Coinbase Files With The SEC To Bring 24/7 Single-Stock Perpetuals Onshore
Coinbase (NASDAQ:COIN) has begun the formal process of seeking US approval for single-stock perpetual contracts that would trade around the clock. In an official company post on September 3, the exchange said it is working to bring those products onshore and that it filed SEC notice registrations this week for both its derivatives exchange and its broker.
It also said it will work closely with the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC).
The notices, submitted on September 1, cover Coinbase Derivatives through Form 1-N and Coinbase Financial Markets through Form BD-N.
The structure is meant to place equity-linked perpetuals in a dual-agency framework, most likely as security futures.
SEC notice registration is only the first step. CFTC approval would still be required before any US listing.
Coinbase has not announced a launch date, leverage caps, margin rules, or the first group of underlyings.
The filings do not by themselves authorize trading.
Perpetual equity contracts are cash-settled derivatives that follow the price of a stock or related instrument without a set expiration.
A periodic funding payment is used to keep the contract near the cash market.
Traders can go long or short and often use leverage, but they do not own the shares, collect dividends, or receive voting rights.
We’re working to bring single stock perps to the US.
This week, we filed SEC-notice registrations for our derivatives exchange and broker.
We’ll be collaborating closely with the SEC and CFTC to bring more major financial products onshore. pic.twitter.com/6wvjLXRwih
— Coinbase 🛡️ (@coinbase) September 3, 2026
Coinbase already offers similar contracts to eligible customers outside the United States on large-cap names such as Apple, Microsoft, Alphabet, Amazon, Nvidia, Meta, and Tesla, plus certain ETFs.
Those offshore products trade continuously and settle in USDC.
Chief Policy Officer Faryar Shirzad later said international demand for equity perps is already established and that the firm wants a regulated path for U.S. investors.
That comment sits alongside Coinbase’s broader effort to move crypto-native product design into domestic markets rather than leave it on foreign venues.
Traditional single-stock futures exist on other US exchanges, but they generally expire and do not use the same continuous funding model.
The application follows earlier openings in US derivatives.
In May, CFTC staff allowed bitcoin perpetual futures on a regulated venue and issued related relief that helped Coinbase connect some customers to global crypto perps and options.
Coinbase Derivatives has also listed perpetual-style futures on thematic equity indexes, including baskets tied to artificial intelligence, defense, Chinese ADRs, and large Nasdaq names.
Those index contracts already trade 24 hours a day on a CFTC-regulated exchange. Individual-stock perps would go further because they reference a single security rather than a published basket.
Classification remains the core regulatory question.
In an August comment letter to both agencies,
Coinbase argued that equity perpetuals should be treated as security futures under the existing joint framework and that overlapping definitions of swaps and security-based swaps have kept comparable products offshore.
If the agencies accept that view, Coinbase could list the contracts under coordinated SEC and CFTC oversight.
If they do not, the products could stay outside the United States.
For US traders, approval would mean the ability to take leveraged views on individual stocks at any hour, including weekends and after-hours news.
The same features create familiar risks: liquidation, funding costs, thin liquidity when cash markets are closed, and no claim on the underlying company. Surveillance and price alignment during overnight hours would also need to be addressed.
The company’s own announcement is an application, not a product rollout. Whether single-stock perps reach US customers this year depends on how the SEC and CFTC classify the contracts and whether they accept Coinbase’s proposed dual-agency path.
