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Coinbase wants in. The exchange filed two separate notices with the SEC on September 1, pushing to offer single-stock perpetual futures to American traders — products that have never legally existed in the U.S. market before.
The filings came from two Coinbase entities. Coinbase Derivatives submitted Form 1-N to register as a security futures exchange. Coinbase Financial Markets filed Form BD-N to become a limited-purpose security futures broker-dealer. Two forms, two entities, one clear goal: get equity perps in front of U.S. customers before anyone else does. Markets responded fast — Coinbase shares jumped 10.14% on the news, closing at $192.70.
Perpetual futures are contracts with no expiry date. Traders can hold leveraged positions in a stock without ever owning the shares. A funding rate mechanism keeps the contract price anchored close to the underlying asset. It’s a structure that’s been wildly popular offshore for years, but U.S. regulators have kept it out of domestic markets. Coinbase is now trying to change that.
What Coinbase Already Built Internationally
Coinbase didn’t come to this cold. Back on March 20, the exchange launched stock perps for non-U.S. customers, covering major names like Apple and Tesla along with ETFs including SPY and QQQ. U.S. traders were locked out of that rollout entirely. The international version runs 24/7, settles in USDC, and lets traders go leveraged on equity without touching a traditional brokerage account. Coinbase wants to replicate that model domestically, basically word for word.
The company already runs CFTC-regulated perpetual-style crypto futures for U.S. customers. That existing infrastructure probably helps. The pipes are there. The compliance frameworks exist. The question is whether regulators will let Coinbase point those same pipes at individual equities.
CEO Brian Armstrong has been pretty open about where the company is heading. He’s talked publicly about pre-IPO perps, stock options, and tokenized stocks as part of a broader push to build a unified trading account — one that runs around the clock and settles instantly. The $2.9 billion acquisition of Deribit fits squarely into that plan. Deribit is one of the largest crypto options and derivatives platforms in the world, and folding it into Coinbase’s infrastructure gives the exchange serious technical depth for exactly this kind of product expansion.
CFTC Approval Is the Real Gate
The SEC filings matter, but they’re not the finish line. Before any U.S. customer can actually trade these products, the CFTC has to approve the contracts themselves. That’s the next hurdle, and it’s a big one.
Regulators will have to decide whether to allow leverage on individual equities — and if so, how much. The international version of these products can run up to 10x leverage. Whether U.S. regulators go along with that, or push for tighter limits, is genuinely unclear right now. No details have emerged from the CFTC on timing or appetite. Coinbase’s filings set up the legal framework for listing and brokering the products. The CFTC decides whether they actually go live.
There’s also a coordination angle here. The SEC and CFTC don’t always move in sync, and equity perps sit at the boundary of both agencies’ jurisdictions. Coinbase seems to believe getting both regulators aligned is important — not just for its own rollout, but for keeping U.S. markets competitive globally. Products like these have flourished offshore partly because American regulators haven’t cleared a path for them at home.
Hyperliquid Is Watching Too
Coinbase isn’t the only one circling the U.S. derivatives market. Hyperliquid is also working toward domestic entry, and it’s doing so through a partnership with Payward — the parent company of Kraken. That’s a notable pairing. Kraken has years of U.S. regulatory history and existing relationships with American oversight bodies. Hyperliquid brings a fast, on-chain perpetuals model that’s built a real following in crypto-native trading circles.
The fact that two major players are simultaneously pushing for U.S. market access tells you something about where the industry thinks the opportunity is. Compliant, onshore perpetuals trading is probably coming. The race is over who gets there first and on what terms.
For Coinbase, the September 1 filings are a concrete stake in the ground. Not a product launch — not yet. But the groundwork is laid. The forms are in. The infrastructure from the international rollout and the Deribit acquisition is already sitting there. Armstrong’s team has been building toward this for a while, and the SEC submission is the most public signal yet that they’re serious about bringing the 24/7, USDC-settled model to American traders.
Leverage limits, CFTC sign-off, and inter-agency coordination still stand between Coinbase and an actual U.S. launch. Shares closed at $192.70.
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Frequently Asked Questions
What SEC forms did Coinbase file for stock perpetual futures?
Coinbase Derivatives filed Form 1-N to register as a security futures exchange, and Coinbase Financial Markets filed Form BD-N to become a limited-purpose security futures broker-dealer, both submitted on September 1.
Does Coinbase need CFTC approval to launch stock perps in the U.S.?
Yes. The SEC filings establish the legal framework, but the CFTC must separately approve the contracts before any U.S. customer can trade them. Whether regulators will permit leverage up to 10x on individual equities remains unclear.
Why It Matters
The move by Coinbase to introduce single-stock perpetual futures represents a significant development in the U.S. derivatives market, as it could pave the way for new trading strategies and increased liquidity among retail investors. By seeking to establish a regulated platform for these products, Coinbase aims to expand its offerings beyond traditional cryptocurrency trading, potentially attracting a broader audience and enhancing its competitive position in the evolving financial landscape. This initiative also highlights the ongoing regulatory dialogue surrounding innovative financial instruments in the U.S., as well as the increasing convergence between traditional finance and digital asset platforms.
