Catenaa, Thursday, September 10, 2026- Coinbase has filed registration documents with the US Securities and Exchange Commission seeking clearance to list equity perpetual futures for US investors, Chief Policy Officer Faryar Shirzad said Thursday.
The filing represents the first regulatory step toward bringing the products onto Coinbase’s US derivatives exchange.
Shirzad said Coinbase will next need approval from the Commodity Futures Trading Commission before the products can be offered domestically.
The two-stage process reflects the nature of equity perpetuals. Their value tracks securities such as individual company shares, while the products themselves operate as derivatives.
Equity perpetuals allow traders to gain long or short exposure to a stock’s price without buying the underlying shares.
Unlike traditional futures contracts, perpetuals do not have an expiration date. Positions can remain open as long as traders meet collateral and other requirements.
Coinbase already offers equity perpetuals to eligible customers outside the US.
The exchange launched those products internationally in March with contracts linked to major US companies including Apple, Microsoft, Nvidia and Amazon.
Coinbase has not announced which individual stocks would be included in a US launch or when trading could begin.
Shirzad said international demand for equity perpetuals had demonstrated investor interest and that Coinbase wanted a regulated pathway for US customers.
The filing also highlights growing coordination between the SEC and CFTC as regulators address products combining traditional securities with derivatives structures common in crypto markets.
US regulators have already begun allowing perpetual-style products in other areas.
The CFTC moved in May to permit Bitcoin perpetual futures in the US, clearing products from Coinbase and prediction market operator Kalshi.
The regulator subsequently sought industry feedback on extending perpetual structures and round-the-clock trading into additional markets, including crude oil.
Perpetual futures have become a major part of global cryptocurrency trading because they allow continuous leveraged exposure without requiring traders to roll contracts into later expiration dates.
Much of that market developed on offshore platforms beyond direct US regulatory oversight.
Hyperliquid has become one of the largest crypto-native venues specializing in perpetual futures and has also been examining ways to enter the US market.
Kraken parent Payward has been working with regulators on a structure that could give US customers access to certain Hyperliquid-linked perpetual products through a regulated venue.
Coinbase’s proposal takes the concept further into traditional finance by seeking to apply the perpetual structure to individual stocks.
If regulators approve the products, US investors could gain continuous derivatives exposure to company shares without directly owning them.
The proposal would also further blur traditional boundaries between crypto-style trading infrastructure and established securities markets.
Coinbase has steadily expanded beyond spot cryptocurrency trading into regulated derivatives. Its international business already offers perpetual contracts linked to digital assets and selected equities, while its US operations have moved into perpetual-style crypto futures.
Equity perpetuals would represent another step in that expansion because individual company shares fall within securities regulation while futures products are also subject to derivatives oversight.
That means Coinbase needs cooperation from both the SEC and CFTC before a domestic launch can proceed.
No approval timetable has been announced, and Coinbase has not disclosed proposed leverage limits, launch dates or the full list of equities that could be offered.
