Coinbase has filed two regulatory notices with the Securities and Exchange Commission (SEC) to offer single-stock perpetual futures to U.S. traders, marking a formal push into equity derivatives for domestic investors.
On September 1, Coinbase Derivatives filed Form 1-N to register as a security futures exchange, while Coinbase Financial Markets submitted Form BD-N to register as a limited-purpose security futures broker-dealer. The company's stock price rose 10.14% to $192.70 following the announcement.
The filings represent the first formal attempt to bring the product onshore after Coinbase launched stock perpetual futures for non-U.S. customers on March 20, with contracts on Apple, Nvidia, Tesla, and other major companies, plus ETF tracking contracts for SPY and QQQ.
Regulatory Path Forward
Approval from the Commodity Futures Trading Commission (CFTC) is still required before any U.S. customer can trade these contracts. Coinbase chief policy officer Faryar Shirzad stated that coordination between the SEC and CFTC is essential for the product launch.
Coinbase already operates CFTC-regulated perpetual-style crypto futures for U.S. customers, establishing existing infrastructure for funding-rate contracts. The regulatory question ahead centers on whether the CFTC will accept 10x leverage on individual equities or impose tighter limits.
Product Details
Perpetual futures are derivative contracts with no expiry date. Funding rates paid between long and short positions keep contract prices aligned with underlying assets, allowing traders to hold leveraged exposure indefinitely without owning shares.
Coinbase's international model operates 24/7 with settlements in USDC stablecoin. The company plans to replicate this structure for U.S. customers if approved.
Broader Strategy
The filing aligns with Coinbase's broader derivatives expansion, supported by its $2.9 billion acquisition of Deribit. CEO Brian Armstrong previously described the platform goal as offering one account for everything you trade, settled instantly, open 24/7.
Other platforms are pursuing similar onshore derivative products, including Hyperliquid, which is seeking U.S. entry through a partnership with Payward.
