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FollowingCoinbase submitted an application to the CFTC to launch a cash-settled perpetual contract linked to more than 50 U.S. stocks.
Coinbase Derivatives has submitted a document with the U.S. Commodity Futures Trading Commission (CFTC) to launch a cash-settled perpetual futures contract linked to U.S. listed stocks and exchange-traded funds (ETFs). The proposal is intended to provide products to U.S. traders, but requires approval from the CFTC and other relevant regulatory agencies before implementation can be implemented. Among them, Apple's stock will serve as a representative contract, marking the expansion of Coinbase's perpetual futures business from cryptocurrency assets to traditional stock markets.
Focus on individual stocks: 24/5 exposure to single stock risks
Under the proposal, these contracts will provide traders with access to a single stock 24 hours a day, 5 days a week, without actually holding shares. Unlike traditional futures, perpetual futures do not have a fixed maturity date. Coinbase classified these contracts as "single stock futures" in the filing. As securities and futures products are involved, these products will be jointly regulated by the CFTC and the Securities and Exchange Commission (SEC). Coinbase plans to launch contracts linked to more than 50 stocks, including Apple, Microsoft, Tesla and Nvidia. If regulators approve the proposal, the company is expected to officially launch related products later this year.
New product features: leveraged speculation and non-shareholder equity
通过这些衍生品合约，交易者可以对股价走势进行投机，而非直接拥有股票。资金费率通常用于确保永续期货价格与其标的资产保持一致。交易者可以使用杠杆放大收益，但这同时也增加了爆仓风险。需要注意的是，持有永续期货合约的用户不会获得底层公司的投票权或股息分红。
事实上，Coinbase此前已在美国以外的地区向符合条件的用户推出了股权类永续期货。今年3月，该公司上线了涵盖主要美国股票和指数（包括苹果和英伟达）的相关产品。与此同时，Coinbase Derivatives已于9月1日向SEC提交了Form 1-N表格。
监管路径差异：永续合约与代币化股票的区别
SEC的备案旨在注册为一家国家证券交易所，以便提供证券期货服务；而最新的CFTC备案则寻求进入美国市场。值得注意的是，拟议的产品与SEC新框架下的“代币化股票”存在显著差异。代币化证券代表底层股份，并可能赋予股东权利；而永续期货则是通过衍生品合约来追踪股价。目前，其他平台也在探索类似的产品。例如，Crypto.com和Kalshi正通过不同的监管途径推进类似产品，而Hyperliquid等离岸平台已经提供了可比的挂钩股票合约。如果获得批准，Coinbase的这一提案将使其股权类永续期货正式纳入美国的监管框架之中。
