Coinbase on Friday rolled out perpetual futures contracts tied to U.S. equities, becoming one of the first major centralized exchanges to offer the product and expanding its derivatives lineup beyond crypto.
The contracts cover all seven Magnificent 7 stocks — Apple, Microsoft, Alphabet, Amazon, Nvidia, Meta, and Tesla — as well as ETF perpetuals tracking the S&P 500 (SPY) and Nasdaq-100 (QQQ) in select jurisdictions. They are available to eligible non-U.S. retail users on Coinbase Advanced and to institutions on Coinbase International Exchange.
The contracts trade around the clock, are cash-settled in USDC, and offer up to 10x leverage on individual stocks and 20x on ETF products. Like crypto perpetuals, they have no expiration date and use a funding rate mechanism to track spot prices.
Competing With DeFi
The launch positions Coinbase against decentralized platforms that have already built significant traction in equity-linked perpetuals. TradeXYZ, the perpetuals arm of Hyperliquid tokenization layer Unit, has crossed $1.4 billion in open interest and routinely processes more than $1 billion in daily volume, according to DeFiLlama.
Earlier this week, the platformlanded a license from S&P Dow Jones Indices to launch the first officially sanctioned S&P 500 perpetual futures contract on-chain — a milestone that lends institutional credibility to the DeFi side of the equity perps market.
Coinbase acknowledged in itsblog post that much of the demand for continuous equity exposure has been concentrated on decentralized venues.
The launch follows Coinbase's recent push into European derivatives, where its MiFID-regulated entity began offering crypto futures across 26 countries earlier this month. The company said it plans to expand the lineup over time, adding more equities, indices, commodities, and other globally traded assets.
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