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FollowingCoinbase stock perpetual contracts move towards U.S. trading after filing two SEC notices.
Coinbase Derivatives filed Form 1-N, while Coinbase Financial Markets filed Form BD-N. These documents do not confirm the listing date, contract terms, leverage limits or continuous trading arrangements.
Coinbase's stock perpetual contract has entered the U.S. regulatory process after two affiliated companies filed a notice with the U.S. Securities and Exchange Commission (SEC) on September 1. Coinbase Derivatives filed Forms 1-N, while Coinbase Financial Markets filed Forms BD-N. The exchange hopes to offer individual stock contracts to U.S. clients, but has not announced a listing date or product terms.
Coinbase equity perpetual contracts open dual SEC registration process
Form 1-N allows contract markets designated by the Commodity Futures Trading Commission (CFTC) to register with the SEC notification only for securities futures. Coinbase Derivatives has qualified for the designated contract market since 2020. The document does not transform it into a national stock exchange.
"We are working hard to bring individual stock perpetual contracts to the United States. This week, we filed SEC notices for registration for our derivatives exchanges and brokers. We will work closely with the SEC and CFTC to introduce more major financial products domestically."
Forms BD-N cover broker roles. Coinbase Financial Markets is a futures commission dealer registered with the CFTC. Under the proposed structure, it would allow customers access to contracts listed on their connected exchanges.
Therefore, Coinbase's stock perpetual contracts need to follow the dual-agency path. The SEC and CFTC jointly regulate individual stock futures and narrow-base securities index futures. Faryar Shirzad said obtaining CFTC approval is the next step in the regulatory process.
Overseas contracts provide clues, but U.S. terms have not yet been determined.
Perpetual futures have no expiration date and traders can maintain long or short positions by paying regular funding rates. Traders will never receive the underlying stock or related voting rights. Coinbase launched perpetual contracts for international stocks in March to eligible non-U.S. customers. Its product lines include Apple, Microsoft, Alphabet, Amazon, Nvidia, Meta and Tesla. SPY and QQQ contracts also provide composite exposure to major U.S. stock indices.
Overseas products are traded continuously, settled using USDC, and leverage is provided. Stock contracts provide up to 10 times leverage, and ETF contracts provide up to 20 times leverage. Funding rates help bring the contract price closer to the reference asset. Coinbase's stock perpetual contracts will provide price exposure but have no ownership, voting rights or dividends. U.S. terms may differ from overseas services. These documents do not specify the funding method, leverage, clearing arrangements or backed stocks.
Coinbase's stock perpetual contracts also lack a 24-hour confirmation schedule for trading. Continuous contracts may operate when the reference exchange is closed. Coinbase has not disclosed any controls during the lack of fresh stock prices.
