Coinbase Files SEC Registration for US Equity Perpetual Futures, Expanding Beyond Bitcoin (BTC)

Coinbase Submits SEC Registration

Coinbase has formally asked US regulators for permission to offer perpetual futures on individual American stocks to domestic investors, filing registration paperwork with the Securities and Exchange Commission this week covering both its derivatives exchange and its broker-dealer operations. The exchange confirmed it is coordinating with the Commodity Futures Trading Commission (CFTC) as well, with the goal of bringing a product class that has thrived offshore under a regulated domestic framework for the first time. Perpetual futures — derivative contracts that track the price of an underlying asset with no expiry date, using continuous funding payments instead of settlement — are a staple of crypto trading, and the proposal would extend that same structure to single-name equities. Faryar Shirzad, Coinbase's Chief Policy Officer, said in a post on X that demand for equity perpetual futures has already been demonstrated in overseas markets, framing the filing as a step toward regulated access for US investors. He added that the company intends to work closely with both agencies to unlock what it describes as many major financial products domestically. The filing itself does not authorize trading: SEC registration is the first stage, with CFTC approval positioned as the next milestone before any US rollout can occur. Under the approach laid out in the submission, stock perpetual futures would be classified as security futures under existing law — a designation that places the product squarely inside established securities and futures oversight rather than a regulatory gray zone. If approved, US customers would gain round-the-clock exposure to equity price movements without owning the underlying shares, a capability currently reserved for the exchange's international user base. Coinbase has not disclosed a timeline for a domestic launch, and neither regulator has published a review schedule for the application.

Offshore Track Record and Rivals

The domestic push builds on a business Coinbase has been running internationally since March, when it launched perpetual futures on individual equities for users outside the United States. That offering covers marquee names including Apple, Microsoft, Alphabet, Nvidia and Amazon, with leverage of up to 20x, giving non-US traders 24-hour exposure to equity moves without holding the underlying stock. The structure resembles the single-stock derivative exposure traditional investors have long accessed through listed options or structured products tied to large caps such as Cisco Systems and Arm Holdings — but with the no-expiry, continuously funded mechanics that crypto traders know well. Competition is also shaping the timing. Prediction-market platforms Kalshi and Polymarket both moved into perpetual-futures-style products during 2026, aided by a CFTC framework for regulated perpetuals-style derivatives in the US market. Kalshi reported cumulative trading volume of roughly $1 billion within days of launching its offering, an early signal of retail appetite for always-on, leveraged equity speculation. Coinbase's filing effectively answers that competitive pressure: rather than cede the nascent US equity-perps niche to newer entrants, the largest US-listed crypto exchange is seeking to fold the product into its regulated derivatives stack, where it already offers crypto futures and margined trading. The company's international book supplies a ready-made template — product design, risk controls and funding mechanics already tested on overseas users — which could shorten the path to a compliant US launch once both agencies sign off. What remains undisclosed is pricing, eligible customer tiers, and whether leverage caps for US users would match the 20x ceiling currently offered abroad. Readers tracking the market in real time can follow live spot and futures prices on Bitget.

Derivatives Rails Converge

Our read at COINOTAG: the filing is the clearest signal yet that crypto's native derivatives architecture is being imported into traditional equity markets. The perp model — continuously funded, expiry-free and leverage-heavy — was built in offshore crypto venues and is now being standardized under US regulation, with Bitcoin (BTC) changing hands near $81,200 and still well below its all-time high. Positioning gauges such as the crypto Fear and Greed Index already quantify leverage appetite in digital assets; regulated equity perps could soon give US regulators the same real-time visibility over stock market leverage.