Coinbase Files for Futures Contracts on U.S. Stocks

Coinbase aims to introduce one of the most popular crypto trading instruments to the U.S. stock market by filing for the listing of perpetual futures contracts for individual stocks with federal regulators.

In the filing submitted on Friday through Coinbase Derivatives, approval is sought from the Commodity Futures Trading Commission (CFTC) for contracts that would give U.S. traders exposure to individual stocks with leverage without owning those stocks. The listing with the CFTC indicates that the product, classified as a stock futures contract, is in the approval process. Coinbase stated that it has submitted a request for its ‘first set’ of U.S. perpetual stock contracts, aiming to offer 24/5 exposure to individual stocks.

Perpetual futures, or ‘perpetuals’, are derivative contracts that track the price of an asset but have no expiration date, allowing traders to hold positions indefinitely as long as they meet margin and funding requirements.

They have long been a main feature of the crypto market, but until recently, they were unavailable to U.S. traders in most forms. The Wall Street Journal reported that Coinbase plans to launch approximately 50 to 60 contracts, including Apple, Microsoft, Tesla, and Nvidia, potentially later this year if regulators approve.

This move extends Coinbase’s rapid expansion of its derivatives business in the U.S. The company became the first U.S. exchange to receive approval earlier this year to offer regulated crypto perpetual futures, and later introduced contracts with leverage up to 50x. It already offers stock transactions to eligible traders outside the U.S. after launching that product in March.

The filing comes amid a race to offer such types of products on the American continent. The CFTC has approved bitcoin perpetual futures contracts for Kalshi, which has since expanded to commodities like copper, while Polymarket has turned to its own crypto perpetual futures contracts.

Holding perpetual contracts on stocks would not grant shareholders any rights, dividends, or ownership, but only exposure to price. The specifications of the contracts and limits on financial leverage have not been fully detailed, and the products still require regulatory approval before trading can commence.