Coinbase Derivatives has filed with the Commodity Futures Trading Commission (CFTC) to launch cash-settled perpetual futures tied to U.S.-listed stocks and exchange-traded funds, a step that would extend the company's derivatives offering beyond crypto assets and into the U.S. equity market. Perpetual futures are a contract format popularized in cryptocurrency markets, and the filing would apply that structure to traditional securities.

The proposed contracts would target U.S. traders and cover more than 50 individual stocks, with Apple serving as the representative contract. Microsoft, Tesla and Nvidia are also among the companies referenced, and contracts tied to exchange-traded funds are part of the proposal as well. The filing appears on the CFTC's website. The products remain subject to CFTC and other required approvals, and Coinbase could introduce the contracts later this year if regulators clear the proposal.

Single-Stock Futures Under Joint Oversight

The filing classifies the contracts as single-stock futures, which would place them under the joint jurisdiction of the CFTC and the Securities and Exchange Commission (SEC) as security futures products. Traders would gain 24/5 exposure to individual stocks without owning the underlying shares, a schedule that runs beyond the standard daytime sessions of U.S. stock exchanges. Unlike traditional futures, perpetual futures carry no fixed expiration date.

Leverage Without Shareholder Rights

The contracts would let traders speculate on stock prices through derivatives rather than direct share ownership. Funding payments, a mechanism drawn from cryptocurrency perpetual futures markets, generally help keep perpetual futures aligned with their underlying assets. Traders could also use leverage, which increases both exposure and liquidation risk.

Holders of the perpetual futures would not receive dividends or voting rights from the underlying companies.

Coinbase already offers equity perpetual futures to eligible users outside the United States. That international lineup launched in March and covers major U.S. stocks and indexes, including Apple and Nvidia.

Parallel SEC Filing

The CFTC filing follows a separate regulatory step by Coinbase Derivatives, which filed Form 1-N with the SEC on Sept. 1 seeking registration as a national securities exchange for offering security futures. The latest CFTC filing seeks access to the U.S. market for the products themselves.

The proposed futures differ from tokenized stocks under the SEC's new framework. Tokenized securities represent underlying shares and can provide shareholder rights, whereas perpetual futures track stock prices through derivative contracts.

Competitive Landscape

Other platforms have explored stock-linked perpetual futures as well. Crypto.com and Kalshi have pursued similar products through different regulatory routes, while offshore platforms, including Hyperliquid, already offer comparable stock-linked contracts.

If approvals are granted, Coinbase's proposal would bring its equity perpetual futures within the U.S. regulatory framework.