Coinbase has filed to list perpetual futures linked to more than 50 major U.S. stocks, including Nvidia, Microsoft and Tesla. If approved, the contracts would allow traders to get leveraged exposure to stock prices without owning the actual shares.
Coinbase said on September 18 that it submitted the proposed contracts for listing on its regulated U.S. derivatives exchange. The company described the planned products as the first single-stock perpetual futures offering in the United States.
The contracts would trade 24 hours a day, Monday through Friday, giving customers access to the products outside normal U.S. stock-market hours.
Unlike traditional futures, the proposed contracts would have no fixed expiration date. Traders could keep their positions open as long as they meet margin requirements and any funding obligations.
The contracts have not launched yet and still require regulatory clearance.
A single-stock perpetual tracks the price of an individual company but does not give the trader ownership of the shares. For example, someone trading a Nvidia perpetual would gain exposure to Nvidia’s stock price without becoming a Nvidia shareholder.
That means traders would not receive the same rights as shareholders, such as voting rights or direct ownership of dividends. Instead, they would hold a derivative contract whose value changes with the referenced stock.
Perpetual contracts use funding payments to help keep their prices close to the underlying asset. Depending on market conditions, traders with long positions may pay those holding short positions, or the other way around.
Coinbase also plans to allow leverage. This would let traders control positions larger than the amount they deposit as margin. While leverage can increase gains when prices move in the expected direction, it can also increase losses and create a risk of liquidation.
The proposed 24/5 trading schedule would cover periods when U.S. stocks are outside their main trading session, which normally runs from 9:30 a.m. to 4 p.m. Eastern Time on weekdays.
Trading outside regular market hours can involve lower liquidity and wider price movements. The final contract rules, funding system and reference prices will therefore be important in determining how closely the perpetuals track the underlying stocks.
Coinbase has not yet announced the full contract specifications, leverage limits or a launch date.
The proposed products would expand Coinbase’s regulated U.S. derivatives business, which already includes cryptocurrency perpetual futures. If approved, the company would apply a similar derivatives structure to individual public companies.
The products would also be different from tokenized stocks. A perpetual future provides price exposure through a derivative, while a tokenized share can represent ownership or a claim connected to an actual security, depending on how it is structured.
Coinbase CEO Brian Armstrong has previously said tokenized stocks should be backed by real securities and include the rights connected to the underlying shares. The proposed U.S. perpetuals would use a different model and would not change the ownership of the underlying stocks.
Coinbase has also been expanding beyond crypto in other markets. In the United Kingdom, the company has begun offering 24/5 trading in nearly 4,000 U.S. stocks for eligible customers. That service involves actual shares rather than perpetual futures.
The company has also expanded its financial product range to include spot crypto trading, regulated derivatives, prediction markets and stock access in selected markets.
Coinbase recently received Financial Services Permission from the Financial Services Regulatory Authority of Abu Dhabi Global Market and said it plans to use Abu Dhabi as an international base for developing tokenization services outside the United States.
That approval is separate from the proposed U.S. stock perpetuals and does not authorize the contracts in America.
The initial filing covers more than 50 U.S.-listed companies, including some of the country’s most actively traded stocks. Coinbase has not yet confirmed which contracts would launch first or provided a specific launch date.
For now, the proposed single-stock perpetual futures remain subject to the U.S. regulatory process.
