Coinbase Seeks CFTC Approval for US Stock Perpetual Futures

Coinbase Derivatives has filed with the Commodity Futures Trading Commission (CFTC) to list US single-stock perpetual futures, including contracts for Apple and Tesla. This move marks a significant step towards bringing perpetual futures onshore in the United States.

The filing, which used an Apple contract as its model, would trade from Sunday 8 p.m. ET to Friday 5 p.m. ET, with no fixed expiration date. The contracts would be cash-settled and use hourly funding payments to keep the price tied to the underlying asset.

Coinbase Derivatives has already filed a Form 1-N with the SEC on September 1 to register as a national securities exchange, making this CFTC request the second half of a two-regulator process. The push for perpetual futures has been driven by international demand, and the CFTC's approval is seen as a crucial step in bringing these products onshore.