Coinbase Proposes Perpetual Futures on US Stocks, But Approval Remains Pending

Coinbase has filed a proposal for cash-settled perpetual futures tied to individual US stocks and ETFs, but regulatory approval is pending. The proposed framework outlines how these contracts would work if approved, including no fixed expiration date and funding payments.

The filing, submitted on September 18, describes the mechanics of Coinbase's CEX and signals potential crypto derivatives adoption. However, the Commodity Futures Trading Commission (CFTC) has not yet approved the proposal, which is still listed as 'Approval Pending' on their product register.

The proposed contracts would give traders exposure to changes in an underlying security's reference price without making them shareholders. Open positions would be subject to funding payments, with the rate and interval specified by a product appendix or market reference materials.