Coinbase has introduced perpetual stock futures for eligible non-US retail and institutional traders, expanding its derivatives offering into US equities.
The move marks a significant step in the company’s broader ambition to become an “Everything Exchange,” combining crypto, traditional assets, and new financial instruments on a single platform.
Expanding access to US equities
The new contracts allow traders to take leveraged positions on a group of major US technology companies, commonly referred to as the Magnificent 7: Apple, Microsoft, Alphabet, Amazon, Nvidia, Meta, and Tesla.
In addition, Coinbase is offering perpetual futures tied to exchange-traded funds such as the S&P 500 and Nasdaq-100, via SPDR S&P 500 ETF Trust and Invesco QQQ Trust in certain jurisdictions.
Unlike standard futures contracts, perpetual futures do not expire, enabling continuous exposure.
Coinbase’s contracts are cash-settled in USD Coin, a dollar-pegged stablecoin issued by Circle Internet.
The exchange said traders can access up to 10-times leverage on single-stock contracts and up to 20-times on ETF-based products.
The offering is designed to meet growing demand for 24/7 access to equity markets, particularly among international investors who face barriers to US stock trading.
Competing with decentralized platforms
Coinbase’s entry into stock perpetual futures comes as decentralized platforms have gained traction in this segment.
The largest such platform, Hyperliquid, recently introduced S&P 500 perpetual futures and has expanded into other traditional financial instruments, including oil-linked contracts that trade around the clock.
Coinbase noted that much of the demand for continuous equity exposure has been concentrated on decentralized venues.
By launching this product, the company aims to bring that activity into a more regulated environment.
The platform also highlighted its use of the same risk engine that powers its crypto derivatives markets, enabling cross-margining across perpetual futures and spot positions.
This feature allows traders to manage collateral more efficiently across different asset classes.
Strategy toward an “everything exchange”
The launch aligns with Coinbase’s broader strategy to expand its global derivatives business and diversify its product offerings.
The company has positioned the move as part of its effort to build a comprehensive trading ecosystem that integrates crypto and traditional finance.
The service is currently available in selected regions through Coinbase Bermuda, which operates under the oversight of the Bermuda Monetary Authority.
Access is provided via Coinbase’s advanced trading tools, APIs, and international exchange.
For retail users, the product offers increased flexibility, allowing them to respond to global market developments at any time, including weekends.
Institutional participants, meanwhile, gain additional tools for hedging and risk management outside traditional market hours.
As Coinbase continues to expand its derivatives footprint, the introduction of stock perpetual futures underscores the growing convergence between crypto infrastructure and traditional financial markets, as well as rising demand for always-on trading capabilities.
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