Coinbase Files With the SEC to List 24/7 Perpetual Futures on Individual US Stocks

Coinbasefiled notice registrations with theSecurities and Exchange Commissionthis week seeking clearance to list perpetual futures on individual stocks for US customers, Chief Policy OfficerFaryar Shirzadsaid in a post on X on Thursday. The filing is the first step in a two-agency process that includes also gettingCFTCapproval.

“Equity perps have proven demand internationally,” Shirzad said. Coinbase launched single-stock perpetuals for non-US customers in March, covering names includingApple, Microsoft, NvidiaandAmazon. Coinbase has not said which stocks it would list domestically, what leverage it would allow, or when trading might begin.

This story is an excerpt from the Unchained Daily newsletter.

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Perpetual futures dominate offshore crypto trading, and extending them to single names would let US traders take leveraged long or short positions on Apple or Nvidia around the clock without owning shares or rolling contracts forward. That would compete with listed options and with the offshore venues where the volume currently sits.

Kalshihas reportedlyfiled with the CFTCto list equity index perpetuals, pushing the prediction market operator into closer competition with incumbent exchanges. TheCFTCopened the door in Maywhen staff cleared Kalshi’sBTCPERPcontract and issued a no-action letter allowing Coinbase Financial Markets to route US clients into perpetuals listed on Coinbase’s Bermuda venue as foreign futures. Political pressure is pushing the same direction: PresidentDonald Trumpsaid at the White House in August that CFTC ChairMichael Seligwas working to bring the offshore perpetuals platformHyperliquidonshore in a compliant and legal way.

The classification question underneath all of this is still in court.CME Groupsued the CFTC in June, arguing that perpetual futures involve two parties exchanging ongoing payments and therefore meet theDodd-Frankdefinition of a swap rather than a future. TheCFTCasked a judgeto dismiss the suit on Wednesday, telling the court that CME cannot claim competitive injury because nothing prevents it from listing perpetuals itself.Hyperliquid Labs, meanwhile,is in talksto enter the US through a deal withPayward, Kraken’s parent.

Related Listen:New US Rules Could Force Coinbase to Delist Tether

Source: unchainedcrypto.com