How perpetual equity futures differ from traditional derivatives
Coinbase has filed with US regulators to list perpetual futures contracts tied to more than 50 major American stocks, including Nvidia, Microsoft, and Tesla. The filing, submitted in September 2026, aims to offer 24-hour, five-day-a-week trading with no fixed expiration dates. The exchange wants to expand its derivatives offerings beyond cryptocurrencies into traditional equity markets.
Breaking news
Spiral Integrates Bitcoin Payments into Mesh LLM for Machine-to-Machine AI Compute Trading
Strike Introduces Stacks to Organize Bitcoin Savings Into Custom Buckets
CFTC Chair Announces New Crypto Rulemaking to Prevent FTX-Style Collapse
Binance Expands Margin Collateral Options with New Equity-Linked TokensThe proposed contracts would track individual US-listed companies, allowing traders to take long or short positions without owning the underlying shares. Unlike standard futures, these perpetuals do not expire and are designed to trade close to the spot price through funding rate mechanisms. Coinbase says the product targets both institutional and retail investors seeking flexible exposure to equity volatility. The exchange already offers similar perpetual contracts for crypto assets like Bitcoin and Ethereum.
What risks do regulators likely consider
These contracts eliminate the need to roll over positions before expiration, a process that can incur costs and complexity in standard futures markets. Funding rates, paid periodically between long and short holders, help keep the perpetual price aligned with the underlying stock. Coinbase emphasizes that the structure reduces operational burden while maintaining market efficiency. The exchange notes that 24/5 trading hours would accommodate global participants across time zones. Regulatory approval would mark a significant step in blending crypto-style trading mechanics with traditional equities.
Authorities may scrutinize whether perpetual futures could increase market volatility or enable excessive speculation in individual stocks. Concerns about leverage, price manipulation, and investor protection are expected to feature in the review process. Coinbase has stated it will implement robust surveillance and margin requirements to mitigate risks. The firm also highlights that similar products exist in offshore markets, though none have yet gained approval in the US under current frameworks. Outcome of the filing could influence how other exchanges approach equity derivatives innovation.
What is a perpetual future? A perpetual future is a type of derivatives contract that does not have an expiration date, allowing traders to hold positions indefinitely while tracking the price of an underlying asset through periodic funding payments.
Frequently Asked Questions
Why is Coinbase pursuing this now? Coinbase aims to leverage its experience with crypto perpetuals to meet growing demand for flexible, round-the-clock trading tools in traditional markets, especially as retail and institutional interest in equity derivatives expands.
What stocks are included in the filing? The filing includes more than 50 major US-listed companies, with specific examples cited such as Nvidia, Microsoft, and Tesla, though the full list has not been publicly disclosed.
