Coinbase targets stock with 50-plus perpetual futures bid
Coinbase has formally filed for regulatory approval in the United States to list over 50 single-stock perpetual futures contracts on its regulated derivatives exchange. This ambitious move, announced by the company on September 18, 2026, aims to provide 24/5 trading access to major US companies such as Nvidia, Microsoft, and Tesla, as Coinbase targets stock market expansion.
The proposed contracts would mark the nation’s inaugural offering of single-stock perpetual futures, allowing traders continuous exposure without a fixed expiration date. The initiative signals a significant expansion of Coinbase’s financial product offerings beyond its crypto-centric origins, venturing deeper into traditional equity markets.
Coinbase targets stock market with derivatives expansion
On September 18, 2026, Coinbase announced its formal submission of proposals for new derivatives contracts. These filings cover more than 50 major US stocks, bringing perpetual futures to companies like Nvidia, Microsoft, Tesla, and Apple.
The company declared, “Crypto was first, now it’s time for stocks,” highlighting its strategic shift. Unlike traditional futures, these perpetual contracts would have no set expiry, permitting positions to remain open indefinitely, provided margin rules are met.
Reports of Coinbase’s registration documents for equity perpetuals first surfaced on September 3, 2026. This followed Chief Policy Officer Faryar Shirzad’s public confirmation in early September of an SEC notice registration filed in late August 2026.
The proposed products offer 24-hour trading from Monday through Friday, extending well beyond conventional US stock market hours. This continuous access aims to cater to a broader range of traders seeking flexible market participation.
Navigating the US regulatory framework
The path to offering these innovative products hinges on securing approval from US regulators. Since the proposed products are classified as security futures, they fall under the joint oversight of both the US Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC).
Coinbase Derivatives, already a CFTC-designated contract market, has sought the CFTC’s approval for a suite of cash-settled perpetual futures. The CFTC docket currently lists Coinbase’s product as “Approval Pending (45),” underscoring the ongoing review process.
Regulatory considerations are complex. The SEC recently introduced a temporary Innovation Exemption on September 17, 2026. This allows qualifying Tokenized Securities Venues (TSVs) to facilitate trading in certain tokenized National Market System stocks under specific conditions, indicating a broader regulatory evolution.
This exemption, which will expire in five years, highlights regulators’ attempts to adapt to new financial technologies. Nasdaq also secured SEC approval in March to test tokenized stock trading, offering another route for blockchain-based systems in US equities.
However, Coinbase’s perpetual filing differs fundamentally. Its approach focuses on the derivatives side of the market rather than direct securities trading or ownership transfers. This distinction shapes the regulatory scrutiny applied to its application.
The regulatory landscape has also seen friction, with CME Group suing the CFTC in June over the regulator’s treatment of crypto perpetuals. They argued that these contracts should be regulated as swaps, not ordinary futures, adding another layer of complexity to the derivatives market.
Other platforms, including Crypto.com and Kalshi, are also pursuing similar product approvals. Kalshi, for instance, filed with the CFTC on August 18, 2026, for perpetuals on the MerQube U.S. Large Cap Index and on copper.
Understanding single-stock perpetuals and leverage
Single-stock perpetuals track the price of an individual company without granting direct ownership of its shares. Traders gain synthetic exposure to stock price movements through these derivatives, rather than becoming shareholders.
This means perpetual contract holders don’t receive voting rights, dividends, or other corporate benefits associated with equity ownership. Instead, they hold an agreement whose value fluctuates with the referenced stock, subject to the exchange’s terms.
A key feature of perpetual contracts is their funding payment mechanism. These regular payments help to keep the contract prices aligned with their underlying markets. Depending on market dynamics, long position holders might pay short sellers, or vice-versa.
Coinbase also plans to offer significant leverage, allowing customers to open positions far larger than their initial capital. Single-name stock perpetuals will launch with up to 10x maximum leverage, while equity index baskets could see up to 20x maximum leverage.
Leverage can amplify returns when trades move favorably, but it also magnifies losses, potentially leading to liquidation if collateral levels drop too low. Initial margin requirements are typically 10% for 10x leverage and 5% for 20x leverage.
The proposed stock perpetuals would be cross-margined alongside crypto perpetual futures on INTX. This allows a unified pool of eligible collateral, such as USDC and other approved assets, across a trader’s entire perpetual portfolio.
The 24/5 trading schedule presents unique pricing considerations. During regular weekday market hours, pricing will derive from direct equity market data. During weekends and specific off-hours, pricing will incorporate a self-referential internal index with tokenized-equity feeds to maintain a continuous market.
Coinbase has yet to disclose the full contract specifications or launch timetables for all products. However, it has confirmed single-name stock perpetuals will offer up to 10x maximum leverage, with equity index baskets up to 20x. Pricing during off-hours will also incorporate a self-referential internal index to maintain a continuous market.
Coinbase’s global derivatives strategy and market implications
This push into single-stock perpetuals is part of Coinbase’s broader strategy to diversify beyond its core cryptocurrency trading business. The exchange already runs a successful US perpetual futures market for crypto products.
The company has also been expanding its reach internationally. Since March 2026, Coinbase has offered stock perpetual futures to eligible customers outside the United States, including for Apple, Microsoft, Nvidia, and Amazon.
In the United Kingdom, Coinbase has rolled out 24/5 trading in US stocks for eligible customers. This UK service provides direct access to shares, a different offering from the derivatives proposed for the US market.
These international ventures demonstrate Coinbase’s ambition to integrate crypto and traditional financial products onto a single platform. Its current product range spans spot crypto trading, regulated derivatives, and prediction markets across various jurisdictions.
This global approach aims to build a comprehensive financial ecosystem. However, any international operations are separate from the proposed US single-stock perpetuals, which require distinct domestic regulatory clearance.
The proposed perpetuals would not provide that ownership model. Instead, they would give traders a leveraged contract settled under the exchange’s derivatives rules, leaving the underlying company’s shareholder register unchanged. This distinction is crucial, as the proposed perpetuals differ from tokenized equities, which in some models could represent ownership rights.
The move by Coinbase, a prominent crypto exchange, into traditional equity derivatives signals a growing convergence between digital assets and mainstream finance. Traders could gain unprecedented access and flexibility in managing exposure to top US companies.
This could attract a new demographic of investors to derivatives markets, particularly those familiar with crypto platforms. However, the inherent risks of leverage and the complexity of these instruments necessitate robust investor education and protective measures.
The proposed offerings could also increase liquidity in certain equities outside standard trading hours. As compliance alerts become more sophisticated for crypto exchanges, the regulatory environment may further evolve to accommodate these innovative products.
While the initial stock list includes highly liquid companies, Coinbase has not yet confirmed the full roster or launch sequence. The market eagerly awaits the final regulatory decisions and the potential launch of these groundbreaking contracts.