Coinbase Seeks U.S. Approval for Single-Stock Perpetual Futures

Single-stock futures give investors exposure to one company’s shares through dated contracts, while perpetual futures have no fixed expiry and typically use funding payments to track spot prices. Bringing the crypto market’s derivatives model to US equities would deepen the convergence of digital assets and traditional finance. Security futures, however, fall under joint oversight by the Securities and Exchange Commission and the Commodity Futures Trading Commission.

Crypto.com’s US-regulated North American Derivatives Exchange, or Nadex, filed a notice registration with the SEC on Sept. 14, 2026, to trade security futures through OG.com. The SEC acknowledged the filing on Sept. 16, and the registration became effective immediately. Chief Executive Kris Marszalek said on Sept. 17 that the company can move toward offering single-stock futures and is separately working with the SEC and CFTC on US single-stock perpetual futures, which still require regulatory clearance.

Perpetual futures have no expiry date and typically use recurring funding payments to keep prices aligned with an underlying asset. The structure is a cornerstone of crypto derivatives trading but remains uncommon for US-listed equities, whose cash markets operate during set sessions. Coinbase’s proposed expansion into single-stock perpetuals would combine continuous trading with equity exposure, potentially testing how traditional securities rules apply to a product popularized by digital-asset markets.

Coinbase has submitted a registration request to the US Securities and Exchange Commission seeking clearance to list single-stock perpetual contracts for trading 24 hours a day, seven days a week. The plan remains subject to SEC approval, and the exchange has not provided a launch date in the reported disclosures. A green light would mark a significant step in Coinbase’s effort to extend perpetual derivatives beyond cryptocurrencies and into the regulated US equity market.

Coinbase secured UK authorization under the Markets in Financial Instruments Directive on July 7, 2026, allowing the US-listed exchange to expand beyond spot crypto trading into regulated investment services. The approval is strategically important because the Financial Conduct Authority has barred the sale of crypto derivatives to retail consumers since 2021, leaving professional clients as the addressable market. The move also advances Coinbase’s push to build an “Everything Exchange” and broaden fee revenue beyond the more cyclical spot business.

Coinbase opened the service to qualifying UK professional investors on Aug. 11, offering futures, perpetual contracts and options across cryptocurrencies, commodities, equities and foreign exchange. The initial lineup spans more than 170 contracts, with leverage of as much as 50 times on selected crypto perpetuals. Trading is not available to UK retail customers. The launch follows the July authorization and gives institutional and sophisticated investors access to a wider derivatives suite through Coinbase’s regulated framework.

Crypto derivatives account for about 80% of global crypto trading volume, but US institutions seeking to trade offshore options and perpetual futures have often had to establish separate overseas entities. Coinbase completed its acquisition of Deribit on Aug. 14, 2025, for about $2.9 billion, comprising $700 million in cash and 11 million Coinbase shares.

Coinbase said on May 29, 2026, that Coinbase Financial Markets had become the first regulated futures commission merchant to offer such services under US Commodity Futures Trading Commission guidance. Open interest in Deribit’s Bitcoin options exceeded $31 billion as of May 28. Options are now available, with perpetual futures to be rolled out gradually.

Perpetual futures have no fixed expiry date and use funding rates to keep contract prices close to spot prices. The instruments have been most prevalent in crypto markets. Coinbase is bringing the mechanism to equity index futures regulated by the U.S. Commodity Futures Trading Commission, extending a crypto-derivatives structure into the regulated U.S. financial market.

Coinbase’s derivatives exchange is scheduled to launch its first perpetual equity index futures in the United States on June 8, making them among the earliest contracts of their kind listed on a regulated U.S. exchange. The initial products will focus on themes including AI, Chinese equities, defense and technology stocks. Investors will be able to maintain positions through the funding-rate mechanism. Contract sizes and trading amounts have not been disclosed.

Bitcoin is often viewed as a volatile risk asset and is sensitive to shifts in interest rates and liquidity. In March 2026, a 50% rise in oil prices over three weeks fueled inflation concerns, prompting markets to shift from expecting Federal Reserve rate cuts to discussing rate hikes. Rising U.S. Treasury yields weighed on crypto-asset valuations and investor risk appetite.

On March 20, CME FedWatch showed the probability of an April rate hike had risen to 12% from 0% a week earlier, while the yield on the 10-year U.S. Treasury note climbed to 4.38%. Bitcoin continued to hover around $70,000. The same day, Coinbase launched round-the-clock U.S. stock perpetual futures for eligible non-U.S. users, covering Apple, Microsoft, SPY and QQQ. The products offer leverage of up to 10 times on individual stocks and 20 times on ETFs, with cash settlement in USDC.

Coinbase, historically focused on cryptocurrency trading, unveiled its “Everything Exchange” strategy in December 2025 and has since added prediction markets and traditional securities. Its expansion into U.S. stocks and ETFs is aimed at reducing the company's exposure to Bitcoin market cycles. By combining digital assets and equities in a single account, Coinbase is directly challenging retail brokerages such as Robinhood.

On February 24, 2026, Coinbase opened trading in about 6,000 U.S. stocks and ETFs to all eligible users nationwide, with the lineup expected to exceed 8,000 within weeks. The commission-free service operates 24 hours a day, five days a week, offers fractional shares starting at $1 and allows instant funding in U.S. dollars or USDC. Coinbase has also partnered with Yahoo Finance to enable one-click order placement, while Apex Fintech Solutions provides clearing, custody and execution services.