Coinbase Moves to Bring Round-the-Clock Stock Futures to U.S. Traders

TL;DR

• Coinbase has filed a registration notice with the SEC as it seeks to list equity perpetual futures for U.S. investors.

• The exchange will also need approval from the Commodity Futures Trading Commission.

• Coinbase already offers stock-linked perpetuals outside the U.S., including contracts tied to Apple, Microsoft, Nvidia, and Amazon.

Coinbase is seeking regulatory approval to offer round-the-clock equity perpetual futures in the United States as demand for the products continues to grow.

The crypto exchange filed a registration notice with the U.S. Securities and Exchange Commission earlier this week, Coinbase Chief Policy Officer Faryar Shirzad said Thursday in a post on X.

Equity perpetuals are coming onshore. This week@coinbase took the first step to offer them in the U.S on our derivatives exchange by filing notice registration documents with the @SECgov.

Equity perps have proven demand internationally, and we’re excited at the prospect of a…

— Faryar Shirzad 🛡️ (@faryarshirzad) September 3, 2026

“Equity perps have proven demand internationally, and we’re excited at the prospect of a regulated pathway for U.S. investors,” Shirzad said.

Coinbase Also Needs CFTC Approval

The SEC filing represents one stage of the regulatory process. According to Shirzad, Coinbase must also receive authorization from the Commodity Futures Trading Commission before it can offer equity perpetuals to U.S. traders.

The involvement of both agencies reflects the hybrid nature of the products. Equity-linked derivatives reference securities overseen by the SEC but operate as futures contracts within the CFTC’s jurisdiction.

Coinbase has not disclosed when it expects the approval process to conclude or when the products could become available.

Perpetual futures allow traders to speculate on an asset’s price without owning the underlying instrument.

Unlike conventional futures contracts, perpetuals do not have a fixed expiration date. Traders can keep positions open as long as they maintain the required collateral and meet funding-payment obligations.

Equity perpetuals can provide continuous exposure to stock prices outside conventional market hours. However, tokenholders do not necessarily receive shareholder rights such as dividends, voting privileges, or direct ownership.

Leverage and funding costs can also make perpetual contracts significantly riskier than purchasing the underlying shares.

Coinbase Already Offers Stock Perpetuals Overseas

Coinbase launched stock-linked perpetual futures in March for eligible customers outside the United States.

The available contracts reference shares in several major technology companies, including Apple, Microsoft, Nvidia, and Amazon.

Bringing similar products to the U.S. would allow Coinbase to expand beyond crypto derivatives and compete more directly with traditional brokerage and futures platforms.

The proposal also reflects growing demand for financial markets that operate 24 hours a day, seven days a week.

Most perpetual futures trading currently takes place on offshore crypto exchanges that are not regulated in the United States.

However, the CFTC has recently taken steps toward creating a domestic pathway for the products.

In May, agency staff allowed KalshiEX and Coinbase to move forward with listing Bitcoin perpetual futures.

The following month, the CFTC requested public feedback on crude-oil perpetual contracts and 24/7 trading.

These developments suggest the regulator is considering how perpetual futures could operate across crypto, commodities and other markets under U.S. oversight.

Hyperliquid Pursues U.S. Market Entry

Coinbase’s filing comes as Hyperliquid attracts increasing attention from U.S. policymakers and derivatives traders.

The decentralized perpetual futures platform has gained substantial market share in crypto derivatives. President Donald Trump mentioned the company at the White House in August, saying CFTC Chair Michael Selig was working to bring Hyperliquid into the U.S. in a fully compliant and legal manner.

Hyperliquid Labs is exploring a U.S. launch through a partnership with Payward, the parent company of Kraken.

Under the proposed arrangement, Payward subsidiary Bitnomial could offer regulated U.S. users selected perpetual contracts connected to Hyperliquid markets.

The simultaneous efforts by Coinbase and Hyperliquid indicate that competition for the emerging U.S. perpetual futures market is intensifying.