Coinbase has begun the regulatory process to offer single-stock perpetual futures to US traders, extending a derivatives product it already offers to eligible customers outside the country.
In a post on X, Coinbase said it is “working to bring single stock perps to the US” and had filed SEC notice registrations for its derivatives exchange and broker. The company said it would collaborate with the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) as it works to bring additional financial products into the US market.
The filings, both dated September 1, cover two Coinbase entities. Coinbase Derivatives, LLC filed Form 1-N, while Coinbase Financial Markets, Inc. filed Form BD-N. The filings are an initial regulatory step and do not mean Coinbase has received approval to launch single-stock perpetuals in the US. The company has not announced a launch date, the stocks that would underlie the contracts or the leverage limits that would apply.
COIN Stock Rises 10%
Coinbase shares rose 10.14% during the September 3 trading session, closing at $192.70 compared with the previous close of $174.96. The stock reached an intraday high of $195.85. The gain came alongside a broader recovery in cryptocurrency markets, while renewed inflows into US spot Bitcoin exchange-traded funds provided a broader positive backdrop for crypto-linked stocks.
The filing gave investors a new Coinbase-specific development to assess as the exchange expands its derivatives business and seeks additional US regulatory pathways. COIN remains below its levels from earlier in the year, leaving the stock sensitive to changes in crypto-market activity and expectations for Coinbase’s trading and subscription businesses.
What Coinbase Filed
The two filings relate to the regulatory treatment of security futures in the US. Form 1-N is used by certain entities to register with the SEC for activities involving security futures, while Form BD-N provides a notice registration for a broker-dealer seeking to engage in security-futures-related activity.
Coinbase Derivatives operates as a CFTC-regulated derivatives exchange, while Coinbase Financial Markets is a CFTC-registered futures commission merchant. The filings would add security-futures capabilities to Coinbase’s existing US derivatives infrastructure rather than create a separate exchange from scratch.
Security futures fall under the regulatory framework shared by the SEC and CFTC. Coinbase said it plans to work with both agencies as it seeks to bring single-stock perpetuals to the US.
What Are Single-Stock Perpetual Futures?
Perpetual futures are derivatives that do not have a fixed expiration date. Instead, a funding mechanism is generally used to help keep the contract’s price aligned with the underlying asset. A single-stock perpetual applies that structure to an individual company’s shares, giving traders price exposure without requiring them to own the underlying stock.
Coinbase launched stock perpetual futures for eligible non-US traders in March 2026. Its international offering includes single-name stocks and allows up to 10x leverage on single-stock contracts. Unlike owning shares directly, holders of the perpetual contracts do not receive shareholder rights such as voting rights. The structure therefore provides economic exposure to a stock rather than ownership of the underlying equity.
Coinbase Previously Sought Clearer Perps Rules
The latest filings follow Coinbase’s recent push for clearer US rules covering perpetual derivatives. In August, Coinbase submitted comments to the SEC and CFTC on their joint review of swaps, security-based swaps and alternative compliance frameworks. The company recommended that equity perpetual derivatives be treated as security futures, according to its filing.
That position provides context for the September notices, which use the security-futures regulatory framework. Coinbase’s filing also comes as US regulators and market participants continue to examine how perpetual-style products can fit within existing derivatives rules.
Coinbase Expands Its Derivatives Business
The single-stock-perpetual filing is the latest step in Coinbase’s broader derivatives expansion.
The company acquired Deribit for about $2.9 billion and has been integrating the platform into its global derivatives business. In May, Coinbase Financial Markets received CFTC clearance to provide US institutions access to global crypto derivatives markets through the regulated FCM.
Coinbase has also expanded derivatives access internationally. The exchange launched regulated crypto derivatives for eligible Canadian investors in September, while it has been expanding its perpetual-futures offering for professional investors in other markets.
The company’s derivatives build-out gives it exposure to a wider range of trading products, including crypto futures, perpetuals and options.
Other Firms Are Pursuing Perpetual Products
Coinbase is pursuing its US single-stock-perpetual plans as other firms develop perpetual-style products for the US market. The CFTC approved KalshiEX’s Bitcoin perpetual futures contract in May, giving the prediction-market operator a path to offer a Bitcoin perpetual under federal derivatives oversight.
CME Group has also expanded its equity derivatives offering with single-stock futures, while several crypto exchanges continue to offer equity perpetuals outside the US.
The developments reflect growing interest in bringing perpetual-style contracts into regulated US markets, although the regulatory treatment can differ depending on the underlying asset and product structure.
What’s Next for Coinbase?
Coinbase’s September filings do not yet establish when US single-stock perpetuals could begin trading. The company still needs to complete the applicable regulatory process before offering the products to US customers.
Key details remain open, including the stocks that could be referenced, leverage limits, margin requirements, trading hours and the eligibility of potential customers.
The Crypto Times will continue to track Coinbase’s filings, regulatory developments and any subsequent announcement on a US launch. The Crypto Times makes no forecast on COIN’s share price or the outcome of the regulatory process.
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