Coinbase Plans 50-Plus U.S. Stock Perpetuals
Coinbase Plans 50-Plus U.S. Stock Perpetuals
Anonymous
Key Points
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Coinbase described the proposed offering as the first single-stock perpetual-futures product in the United States, using the slogan: “Crypto was first, now it’s time for stocks.”
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The perpetual contracts would use recurring funding payments to keep their prices aligned with the underlying stocks; depending on market conditions, long-position holders could pay short sellers, or vice versa.
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Coinbase already offers perpetual futures linked to cryptocurrencies and certain equity indexes in the United States; the filing would expand that derivatives business to individual stocks.
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Crypto.com’s North American Derivatives Exchange registered with the SEC to offer security-futures products, with that registration becoming effective Sept. 14. CEO Kris Marszalek said the company is also working with the SEC and CFTC on single-stock perpetual futures.
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The competing companies are pursuing stock-linked derivatives through different regulatory structures, meaning their filings may involve different contract designs and approval processes.
Coinbase has filed with regulators to launch perpetual futures tied to 50 to 60 major U.S. stocks, including Apple, Microsoft, Tesla and Nvidia, according to Crypto Economy. The contracts would allow traders to bet on stock prices without owning shares, using up to 24/5 trading access and leverage that magnifies both gains and losses.
If approved later this year, Coinbase would become the first to offer single-stock perpetuals in America, marking what the company calls a major expansion beyond crypto derivatives. Competitors like Crypto.com are pursuing similar products through different regulatory paths, reshaping how retail investors access leveraged stock exposure.
How Perpetual Futures Work Without Expiration
Perpetual futures differ from regular stock ownership in a key way: they never expire. AltcoinBuzz explains that Coinbase's contracts would be cash-settled, meaning traders never take possession of the actual stocks. Instead, funding payments between long and short traders keep contract prices aligned with real stock prices throughout the day.
Leverage amplifies returns but also risk. A trader betting $1,000 with 5x leverage controls $5,000 worth of movement. If the stock drops 20%, the trader loses the entire $1,000. Positions stay open as long as traders maintain margin requirements—a safety net that forces liquidation if losses mount too quickly.
No Ownership, Voting Rights or Dividends
Perpetual futures give price exposure only. Traders don't own shares, so they miss dividends and can't vote on company decisions. CoinFomania notes that tokenized stocks—a related product—have grown to 4.1 million asset holders as investors seek alternative exposure methods. Robinhood and Binance each hold 1.3 million of those users.
This distinction matters for tax and regulatory purposes. The SEC and CFTC treat perpetual futures differently than equities. Crypto.com's security-futures registration with the SEC became effective in September, showing regulators are slowly opening doors to stock-linked derivatives through multiple pathways.
Coinbase Already Offers Crypto and Index Perpetuals
Coinbase's derivatives exchange already trades perpetual futures on cryptocurrencies and equity indexes inside the United States, AltcoinBuzz confirms. The new filing would expand that business to individual stocks like Apple and Microsoft, letting the company tap a massive market of retail traders seeking leveraged access to mega-cap companies.
Competitors are moving fast. Crypto.com CEO Kris Marszalek told investors the exchange is working with both the SEC and CFTC on single-stock perpetual futures, setting up a race to win market share in this emerging space before other brokers launch similar products.
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