Coinbase Seeks SEC Approval for 24/7 Equity Perpetuals

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.

Coinbase has historically focused on cryptocurrency trading, leaving its revenue closely tied to conditions in the bitcoin market. In late 2025, the company unveiled its “Everything Exchange” strategy, which aims to combine crypto assets, stocks, derivatives and onchain financial services in a single account. Entering the US equity market could diversify its revenue and put it in more direct competition with retail brokerages such as Robinhood.

On February 24, 2026, Coinbase made stock and ETF trading fully available to US users, initially covering more than 8,000 securities. The service supports trading 24 hours a day, five days a week, with zero commissions on eligible securities. Users can instantly fund their accounts with US dollars or USDC and buy fractional shares for as little as $1. Coinbase also partnered with Yahoo Finance to integrate market data and one-click order placement.