Coinbase has added four US-listed stocks to its equity perpetual futures lineup, extending the exchange's move beyond crypto trading into leveraged derivatives tied to traditional equities. The new contracts track Bitmine Immersion Technologies (BMNR), Western Digital (WDC), Rocket Lab (RKLB) and Applied Optoelectronics (AAOI).
Trading opened on November 12, 2026, at 12:00 PM UTC.
The four new markets
- BMNR — Bitmine Immersion Technologies, a blockchain-focused company and the closest fit to Coinbase's crypto-native audience.
- WDC — Western Digital, which operates in data storage.
- RKLB — Rocket Lab, a space launch company.
- AAOI — Applied Optoelectronics, established in fiber optics.
Three of the four come from traditional technology sectors, marking a departure from Coinbase's earlier equity perpetual offerings, which were tied to the so-called Magnificent 7 cluster of large-cap technology names.
How the contracts work
A perpetual future is a derivative contract with no expiry date, meaning a position does not have to be closed on a fixed calendar day.
- Settlement: The contracts settle in USDC, the dollar-pegged stablecoin, with settlement occurring daily at 08:00 UTC.
- Leverage: Retail users can access up to 5x, while institutional users can reach up to 10x. At 5x, a 10% move in the underlying stock equates to roughly a 50% swing on the trader's posted collateral.
- Trading hours: The markets trade 24/7, unlike traditional stock exchanges that close in the evening and on weekends.
- Ownership: Because the contracts are derivatives, holders do not own the underlying shares, so there are no dividends and no voting rights.
Why Coinbase is expanding the lineup
The launch follows recent regulatory clarity from the Commodity Futures Trading Commission on equity perpetual futures in the US. It also fits Coinbase's stated ambition to become an "everything exchange," offering crypto, stocks and derivatives through a single platform and account.
What the contracts offer traders
For retail traders, the main draw is access outside normal market hours. A perpetual contract allows traders to react to news, such as a Rocket Lab launch over a weekend, before the Monday opening bell.
For institutions, the 10x leverage ceiling and USDC settlement could support hedging and positioning. A desk already holding stablecoins can express a view on Western Digital without moving funds into a traditional brokerage account.
