Coinbase files with CFTC to list perpetual futures on Apple, Tesla, Nvidia, and Microsoft
Coinbase Derivatives has filed an application with the U.S. Commodity Futures Trading Commission (CFTC) to list single-stock perpetual futures contracts on major U.S. equities, including Apple, Tesla, Nvidia, and Microsoft. If approved, the exchange plans to launch 50 to 60 such contracts later this year, offering U.S. investors leveraged exposure without holding the underlying stocks. The move follows Coinbase’s earlier authorization as the first U.S. platform for regulated crypto perpetual futures. Trading awaits final CFTC authorization.
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Cross-source coverage
Common ground
- Both sides agree that Coinbase is exploiting a regulatory vacuum between the SEC and CFTC to push this filing.
- Both agree that perpetual futures on equities could be a transparent, exchange-traded alternative to opaque institutional products like CFDs and total return swaps.
- Both agree that the political timing of the filing is deliberate, aiming to force regulators into a yes-or-no decision during a turf war.
- Both agree that the 50x leverage scare-mongering is unfounded, as there's no evidence Coinbase filed for that on equities under current CFTC rules.
Points of contention
- Neutral Agent sees perpetual futures as a legitimate tool with solvable engineering problems, while Western Agent views them as a trap designed to bleed retail investors through funding rates and no expiration.
- Western Agent argues the product creates a new kind of systemic risk through contagion velocity and off-hours price manipulation, while Neutral Agent says the risk is manageable with existing after-hours feeds and proper regulation.
- Neutral Agent believes retail already has access to similar leveraged products like options and leveraged ETFs, so perpetuals are just another tool, while Western Agent insists they're fundamentally different due to no expiration and variable funding rates.
- Western Agent calls the filing 'regulatory hostage-taking,' while Neutral Agent sees it as a normal boundary test that pushes the system to evolve.
Blind spots
- Both sides overlook the lack of public data from Coinbase on crypto perpetual liquidation rates, funding cost bleed, and average account lifespan, which is crucial for informed regulation.
- Neither side fully addresses how perpetual futures would align with T+1 settlement cycles in equity markets, a key technical hurdle.
- The debate misses the potential for off-hours oracle price manipulation as a targeted attack vector, not just a flash crash risk.
WorldAttention’s read
This debate reveals that Coinbase's filing is a regulatory boundary test disguised as a product launch. The perpetual futures mechanism itself isn't inherently dangerous—it's a transparent evolution of institutional products like CFDs. But the political timing, data opacity, and exploitation of the SEC-CFTC turf war make it a bad-faith move. Both sides agree the product shouldn't be banned outright, but it must be regulated with strict leverage caps, mandatory public disclosure of liquidation and funding rate data, and a clear off-hours pricing mechanism. Without that, it's either regulatory capture or performative outrage.
Reporting timeline
Coinbase Files to List Single-Stock Perpetual Futures on Apple, Tesla and Nvidia
Coinbase has filed with the Commodity Futures Trading Commission (CFTC) to list single-stock perpetual futures on major US equities, including Apple, Tesla, and Nvidia. The filing, submitted through Coinbase Derivatives on Friday, seeks approval for contracts that would give American traders leveraged exposure to individual stocks without owning the shares. The CFTC listing shows the product as approval pending. According to The Wall Street Journal, Coinbase plans to launch roughly 50 to 60 contracts, potentially later this year if regulators approve. This move extends Coinbase's onshore derivatives business, as the company became the first US exchange cleared to offer regulated crypto perpetual futures earlier this year. The filing comes amid a broader race to bring perpetual futures onshore, with the CFTC approving Bitcoin perpetual futures for Kalshi and Polymarket moving toward similar products. Holding a single-stock perpetual would confer no shareholder rights, dividends, or ownership, only price exposure. Contract specifications and leverage limits were not fully detailed.
Read sourceCoinbase Seeks SEC Approval to List Perpetual Futures Tied to Major U.S. Stocks
Coinbase Global has filed for regulatory approval to list perpetual futures contracts tied to individual large-cap U.S. stocks, including Apple, Microsoft, Tesla, and Nvidia, on a regulated U.S. platform. The exchange submitted a Form 1-N to the Securities and Exchange Commission earlier in September 2026, seeking to register Coinbase Derivatives as a national securities exchange for security futures products. The contracts, known as perpetual futures or 'perps,' have no expiration date and allow traders to maintain leveraged positions indefinitely. Coinbase plans to offer contracts linked to roughly 50 to 60 major stocks, with trading potentially starting later this year if regulators approve the products, according to The Wall Street Journal. This move follows Coinbase's launch of stock perps for eligible non-U.S. customers in March 2026 and its recent introduction of regulated crypto derivatives for Canadian traders. The Commodity Futures Trading Commission approved a bitcoin perpetual futures contract in May 2026, signaling regulatory openness. Coinbase shares rose 8.16% to $188.17 on the day of the announcement.
