Coinbase Seeks CFTC Approval for US Single-Stock Perpetual Futures
Coinbase Files to List Perpetual Futures on Individual US Stocks
Coinbase Derivatives has asked the Commodity Futures Trading Commission (CFTC) for permission to offer perpetual futures tied to individual US-listed stocks and exchange-traded funds (ETFs). A perpetual future is a contract that has no expiry date and tracks the price of an underlying asset.
The proposal, submitted on September 18, would let customers trade single-stock exposure without owning the actual shares. The contracts would be cash-settled, meaning they are paid out in dollars rather than in stock. Trading would run nearly around the clock, from 8 p.m. ET Sunday to 5 p.m. ET Friday.
Key Details of the Proposed Contracts
- Each contract would have no fixed expiration date and would be settled in cash.
- Trading would run 24/5, with an hourly funding payment to keep the futures price close to the stock price.
- The contracts would be centrally cleared by Nodal Clear.
- Coinbase's filing uses Apple as a representative example; the contract size there is 0.01 times the Apple index, making the notional value about $2.25 when Apple trades near $225.
- The filing classifies the products as security futures, meaning they fall under both CFTC and Securities and Exchange Commission (SEC) oversight.
What the CFTC Filing Says
The CFTC docket lists the product as “Approval Pending (45).” The exchange says it intends to list the contracts shortly after Commission approval, subject to any other necessary regulatory approvals. The filing does not name a specific launch date.
Coinbase has announced it filed for the “first set” of US single-stock perpetuals and said it was targeting 24/5 exposure. The filing itself does not list the initial lineup. Instead, it uses an Apple contract as a representative specification and says the broader suite would reference liquid US-listed equities and ETFs that meet the exchange’s listing standards.
Reported Plans vs. Official Filing
The Wall Street Journal, in a report linked by Coinbase’s corporate account, said the company plans roughly 50 to 60 contracts, including Apple, Microsoft, Tesla, and Nvidia, with a launch later this year if regulators approve them. Those names and the proposed count do not appear in the public CFTC submission reviewed by The Defiant. This means those details are reported, not confirmed by the official filing.
What Is Confirmed
Confirmed from the CFTC filing and Coinbase’s announcement:
- Coinbase Derivatives has submitted a request to the CFTC for approval of cash-settled perpetual futures on individual US-listed stocks and ETFs.
- The contracts would be classified as security futures, under joint CFTC and SEC oversight.
- Trading would run from 8 p.m. ET Sunday to 5 p.m. ET Friday.
- An hourly funding payment would help keep futures prices aligned with reference prices, capped at plus or minus 0.10% per hour.
- The contracts would be centrally cleared by Nodal Clear.
- US customers cannot trade the proposed contracts yet; approval is pending.
What Is Still Unclear
The exact number of contracts and the specific stocks or ETFs to be listed are not confirmed by the CFTC filing. The Wall Street Journal’s report of 50 to 60 contracts and names like Apple, Microsoft, Tesla, and Nvidia is not reflected in the public submission. A firm launch date has not been announced.
Why This Matters
If approved, the contracts would give US traders a way to get exposure to individual company shares through a regulated perpetual future without owning the stock. This would extend Coinbase’s push into onshore perpetual futures, which previously offered only index-based products. However, the products would not confer stock ownership, voting rights, or actual shares.
Next Step
The next concrete step is a CFTC decision on Coinbase’s approval request. Until then, the docket remains pending and the exchange has not published a firm trading date.
Sources
Newisty Editorial Team covers technology, cryptocurrency, digital products, online platforms, developer tools and the wider digital economy. Our content is researched from official sources, company announcements, public documentation, market data and other primary or reputable sources. Articles are reviewed and edited before publication for clarity, accuracy and useful context.
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