Finance18 September, 20262 min read
Coinbase Derivatives Files With CFTC To List US Single-Stock Perpetuals
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Coinbase Derivatives filed with the CFTC to list cash-settled US single-stock perpetuals. More than 50 proposed contracts would cover individual U.S. stocks, including Nvidia.
CFTC review pending
Coinbase Derivatives filed with the Commodity Futures Trading Commission on Sept. 18 to list cash-settled US single-stock perpetuals tied to individual U.S.-listed stocks and ETFs, with the CFTC docket showing the product "Approval Pending (45)."
“The CFTC docket shows the product 'Approval Pending (45)'.”
The filing says U.S. customers cannot trade the proposed contracts yet, and Coinbase said it intends to list the contracts shortly after Commission approval, subject to any other necessary regulatory clearances.
Coinbase Derivatives is described as a CFTC-designated contract market and notice-registered with the SEC as a national securities exchange solely for trading security futures products, placing the proposed contracts under joint oversight.
Coinbase’s filing uses an Apple contract as the representative specification, and the broader suite would reference liquid U.S.-listed equities and ETFs that meet the exchange's listing standards.
How the contracts work
Coinbase’s proposed single-stock perpetual futures are described as cash-settled, with no fixed expiration dates, and trading from 8 p.m. ET Sunday through 5 p.m. ET Friday for what Coinbase described as 24/5 exposure.
The contracts would use hourly funding payments to keep the contract price close to the underlying, with the funding rate calculated from index readings taken every three minutes and capped at plus or minus 0.10% per hour.
The Defiant says the contracts would trade 24/5 on Coinbase Derivatives, use hourly funding and clear through Nodal Clear, while the CFTC filing remains pending.
In The Defiant’s description of the representative Apple contract, the contract size is equal to 0.01 times the Apple index, making the example notional about $2.25 when Apple trades near $225.
Stocks named, no ownership
Coinbase’s planned lineup is described as roughly 50 to 60 contracts, including Apple, Microsoft, Tesla and Nvidia, with a launch later this year if regulators approve, while Coinbase’s own announcement put the count above 50. CoinGape says the filing would cover more than 50 single-stock perpetual futures and names Nvidia, Microsoft and Tesla among the stocks disclosed in Coinbase’s filing.
The Defiant says the filing classifies the products as security futures, placing them under the joint regulatory framework of the CFTC and Securities and Exchange Commission, and that U.S. customers cannot trade the proposed contracts yet. Across the descriptions, Coinbase says the contracts would not confer stock ownership, voting rights or shares, even as they provide leveraged price exposure without transferring ownership of the underlying shares.