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FollowingCoinbase applies to list perpetual contracts for more than 50 U.S. stocks, supporting 24/5 trading with no fixed maturity date.
Coinbase announced on September 18 that it has submitted an application to a regulated U.S. derivatives exchange to launch perpetual contracts linked to more than 50 major U.S. stocks, including Nvidia, Microsoft and Tesla. The plan is known as the country's first single-share perpetual contract product series and aims to break the limit of traditional stock market trading hours.
Core trading mechanisms and advantages
According to the announcement, these newly launched contracts will provide round-the-clock trading services from Monday to Friday, covering traditional pre-market, intra-market and after-hours periods of U.S. stocks. Unlike traditional futures, perpetual contracts do not have a fixed expiration date. Traders only need to abide by the exchange's margin rules and fulfill relevant funding fee obligations to hold positions for a long time.
For investors, these products provide leveraged price exposure without actually owning the underlying stock. For example, customers holding Nvidia perpetual contracts can track gains or losses caused by fluctuations in their share price, but they will not become shareholders of the company and will not be able to receive voting rights, dividends or other company benefits. This structure allows the contract price to closely track the market price of the underlying asset through a regular payment of funds: under market conditions, long positions may pay fees to short positions, and vice versa.
Regulatory approval and compliance requirements
尽管 Coinbase 计划扩大其衍生品业务版图，但这些合约目前尚未开始交易，其上市仍须经过美国严格的监管审批流程。Coinbase 强调，此举旨在为美国客户提供在一个受监管的国内市场中交易的机会，而非被迫使用离岸交易所或链上交易平台。
与 Tokenized Stocks（代币化股票）不同，永续合约属于衍生品范畴，不涉及所有权的转移。Coinbase CEO Brian Armstrong 此前曾主张，代币化股票应由真实证券支持并附带相应权利，而此次申请的永续合约则是基于衍生品规则结算的合同，底层公司的股东名册保持不变。
行业背景与全球扩张
这一举措反映了加密货币公司与传统金融市场融合的趋势。此前，纳斯达克已获得美国证券交易委员会（SEC）批准测试代币化股票交易，但其模式侧重于证券交易本身；而 Coinbase 的方案则专注于价格追踪。与此同时，美国监管机构也在探讨如何利用区块链技术重构证券登记系统，但这主要针对所有权记录，而非仅跟踪价格的合成工具。
在国际市场上，Coinbase 也在积极拓展传统金融业务。例如，在英国，Coinbase 已为符合条件的客户开通了近4,000只美股的24/5交易服务，但这属于直接持股服务，与美国的永续合约产品有所区别。此外，Coinbase 还在阿布扎比获得了金融服务许可，将其作为开发美国境外代币化服务的国际基地。
目前，Coinbase 尚未公布完整的合约规格、杠杆上限或具体的启动时间表。首批名单包含了多只活跃交易的美股巨头，但最终哪些合约会优先上线以及何时正式开放交易，仍需等待监管机构的最终批准。
