Coinbase is asking U.S. regulators for permission to offer perpetual futures linked to traditional equities, potentially bringing one of crypto’s most popular trading products into the American stock market.
The company has filed a notice registration form with the Securities and Exchange Commission seeking approval to begin listing equity perpetual contracts, Coinbase Chief Policy Officer Faryar Shirzad said this week.
If the SEC signs off, Coinbase would still need approval from the Commodity Futures Trading Commission before the products could be offered.
The move represents another step in the growing convergence between crypto trading infrastructure and traditional financial markets.
Perpetual futures, commonly known as “perps,” allow traders to gain leveraged exposure to an asset’s price without owning the underlying asset and, unlike standard futures contracts, do not have a fixed expiration date.
They have become one of the dominant products in global crypto derivatives markets, particularly on offshore exchanges.
Coinbase now wants to apply the same model to stocks.
The company already launched equity-linked perpetual futures for eligible customers outside the United States in March, with contracts referencing companies including Apple, Microsoft, Nvidia and Amazon.
Bringing similar products into the regulated U.S. market would be considerably more significant.
It could give American traders around-the-clock exposure to major stocks through derivative contracts while pushing regulators to decide how far crypto-style market structures can extend into traditional assets.
From crypto trading to 24/7 capital markets
The appeal of perpetual futures is closely tied to one of crypto’s defining features: markets that never close.
Bitcoin, ether and other digital assets trade continuously, including overnight, on weekends and during holidays. Traditional stocks, by contrast, still revolve around exchange trading sessions, even as extended-hours trading becomes more common.
Equity perpetuals challenge that model.
A perpetual contract referencing Nvidia or Apple could theoretically trade continuously even when the underlying stock market is closed, with pricing mechanisms designed to keep the derivative aligned with the underlying equity.
That creates opportunities but also raises difficult questions.
Liquidity in the underlying shares falls sharply outside normal market hours. Corporate announcements may occur while cash markets are closed. Prices in a 24/7 derivative market could therefore move substantially before the underlying shares begin trading again.
Regulators would need to consider how those differences affect price discovery, market manipulation and investor protection.
The CFTC is already examining similar questions across other asset classes.
In June, the agency requested public comment on extending standard futures contracts to 24/7 trading and on perpetual contracts referencing physical commodities such as crude oil.
The regulator said it wanted to better understand how continuous trading and new derivatives structures could affect market integrity and protections against manipulation.
In July, the CFTC went further by temporarily blocking a CME proposal to introduce 24/7 crude-oil futures while the agency continued examining the implications of continuous trading.
That suggests regulators are open to the idea of round-the-clock markets, but are not prepared to apply the crypto model indiscriminately.
Perpetual futures move onshore
The regulatory environment for perpetual futures in the U.S. has nevertheless changed substantially this year.
In May, CFTC staff confirmed the treatment of certain crypto perpetual contracts as futures and provided regulatory relief connected to Coinbase Financial Markets’ plans to offer some products listed by its affiliated overseas venue, Deribit.
The development followed regulatory approval for bitcoin perpetual futures in the United States.
For Coinbase, equity perpetuals are a logical extension.
The company has increasingly positioned itself as more than a cryptocurrency exchange. It offers derivatives, institutional custody, stablecoin services and other financial infrastructure, while looking for ways to bring traditional assets into crypto-style markets.
Other companies are moving in the same direction.
Robinhood has introduced tokenized stock products outside the U.S., while exchanges and fintech platforms are increasingly experimenting with tokenized equities, synthetic exposure and extended-hours trading.
The difference with Coinbase’s proposal is that the company is seeking a regulated path specifically for perpetual contracts tied to stocks.
That could make the SEC and CFTC decision an important precedent.
Approval would signal that regulators are willing to allow one of crypto’s most distinctive financial products to migrate into conventional markets.
Rejection or heavy restrictions would reinforce the boundary between round-the-clock crypto derivatives and traditional securities infrastructure.
Either way, the application highlights a broader change already underway.
Crypto companies are no longer simply trying to bring more assets onto blockchain networks. They are increasingly exporting crypto market design itself — continuous trading, perpetual derivatives and global access — into traditional finance.
If regulators approve Coinbase’s plan, the next generation of stock trading may begin to look considerably more like crypto.