Coinbase to Launch U.S. Perpetual Equity Index Futures Spanning AI and Technology Themes

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.

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.