Coinbase seeks approval for US single-stock perpetual futures

Coinbase Derivatives has filed with the Commodity Futures Trading Commission to list single-stock perpetual futures in the United States. The proposed contracts would give US traders 24/5 exposure to individual stocks without owning the underlying shares. Unlike traditional futures contracts, perpetual futures do not expire. Coinbase said the products would extend its existing US perpetual futures market beyond crypto assets. The products are classified by the CFTC as single-stock futures and remain pending regulatory approval. The Wall Street Journal reported that Coinbase plans to initially offer perpetual futures tied to roughly 50 to 60 stocks, including Apple, Microsoft, Tesla and Nvidia. The CFTC filing follows an earlier regulatory step by Coinbase Derivatives, which filed a Form 1-N with the Securities and Exchange Commission on Sept. 1 to register as a national securities exchange for offering security futures. Coinbase launched stock perpetual futures for eligible traders outside the United States in March. Those contracts track major US stocks and indexes, including Apple and Nvidia. Coinbase said at the time that the products were unavailable to US persons but that it was working to expand the offering to additional regions.