Coinbase files to bring stock perpetuals to US

Coinbase submitted two SEC notice registrations on September 1, aiming to launch single‑stock perpetual contracts for U.S. customers. The filings were made by Coinbase Derivatives, LLC (Form 1‑N) and Coinbase Financial Markets, Inc. (Form BD‑N), positioning the firm to operate both the exchange and the broker‑dealer side of the product.

Regulatory pathway

Form 1‑N registers a CFTC‑designated contract market with the SEC for trading security futures, while Form BD‑N registers a broker‑dealer that can offer those products to clients. Coinbase Derivatives has been a CFTC‑registered contract market since 2020, and Coinbase Financial Markets is already a futures commission merchant with the CFTC.

Product details not yet disclosed

The notices do not specify launch timing, which stocks will be offered, leverage limits, or settlement mechanisms. Coinbase’s earlier international rollout of stock perpetual futures included Apple, Microsoft, Alphabet, Amazon, Nvidia, Meta, Tesla, as well as SPY and QQQ ETFs, but the U.S. lineup may differ.

Background on perpetual contracts

Perpetual contracts have no fixed expiration date and use a funding rate to keep prices aligned with the underlying asset. They provide leveraged exposure without granting shareholder rights such as voting. Coinbase’s overseas product settled in USDC and allowed cross‑margining with other holdings, but it is unclear whether the U.S. version will follow the same model.

Regulatory context

The launch comes amid ongoing debates over how perpetual contracts should be classified. The CFTC and SEC share oversight of security futures, and recent litigation by CME Group challenges the CFTC’s treatment of crypto perpetuals as futures rather than swaps. No final rulings have altered the current regulatory framework.

Recent derivatives activity at Coinbase

Coinbase Derivatives reported roughly $1.75 billion in 24‑hour volume on September 3, while its International Exchange posted about $9.7 billion. The company also expanded its futures offering to Canadian investors, launching 23 contracts covering Bitcoin, Ether, Solana and other crypto assets.