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

The exchange submitted the proposal to its regulated U.S. derivatives platform on September 18, positioning the offering as the first of its kind in the country. Unlike traditional futures, these perpetual contracts carry no fixed expiration date. Participants can maintain positions indefinitely, provided they adhere to the exchange’s margin requirements and satisfy periodic funding obligations designed to keep contract prices aligned with underlying market values.

Because these products are derivatives rather than direct equity holdings, traders do not receive voting rights or dividends. Instead, the value of the agreement fluctuates based on the reference stock’s performance. Coinbase intends to enable leverage for these trades, which could amplify returns while simultaneously increasing the risk of liquidation if collateral levels drop. The exchange has yet to release full contract specifications, leverage limits, or a specific launch timeline, as the entire suite remains subject to federal regulatory review. This move reflects a broader push by the company to integrate traditional financial assets into its regulated U.S. derivatives infrastructure, effectively extending the 24/5 trading model it has already begun testing in international markets like the United Kingdom.