later extended or adapted to crypto perpetuals and tokenized stocks.

Confidence: high because multiple detailed regulatory filings and consistent media reports describe the same set of planned products and status.

Conclusion

Regulated stock perpetuals are an attempt to export a successful crypto derivatives format into US equity markets, with Coinbase, Kraken, and Crypto.com all vying to be early movers.

If regulators sign off, these products could tighten the links between crypto and traditional markets by letting traders run similar perp strategies across both asset classes, but they will also test how much leverage and around the clock trading US regulators are willing to allow in equities.