Read sourceCoinbase plans to launch perpetual contracts for US stocks, targeting Apple and Microsoft
Coinbase (COIN.US) has submitted an application to the U.S. Commodity Futures Trading Commission (CFTC) to expand its crypto-native perpetual contract model to the U.S. individual stock market, targeting single stock perpetual contract futures. The application, filed by Coinbase Derivatives on Friday, seeks regulatory authorization for 24/7 trading without holding underlying shares. Unlike traditional futures, perpetual contracts have no expiration date and are currently classified by the CFTC as single stock futures, pending approval. Coinbase plans to list 50 to 60 stocks, including Apple (AAPL.US), Microsoft (MSFT.US), Tesla (TSLA.US), and Nvidia (NVDA.US). On the compliance front, Coinbase Derivatives filed a Form 1-N with the SEC on September 1 to register as a national securities exchange for securities futures products. Coinbase already offers similar perpetual contracts tracking major U.S. stocks and indices to qualified traders outside the U.S., and is actively promoting global expansion, though U.S. residents are temporarily unable to use the service.
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Coinbase Files CFTC Application to Launch Perpetual Futures on US Stocks Including Apple and Microsoft
Coinbase (COIN.US) has filed an application with the U.S. Commodity Futures Trading Commission (CFTC) to launch perpetual futures contracts on individual US stocks, extending its crypto-native derivative model to traditional equities. The application, submitted by Coinbase Derivatives on Friday, seeks regulatory authorization for 24/7 trading without requiring traders to hold the underlying stocks. Unlike traditional futures, perpetual contracts have no expiration date; the CFTC currently classifies them as single-stock futures pending approval. Coinbase plans to list between 50 and 60 stocks, including major technology companies such as Apple (AAPL.US), Microsoft (MSFT.US), Tesla (TSLA.US), and Nvidia (NVDA.US). On the compliance front, Coinbase Derivatives filed Form 1-N with the Securities and Exchange Commission (SEC) on September 1 to register as a national securities exchange for offering security futures products. Coinbase already offers similar perpetual contracts tracking major US stocks and indices to eligible traders outside the United States, launched in March, and is actively pushing to expand offerings to more regions globally.
Read sourceCoinbase Files for US Stock Perpetual Contracts Targeting Apple, Tesla, Nvidia
Coinbase (COIN.US) Derivatives has submitted an application to the U.S. Commodity Futures Trading Commission (CFTC) to list single-stock perpetual contracts on major U.S. technology stocks, including Apple (AAPL.US), Tesla (TSLA.US), Nvidia (NVDA.US), and Microsoft (MSFT.US). Perpetual contracts, which have no expiry date and allow indefinite holding subject to margin requirements, are popular in cryptocurrency markets. If approved, Coinbase plans to launch 50 to 60 such contracts later this year, offering U.S. investors leveraged exposure without owning the underlying stocks. The move expands Coinbase's domestic derivatives business, as it is already the first U.S. platform authorized to offer regulated crypto perpetual contracts with up to 50x leverage. The CFTC has also approved Kalshi's Bitcoin perpetual contract, and Polymarket is developing similar products. The application is pending CFTC authorization, and specific contract specifications and leverage limits have not been finalized. The article notes that these contracts track price movements only and do not confer shareholder rights or dividends.
Coinbase Files with CFTC to List US Stock Perpetual Futures on Apple, Tesla, Nvidia
Coinbase Derivatives has filed an application with the U.S. Commodity Futures Trading Commission (CFTC) to list single-stock perpetual futures contracts on major U.S. equities, including Apple, Tesla, Nvidia, and Microsoft. Perpetual futures are derivatives without expiration dates, allowing indefinite positions as long as margin and funding requirements are met. If approved, Coinbase plans to launch approximately 50 to 60 such contracts later this year, targeting U.S. investors seeking leveraged exposure without holding the underlying stocks. The move follows Coinbase's earlier authorization as the first U.S. platform for regulated cryptocurrency perpetual futures with up to 50x leverage. The CFTC has also approved Kalshi's Bitcoin perpetual futures, and Polymarket is developing similar products, indicating a rapidly evolving competitive landscape. Specific contract specifications and leverage limits remain undefined, and trading awaits final CFTC authorization, marking a significant test of regulatory boundaries for traditional equity derivatives.