Coinbase Financial Markets has submitted a filing to the Commodity Futures Trading Commission to list single-stock perpetual futures, initially tied to Apple, Tesla and Nvidia, as the company pushes further into regulated U.S. derivatives. The products are not yet available for trading and remain subject to the regulatory process.

Perpetual futures are common in crypto markets because they allow traders to maintain leveraged exposure without a fixed expiry date. Applied to single stocks, the structure would let traders take directional positions on equities without holding the underlying shares.

Coinbase said the filing fits its broader strategy of building regulated derivatives infrastructure in the U.S. The company holds Designated Contract Market status, which provides a path for product approval, though filing alone does not ensure that the contracts will be cleared for launch or made available immediately.

Additional reporting indicates Coinbase aims to expand beyond the initial group of stocks if the process moves forward, and the company has already introduced stock perpetual futures for eligible customers outside the U.S. That suggests Coinbase is trying to bring a product format already used in offshore or crypto-native markets into a domestic regulated venue.

At the same time, the regulatory path is still unsettled. U.S. officials have been examining how perpetual contracts should fit within existing derivatives rules, including questions around product classification, customer protection and retail risk. Different sources describe the matter differently, and the relevant details still require official confirmation.

Why It Matters

The filing matters because it tests whether a product structure that became popular in crypto can gain a foothold in the U.S. regulated market for traditional financial assets. If approved, it would widen the range of round-the-clock, leveraged equity exposure available through regulated channels rather than offshore venues.

It also puts Coinbase at the center of a broader shift in market structure. The company is no longer only extending crypto derivatives, but is also trying to apply crypto-native trading formats to equities. That makes the outcome relevant not just for Coinbase’s product roadmap, but for how far U.S. regulators are willing to let perpetual contracts move beyond digital assets.