Coinbase files to bring single-stock perpetual futures to the U.S. regulated market
The U.S. regulatory door for perpetual futures is opening wider than crypto alone. Coinbase Global (NASDAQ: COIN) filed a Form 1-N with the Securities and Exchange Commission earlier this month, seeking to register Coinbase…
Key takeaways
- Coinbase filed a Form 1-N with the SEC earlier this month to register Coinbase Derivatives as a national securities exchange for security futures products.
- If approved, the exchange plans to list perpetual futures tied to roughly 50 to 60 large-cap U.S. stocks, including Apple, Microsoft, Tesla and Nvidia, with trading potentially starting later this year.
- Perpetual futures have no expiration date, letting traders hold leveraged positions indefinitely, which structurally distinguishes them from dated futures or standard equity options.
- The CFTC's May 29 approval of a Kalshi bitcoin perpetual futures contract first opened the U.S. market to the product class, and Kalshi is also pursuing single-stock perps.
- COIN shares were trading at $188.17, up 8.16% on the day.
The U.S. regulatory door for perpetual futures is opening wider than crypto alone. Coinbase Global (NASDAQ: COIN) filed a Form 1-N with the Securities and Exchange Commission earlier this month, seeking to register Coinbase Derivatives as a national securities exchange for security futures products. If approved, the exchange plans to list perpetual futures tied to roughly 50 to 60 large-cap U.S. stocks, including Apple, Microsoft, Tesla and Nvidia, according to The Wall Street Journal, with trading potentially starting later this year.
Perpetual futures carry no expiration date. Traders hold positions indefinitely, and leverage amplifies both gains and losses, distinguishing the product structurally from dated futures contracts or standard equity options. The offshore and decentralized world discovered the demand first: Hyperliquid already allows traders to take leveraged positions linked to major U.S. companies, and single-stock perps have built a measurable following on those platforms before any regulated domestic venue existed.
Coinbase's prior read on international demand
Coinbase launched stock perps for eligible customers outside the United States in March, giving the exchange international exposure to the product before approaching domestic regulators. The company has continued building cross-border reach: earlier this month it added regulated crypto derivatives for eligible Canadian traders, covering 23 crypto futures across assets including Bitcoin (CRYPTO: BTC), Ether (CRYPTO: ETH) and Solana (CRYPTO: SOL), alongside futures for gold, silver, oil and the COIN50 index.
The regulatory opening
Against the backdrop of the Commodity Futures Trading Commission's May 29 approval of a bitcoin perpetual futures contract submitted by Kalshi, the U.S. market opened to the product class for the first time. The CFTC stated that market participants could seek approval for other perpetual products, a signal the industry moved on quickly. Kalshi is also pursuing single-stock perpetual futures in the U.S. regulated market, putting at least two platforms in a parallel filing posture.
COIN shares were trading at $188.17, up 8.16% on the day. The SEC's response to Coinbase's Form 1-N will determine whether a product that has until now lived primarily on offshore platforms finds its first regulated domestic home.
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