Coinbase (COIN) stock: Exchange applies to offer equity perpetual contract in the U.S.

Core Points

• Additional regulatory approval is required
• Hyperliquid is seeking access to the U.S. market
• Access to 3 free stock e-books

Coinbase filed a registration notice with the U.S. Securities and Exchange Commission (SEC) seeking approval to offer equity perpetual contracts on its exchanges. Faryar Shirzad, chief policy officer at Coinbase, shared the submission on the X platform, calling it a "regulated avenue for U.S. investors." After receiving SEC approval, the exchange must also obtain authorization from the Commodity Futures Trading Commission (CFTC) to launch the product.

Equity perpetual contracts are futures like contracts with no expiration date, allowing traders to speculate on asset prices without directly holding the asset. Rival platform Hyperliquid is also seeking to enter the U.S. market through a reported partnership with Kraken's parent company.

Earlier this week, Coinbase filed a registration notice with the U.S. Securities and Exchange Commission seeking approval to introduce equity perpetual contracts on its trading platform.

Update: Coinbase said it is working to bring a single stock perpetual contract to the U.S. market and filed an SEC registration notice for its derivatives exchange and brokerage business this week.
- CoinMarketCap (@CoinMarketCap) September 4, 2026

Coinbase Chief Policy Officer confirms submission

Faryar Shirzad, Coinbase's chief policy officer, acknowledged the submission in a post on X on Thursday. "Equity perpetual contracts have proven to be in demand in international markets, and we look forward to seeing regulated avenues for U.S. investors," Shirzad said.

This document represents the continued expansion of Coinbase's derivatives product line aimed at reaching U.S. customers. Perpetual contracts (commonly referred to as "perps") operate as futures agreements with no expiration date. These instruments allow market participants to speculate on fluctuations in asset prices without holding the underlying asset itself.

Unlike traditional futures, perpetual contracts eliminate the requirement to roll forward positions. This feature makes it attractive to frequent traders who want to maintain open positions over the long term. Currently, most operations in the perpetual contract trading market are conducted through offshore platforms located outside U.S. regulatory jurisdiction.

Coinbase launched perpetual futures in March this year, although it was limited to international users at the time. Initial offers included major stocks such as Apple, Microsoft, Nvidia and Amazon.

Additional regulatory approval is required

Obtaining SEC approval is only one stage in the authorization process. Shirzad emphasized that before Coinbase can officially provide equity perpetual contracts to U.S. customers, it will need to obtain subsequent approval from the CFTC.

Coinbase has previous experience in dealing with CFTC approvals. In May this year, regulators authorized Coinbase and forecasting market operator KalshiEX to provide Bitcoin perpetual futures contracts to U.S. participants.

The following month, the CFTC issued a public feedback request on perpetual crude oil contracts and round-the-clock trading capabilities, indicating that regulators are paying increased attention to this product category. Kalshi has also submitted a CFTC authorization application to introduce equity index perpetual contracts, positioning itself as a challenger to traditional exchange operators.

Hyperliquid seeks entry into the U.S. market

The broader movement for the supply of compliant perpetual contracts has attracted attention to Hyperliquid, and the platform has attracted attention among cryptocurrency derivatives participants. President Donald Trump mentioned Hyperliquid during an appearance at Whitehouse last month, noting that CFTC Chairman Michael Selig is promoting the platform to enter the U.S. market in a "fully compliant and legal manner."

Bloomberg reported this week that Hyperliquid Labs is negotiating onshore arrangements with Payward, which runs the Kraken cryptocurrency exchange. The CFTC's preliminary approval of cryptocurrency perpetual products put pressure on exchange sector stocks in the first half of the year, although those stocks subsequently rebounded from declines.

Coinbase's COIN shares also participated in this recovery trajectory, benefiting from the renewed strength of the cryptocurrency sector. The total market value of cryptocurrencies recently climbed to US$2.82 trillion.