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FollowingCoinbase 申请批准 50 至 60 种个股永续合约
拟议的合约提供每周 5 天、每天 24 小时的市场敞口，但不赋予股东权利或股息。通过每小时资金费率结算和杠杆交易，收益、亏损以及持仓成本均可能被放大。
Coinbase 股票期货可能为美国交易者带来无持股的杠杆化个股投资
Coinbase Derivatives 于 9 月 18 日向美国商品期货交易委员会（CFTC）提交了上述合约提案。监管机构将其归类为证券期货产品，目前审批状态显示为“待决”。在联邦审查完成之前，交易无法启动。
提交文件涵盖主要美国上市公司股票
该提案寻求批准与流动性高的美国上市股票及交易所交易基金（ETF）挂钩的现金结算永续合约。据《华尔街日报》报道，首批拟推出的合约涉及 50 至 60 只股票，其中包括苹果、微软、特斯拉和英伟达等知名公司。
若获监管机构批准，Coinbase 计划在今年推出该产品。每份合约仅提供价格敞口，不涉及股份所有权、投票权或股息分配。
Coinbase 股票期货将处于 CFTC 和美国证券交易委员会（SEC）的共同监管之下。该监管框架包括中央清算、跨市场监控、协调交易暂停机制以及持仓限额等措施。
Coinbase Derivatives filed Form 1-N with the SEC on September 1 to register a securities and futures exchange. The CFTC submission uses Apple as a representative contract specification example.
Coinbase stock futures use an hourly funding rate and cash settlement
Unlike traditional futures with maturity dates, the proposed contract does not have a fixed last trading day. By paying an hourly funding rate, the contract price will remain close to the spot price of the underlying stock. When the contract price is higher than the spot, long positions pay a fee to short positions; when the futures price is lower than the spot, the payment direction is in the opposite direction. Coinbase sets the upper and lower limits of the hourly funding rate at ±0.10%.
Trading hours for Coinbase stock futures will start at 8:00 pm on Sunday and end at 5:00 pm on Friday. The reference index will continue to be active during the same period of time. Nodal Clear will serve as a central clearing house as a counterparty.
Margin requirements and leverage limits have not yet been announced. Due to the nature of perpetual contracts, gains, losses and continued cost of holding positions may be amplified. Investors will receive market exposure settled in cash rather than the protection or equity attached to directly holding stocks.
Coinbase currently offers regulated cryptocurrency perpetual contracts in the United States and stock perpetual contracts to eligible non-U.S. traders. Its international equity products were launched in March this year. However, the proposed U.S. domestic equity contract remains unavailable until it is approved by regulators.
