Coinbase Seeks Approval for US-Listed Stock and ETF Perpetual Futures

Coinbase Derivatives has filed with the Commodity Futures Trading Commission (CFTC) to list cash-settled perpetual futures tied to individual U.S.-listed stocks and exchange-traded fund shares. The submission, made under CFTC Regulation 41.23(b), uses an Apple (AAPL) single-stock perpetual future as the representative contract.

The request covers cash-settled perpetual futures that each reference a single underlying equity security or ETF share. Listing would be limited to the most actively traded, liquid U.S.-listed equities and ETF shares under the exchange's Rule 1203 standards.

Coinbase Derivatives is already notice-registered as a national securities exchange with the Securities and Exchange Commission for the purpose of trading security futures products. The perpetuals would therefore sit under the joint jurisdiction of the CFTC and the SEC, and the filing certifies compliance with CFTC Regulations 41.21 through 41.48.

The approval is pending a 45-day review window, and if successful, it will enable 24/7 equity derivatives trading in U.S. markets. This move signals an onshore expansion of Coinbase's crypto CEX derivatives product suite to compete with other exchanges for U.S. equity trading.