Coinbase seeks approval for US stock perpetual futures, CFTC approval pending

Coinbase Derivatives submitted a rule change proposal to the Commodity Futures Trading Commission (CFTC) for cash‑settled perpetual futures on individual U.S. equities and exchange‑traded funds (ETFs). The Securities and Exchange Commission (SEC) notice dated September 18 confirms the filing, while the CFTC’s product register still lists the Single Stock Perpetual Futures Contract as “Approval Pending” as of September 22.

Proposed contract structure

The contracts would be cash‑settled, meaning gains and losses are settled in money rather than by delivering the underlying shares. Traders would obtain price exposure to the reference security without acquiring ownership or shareholder rights. Positions would also be subject to periodic funding payments, with the specific methodology to be defined in a product appendix or related market reference material.

Trading schedule

The proposal outlines a trading week from Sunday 8 p.m. Eastern to Friday 5 p.m. Eastern, with possible interruptions for holidays, maintenance, or regulatory halts. This schedule aligns with a 24‑hour, five‑day exposure model described by Coinbase.

Regulatory status

Because the CFTC has not yet approved the rule change, the filing represents a public proposal rather than an operational product. Until approval is granted and contract‑specific terms are finalized, the contracts cannot be offered to traders. Claims that the product is already live are therefore premature.