Coinbase Files to List Single-Stock Perps on Apple, Tesla and Nvidia

Coinbase has submitted a filing with the Commodity Futures Trading Commission, via its Coinbase Derivatives unit, requesting permission to list single-stock perpetual futures in the United States. The company said the application covers its first set of U.S. single-stock perpetuals and aims to provide traders with 24/5 access to leveraged exposure on individual equities without requiring ownership of the underlying shares.

Perpetual futures, commonly called "perps," are derivative contracts that track an asset's price but do not have an expiration date, allowing positions to be held indefinitely subject to margin and funding rules. Coinbase's filing identifies an initial slate of roughly 50 to 60 contracts and names large-cap stocks such as Apple, Microsoft, Tesla and Nvidia among potential listings. The filing is listed as approval pending with the CFTC.

The proposal extends Coinbase's recent expansion of onshore derivatives offerings. Earlier this year the firm became the first U.S. exchange cleared to offer regulated crypto perpetual futures, later introducing contracts with leverage up to 50x. Coinbase also began offering stock perpetuals to eligible non-U.S. traders in March. The current filing does not fully specify contract details or leverage limits for the proposed U.S. single-stock perps, and trading cannot begin until regulators grant clearance.

The move comes amid a wider industry effort to bring perpetual-style products to regulated U.S. markets. The CFTC has approved bitcoin perpetual futures for Kalshi, which has since added other commodities, and other platforms such as Polymarket are pursuing similar products. Coinbase noted that holders of single-stock perpetuals would have only price exposure and would not acquire shareholder rights, dividends or ownership of the underlying equities.