Coinbase files to list first single stock perpetual futures in the US
The crypto exchange wants to bring 24/7 leveraged stock trading to American investors, blurring the line between Wall Street and crypto markets
Coinbase just filed SEC registration notices to offer something that has never existed in the US market: single stock perpetual futures. The filings, submitted on September 1 through two entities, Coinbase Derivatives and Coinbase Financial Markets, represent the exchange’s boldest move yet to merge traditional equity trading with the always-on mechanics of crypto markets.
The company announced the filings on X on September 3, noting it will next seek CFTC approval before any trading can actually begin. Investors liked the sound of it. COIN shares jumped roughly 10% on the news.
What perpetual futures actually are, and why they matter
Perpetual futures are a financial instrument born in crypto markets that let traders take leveraged long or short positions on an asset without ever owning it. Unlike traditional futures contracts, they never expire, meaning there’s no rolling from one contract month to the next. Think of them as a way to bet on a stock’s price movement 24 hours a day, 7 days a week, with borrowed money, without ever touching the actual shares.
Coinbase already tested this internationally
This isn’t a theoretical product for Coinbase. The exchange launched perpetual futures for non-US customers on March 20, covering major names like Apple, Microsoft, and Nvidia, along with select ETFs. Those international contracts settle in USDC, the dollar-pegged stablecoin, and offer leverage of up to 10 times on single stocks.
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For the US launch, Coinbase hasn’t disclosed which specific stocks will be available, what leverage limits will look like, or when trading might actually begin. The filings are a necessary first step, but CFTC approval remains the real gate. Security futures in the US fall under joint SEC-CFTC jurisdiction, a dual-regulator setup that has historically made product innovation in this space slow and cumbersome.
Coinbase has also been building out its broader derivatives business domestically. The exchange already offers US-regulated perpetual-style equity index futures, so single stock perps represent a natural extension of that product line rather than a leap into completely unfamiliar territory.