Coinbase has initiated regulatory filings to offer equity perpetual futures to U.S. investors, submitting a registration notice with the Securities and Exchange Commission this week. The exchange must also secure Commodity Futures Trading Commission authorization before launch.
Chief Policy Officer Faryar Shirzad confirmed the SEC filing on Thursday, citing international demand for equity perpetuals and Coinbase's strategy to create a regulated U.S. pathway.
Equity perpetuals allow traders to speculate on stock prices without owning underlying shares. Unlike traditional futures with fixed expiration dates, perpetuals remain open indefinitely provided traders maintain collateral and pay funding rates. They offer 24/7 exposure to equity prices outside standard market hours but carry no shareholder rights—no dividends, no voting—and present higher leverage and funding-cost risks than direct stock ownership.
Coinbase launched stock-linked perpetual futures for international customers in March, referencing major technology stocks including Apple, Microsoft, Nvidia and Amazon. Bringing these products onshore expands the exchange's derivatives footprint beyond crypto and allows direct competition with traditional brokerages and futures platforms offering round-the-clock markets.
The dual regulator requirement underscores the structural hybrid nature of these instruments: equity derivatives fall under SEC oversight, but futures-like mechanics trigger CFTC jurisdiction. This split authority has historically created approval friction for similar products.
The majority of perpetual futures trading currently occurs on unregulated offshore crypto exchanges. The migration to a regulated onshore venue represents a material structural shift for a product class previously concentrated in less-supervised venues.
Coinbase has not disclosed a timeline for regulatory approval or launch availability.
