Coinbase Files for U.S. Single-Stock Perpetual Futures

Coinbase Derivatives has filed a proposed rule to list cash-settled perpetual futures tied to individual U.S. stocks and exchange-traded funds. The Commodity Futures Trading Commission has not approved the contracts and they are not available to traders.

The Securities and Exchange Commission published a notice on Sept. 18 saying Coinbase submitted a proposed rule change to the CFTC. The CFTC product register showed the Single Stock Perpetual Futures Contract as “Approval Pending” when checked on Sept. 22. The filing is a public rules proposal, not an active product.

The proposal describes cash-settled contracts that mirror a referenced stock or ETF price without delivering the underlying shares. That structure would not create shareholder rights or transfer ownership of the underlying security; positions would be derivatives whose value tracks the reference price, with gains and losses settled in cash.

Contracts could have no fixed expiration date, allowing positions to remain open indefinitely subject to funding payments and other operational rules.

Open positions would be subject to funding payments intended to align contract prices with reference prices over time. The filing does not set a single funding rate or schedule. Each contract would include a product appendix or referenced market materials specifying the funding methodology, payment mechanics, intervals, publication practices and operational timing.

Proposed trading hours would begin Sunday at 8 p.m. Eastern and run through Friday at 5 p.m. Eastern. Holidays, maintenance windows and other exchange-specified periods could interrupt trading. Trades would remain subject to exchange pauses, suspensions and regulatory halts.

A Coinbase post indicated the company had filed and was “working to bring” the product to the U.S. Because the CFTC has not granted approval and Coinbase has not published final contract terms, the filing does not establish a launch date or market availability.