Coinbase Seeks Approval for Perpetual Futures on US Stocks and ETFs

Coinbase is seeking to take its derivatives business further into traditional markets, filing a proposal that could allow traders to take perpetual futures positions linked to individual US stocks and exchange-traded funds.

But there is an important detail behind the headline: the products have not been approved by the US Commodity Futures Trading Commission (CFTC).

Coinbase Derivatives submitted the proposed rule change to the CFTC on September 18, 2026, while the US Securities and Exchange Commission (SEC) subsequently published a notice seeking public comments on the proposal. The CFTC's product register currently lists the Single Stock Perpetual Futures Contract as “Approval Pending.”

That means this is a regulatory filing, not a product launch.

What Coinbase is proposing

The proposal covers futures contracts tied to individual equity securities and exchange-traded fund shares. Unlike conventional futures that have a fixed expiration date, the proposed contracts would be perpetual, meaning they would not have a set expiry.

They would also be cash-settled.

In practical terms, a trader would gain or lose money based on changes in the reference price of the underlying stock or ETF without actually receiving the shares.

Someone holding a perpetual futures position linked to a company's stock would therefore not become a shareholder of that company. The contract would provide price exposure rather than ownership.

The proposal also provides for funding payments on open positions. The precise funding methodology, payment intervals and related operational details can vary according to the individual product and its applicable market references rather than operating under one universal rate for every contract.

Why the regulatory status matters

The distinction between a proposal and an approved product is particularly important in this case.

The SEC's September 18 notice concerns Coinbase Derivatives' proposed rules for cash-settled futures on individual securities and ETFs, including perpetual single-stock futures. The filing was submitted concurrently to the CFTC, which is the regulator responsible for approving the derivatives product. The SEC notice explicitly states that the CFTC had not approved the proposal at the time of filing.

The CFTC's own database still reflects that position. As of September 2026, Coinbase's Single Stock Perpetual Futures Contract remains marked “Approval Pending (45)”.

So reports describing the product as already approved or available to US traders would go beyond what the regulatory records currently show.

What traders would actually be trading

If approved and eventually launched, the contracts would give traders exposure to the price movements of specified stocks and ETFs without requiring them to purchase the underlying securities.

That is different from buying a share through a conventional stockbroker.

Owning a stock can give an investor shareholder rights, while a cash-settled futures position does not. Instead, the futures contract creates a financial obligation based on the movement of the referenced asset.

The proposed contracts would also be designed for extended trading hours. Coinbase's filing describes a proposed trading week running from Sunday evening through Friday afternoon, subject to holidays, maintenance periods, trading pauses and other applicable restrictions.

Coinbase is pushing further beyond crypto

The filing fits into Coinbase's broader expansion of its derivatives business.

The exchange already offers a range of futures products, including cryptocurrency and other financial contracts. The CFTC's records show Coinbase products covering assets and instruments beyond spot crypto markets, including US500 index perpetual futures and several cryptocurrency perpetual-style futures.

The proposed single-stock contracts would take that expansion another step by connecting the company's derivatives infrastructure to individual US equities and ETFs.

It also comes as crypto platforms increasingly explore products that bring traditional financial markets and digital-asset trading closer together.

But regulatory approval remains the dividing line between an idea on paper and something customers can actually trade.

For now, Coinbase has submitted the framework. Regulators are reviewing it, and the CFTC register continues to show the single-stock perpetual futures contract as pending approval.

Until that status changes, traders should treat claims that Coinbase has already launched these US stock perpetuals with caution.

The proposal is significant. The launch, however, has not happened yet.

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