Coinbase Derivatives and Payward, the parent company of Kraken, are seeking to offer single-stock perpetual futures to U.S. traders. At the same time, Binance is extending the no-expiry derivatives structure to foreign exchange markets that trade around the clock. Perpetuals, a contract format popularized in cryptocurrency markets, are spreading into traditional asset classes as exchanges push to keep trading open beyond conventional market hours.

Coinbase Derivatives submitted its equity perpetual contracts to the Commodity Futures Trading Commission (CFTC) on September 18. The filing remains pending approval. The cash-settled contracts would reference highly liquid U.S.-listed stocks and exchange-traded funds and would trade from Sunday at 8 p.m. ET through Friday at 5 p.m. ET — a window that reaches well beyond the weekday hours of the regular U.S. equity session.

Unlike dated futures, perpetual contracts do not have a scheduled expiration. Coinbase’s proposed contracts would use an hourly funding mechanism to transfer payments between long and short positions, helping keep the perpetual price aligned with the underlying stock. The funding rate would be capped at plus or minus 0.10% per hour, limiting how far it can move in either direction within a single hour.

Kraken Targets 10 Equities for Its Initial Perpetuals

Payward has separately filed plans to bring single-stock perpetuals to Kraken. The initial group would include 10 equities: Tesla, SpaceX, Nvidia, Broadcom, Micron, Apple, Microsoft, Amazon, Alphabet and Palantir.

The company is also working toward 24/5 trading, which would extend access beyond regular U.S. equity-market hours. The products remain subject to the applicable regulatory process, and no launch date has been announced.

Payward’s stock-perpetual initiative follows its plan to offer regulated onchain perpetual markets to U.S. customers through its Bitnomial derivatives infrastructure and Hyperliquid’s HIP-3 framework. Together, the moves show the no-expiry format advancing across regulated U.S. venues and global crypto exchanges at the same time.

The filings came one day after the SEC created a five-year exemption for tokenized-stock trading. Under the temporary regulatory framework, qualifying permissioned automated market makers and liquidity pools can trade tokenized NMS stocks.

Coinbase has already introduced perpetual structures to U.S. traditional markets through equity index futures. The new filing would extend that model directly to individual stocks.

Binance Adds Foreign Exchange Perpetuals

Binance is pursuing a parallel expansion outside the United States with a new foreign exchange perpetual category. Its first contract, USDBRLUSDT, is scheduled to begin trading on September 21 at 14:00 UTC.

The USD/Brazilian real perpetual will settle in USDT, trade 24/7 and offer maximum leverage of 100x. Funding will settle every eight hours, with the rate capped at plus or minus 0.375%.

From Sunday at 5 p.m. ET through Friday at 5 p.m. ET, Binance will use conventional external FX pricing. During weekends and public holidays, when liquidity in the underlying foreign exchange market is thinner, pricing will switch to an exponentially weighted moving average derived from Binance’s own order book, covering the periods when conventional FX pricing is unavailable.

“With Binance’s deep liquidity and global user base, we’re well positioned to extend continuous price discovery into the gaps that traditional FX cannot cover,” exchange and trading head Shunyet Jan said.

Binance has already developed a TradFi perpetual market covering equities, commodities and pre-IPO assets. USDBRLUSDT will add currencies to that lineup when trading begins on September 21, while the proposed Coinbase and Kraken stock contracts remain in the U.S. regulatory process, where approval remains the gating step for a U.S. launch.

Source: Crypto Adventure