Coinbase has moved to import one of crypto's most popular trading instruments into the U.S. stock market, filing with federal regulators to list single-stock perpetual futures on individual American equities.

The filing, submitted Friday through Coinbase Derivatives, seeks approval from the Commodity Futures Trading Commission (CFTC) for contracts that would give U.S. traders leveraged exposure to individual stocks without owning the underlying shares. The CFTC's public listing shows the product, classified as a single-stock future, as approval pending.

Coinbase said it filed for its "first set" of U.S. single-stock perpetuals, aiming to offer 24/5 exposure to individual equities — in other words, continuous access across weekday trading sessions. That would reach well beyond the regular U.S. equity session, which runs from 9:30 a.m. to 4:00 p.m. ET on weekdays on exchanges such as the New York Stock Exchange and Nasdaq.

Perpetual futures, or "perps," are derivatives contracts that track an asset's price but carry no expiration date, allowing traders to hold positions indefinitely as long as they meet margin and funding requirements. Periodic funding payments exchanged between long and short position holders are what keep perp prices tethered to the underlying asset, taking the place of the fixed settlement date built into a conventional futures contract. Long a staple of crypto markets, where they account for a large share of trading volume, perps have been off-limits to U.S. traders in most forms until recently.

The Wall Street Journal reported that Coinbase plans to launch roughly to 60 contracts at the outset, including ones tied to Apple, Microsoft, Tesla and Nvidia, with a potential rollout later this year if regulators sign off.

The filing extends a rapid build-out of Coinbase's onshore derivatives business. The company became the first U.S. exchange cleared to offer regulated crypto perpetual futures earlier this year, later rolling out contracts with leverage of up to 50x. It already offers stock perps to eligible non-U.S. traders, having launched that product in March. If cleared, the new contracts would bring a structure long concentrated in crypto venues — and, in Coinbase's case, offered offshore for equities — under a U.S. regulatory umbrella for individual American stocks.

The move lands amid a broader race to bring perpetual futures onshore. The CFTC approved Bitcoin perpetual futures for Kalshi, which has since expanded into commodities such as copper, while Polymarket has moved toward crypto perpetual futures of its own.

Holding a single-stock perpetual would confer no shareholder rights, dividends or ownership — only price exposure to the underlying stock. Contract specifications and leverage limits were not fully detailed in the filing, and the products still require regulatory clearance before trading can begin. The CFTC's review of the filing, along with fuller disclosure of contract specifications and leverage terms, are the key details to watch before U.S. traders can access the lineup.