Why Is Coinbase Moving Into Equity Perpetuals?
Coinbase is seeking regulatory approval to list 24/7 equity perpetual futures in the United States, extending its push beyond cryptocurrency derivatives and into products linked to major U.S. stocks.
The exchange filed a notice registration form with the Securities and Exchange Commission earlier this week as an initial step toward offering the contracts, according to Coinbase Chief Policy Officer Faryar Shirzad.
“Equity perps have proven demand internationally, and we’re excited at the prospect of a regulated pathway for U.S. investors,” Shirzad said.
SEC approval would not complete the process. Coinbase would also need authorization from the Commodity Futures Trading Commission before it could begin offering the products to U.S. customers.
The proposal would give traders access to stock-linked derivatives around the clock rather than limiting activity to regular U.S. equity market hours. Perpetual futures do not expire and allow investors to speculate on an asset’s price without owning the underlying shares, making them widely used in cryptocurrency markets but relatively new to regulated U.S. markets.
How Would 24/7 Stock Trading Change The Market?
Coinbase already offers equity perpetuals to customers outside the United States. The exchange launched the products internationally in March, with contracts linked to stocks including Apple, Microsoft, Nvidia and Amazon.
Bringing a similar product into the U.S. would give investors another way to trade equity exposure during nights, weekends and other periods when traditional stock exchanges are closed. That could appeal particularly to crypto-native traders who are accustomed to markets operating continuously.
The proposal also adds to pressure on the conventional divide between securities trading hours and round-the-clock digital asset markets. U.S. exchanges and brokers have already been extending trading windows, while tokenized equities and stock-linked crypto derivatives are increasing competition for investors who want access outside normal market sessions.
For Coinbase, the product could also open a new revenue stream beyond spot cryptocurrency trading. Equity perpetuals could attract traders who want leverage, short exposure or continuous access to major stocks without moving to a traditional futures or securities platform.
Investor Takeaway
Coinbase’s filing is part of a larger battle over who controls 24/7 trading in U.S. assets. If regulators approve equity perpetuals, crypto exchanges could begin competing more directly with traditional brokers and derivatives venues for stock-related trading volume.
Are U.S. Regulators Opening The Door To Perpetual Futures?
The regulatory environment for perpetual products has begun to change. In May, the CFTC allowed Bitcoin perpetual futures to enter the U.S. regulated market after staff cleared KalshiEX and Coinbase to list the contracts.
A month later, the agency requested public comment on crude oil perpetual contracts and 24/7 trading, suggesting regulators are examining whether the structure can extend beyond cryptocurrency markets.
Equity-linked perpetuals would raise additional questions because stock markets fall primarily under SEC oversight while futures products are generally regulated by the CFTC. Coinbase therefore needs a pathway that satisfies both agencies before launching the contracts domestically.
The filing may become an important test of how the two regulators handle products that combine the economics of securities with the structure of perpetual derivatives. A workable approval process could encourage other exchanges to pursue similar products, while restrictive conditions could keep most activity offshore.
Can Coinbase Compete With Offshore Perpetual Platforms?
Most perpetual futures trading has historically taken place on offshore exchanges, where traders can access high leverage, continuous markets and a wide range of crypto-linked contracts without the restrictions applied to regulated U.S. platforms.
Hyperliquid has become one of the most closely watched competitors in that market. The platform has built a large following among derivatives traders, and U.S. officials have recently discussed creating a compliant route for perpetual trading platforms to operate domestically.
Hyperliquid Labs is also reportedly seeking an onshore U.S. route through a potential arrangement with Payward, the parent company of Kraken. If that effort advances, Coinbase could face competition from another major perpetual trading venue seeking access to U.S. customers.
The bigger question is whether regulators are prepared to let perpetual futures expand from crypto into equities, commodities and other asset classes. Approval for Coinbase would move the U.S. closer to a market where traditional stocks can be traded through crypto-style derivatives around the clock.
That would not eliminate traditional exchanges, but it could change how investors access equity exposure and intensify competition between securities brokers, futures platforms and cryptocurrency exchanges. Coinbase’s filing is therefore about more than adding another derivatives product: it is a test of whether the 24/7 trading model that developed in crypto can move into mainstream U.S. markets.