Coinbase Derivatives has filed a proposed framework for perpetual futures tied to individual US stocks and exchange-traded funds with the Commodity Futures Trading Commission, though the contracts remain subject to regulatory approval.
According to an SEC notice published September 18, the CFTC had not approved the submission as of that date. The CFTC product register listed the Single Stock Perpetual Futures Contract as "Approval Pending" when checked September 22.
How the Contracts Would Work
The proposed cash-settled futures would offer traders price exposure to underlying securities without requiring share ownership or delivery. Traders would not become shareholders and would not receive shareholder rights through these contracts.
The framework covers perpetual futures—contracts with no fixed expiration date—on individual equity securities and ETF shares. Gains and losses would be resolved through cash payments rather than physical delivery of the underlying assets.
Operational Details
According to the filing, proposed trading hours would run from Sunday at 8 p.m. Eastern through Friday at 5 p.m. Eastern, subject to holiday closures, maintenance windows, and regulatory halts.
Open positions would be subject to funding payments, with terms varying by product. The framework does not establish a universal funding rate or interval across all contracts; instead, product-specific appendices would specify funding methodology, payment mechanics, and operational timing.
Until the CFTC completes its regulatory review and Coinbase provides final contract-specific terms, the filing does not establish a product launch or current availability for traders.
