Coinbase Plans to Offer 24/7 Single-Stock Perpetual Contracts in the U.S., Awaiting CFTC Approval

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Crypto exchange news: Coinbase plans to offer 24/7 single-stock perpetual contracts in the U.S., subject to CFTC approval. On September 1, Coinbase Derivatives and Coinbase Financial Markets filed Form 1-N and Form BD-N with the SEC to register as a securities futures exchange and broker. Non-U.S. users have been trading 10x perpetual contracts for Apple, NVIDIA, and Tesla since March 20, with no U.S. access until now. The contracts are settled in USDC and available for round-the-clock trading. No exchange hack has been reported in this context.

ChainCatcher report: Coinbase Derivatives and Coinbase Financial Markets, subsidiaries of cryptocurrency exchange Coinbase, submitted Form 1-N and Form BD-N, respectively, to the U.S. Securities and Exchange Commission (SEC) on September 1, aiming to launch single-stock perpetual contracts in the United States. Coinbase’s Chief Policy Officer, Faryar Shirzad, stated that the next step for these products still requires approval from the U.S. Commodity Futures Trading Commission (CFTC). The two filings relate to registration as a securities futures exchange and a limited-purpose securities futures broker, respectively. Since March 20, Coinbase has offered 10x perpetual contracts on stocks such as Apple, NVIDIA, and Tesla to non-U.S. users, settled in USDC and available for 24/7 trading. U.S. users have been explicitly excluded from this product thus far.

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