Coinbase (COIN) Stock: Exchange Files to Offer Equity Perpetuals in the U.S.

Key Points

• Coinbase submitted a notice registration document to the SEC for approval to offer equity perpetual contracts on its exchange.
• Faryar Shirzad, Chief Policy Officer, shared news of the submission on X, describing it as “a regulated pathway for U.S. investors.”
• Following SEC clearance, the exchange must also obtain CFTC authorization before launching the product.
• Equity perpetuals are futures-style contracts without expiration dates, enabling traders to speculate on asset prices without direct ownership.
• Competitor platform Hyperliquid is also pursuing U.S. market entry through a reported partnership with Kraken’s parent entity.

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

The exchange’s Chief Policy Officer, Faryar Shirzad, acknowledged the submission via a Thursday post on X. “Equity perps have proven demand internationally, and we’re excited at the prospect of a regulated pathway for U.S. investors,” Shirzad stated.

This filing represents a continued expansion of Coinbase’s derivatives offerings aimed at American customers.

Perpetual contracts, widely known as “perps,” function as futures agreements without an expiration date. These instruments allow market participants to speculate on price fluctuations of underlying assets without holding the assets themselves.

In contrast to conventional futures, perpetual contracts eliminate the requirement to roll positions forward. This characteristic has made them attractive to frequent traders seeking to maintain open positions for extended periods.

A significant portion of the perpetuals trading market currently operates through offshore platforms that exist beyond U.S. regulatory jurisdiction.

The exchange introduced perpetual futures in March, although availability was restricted to international users. That initial offering included major equities such as Apple, Microsoft, NVIDIA, and Amazon.

Additional Regulatory Clearance Required

Securing SEC approval represents just one phase of the authorization process. Shirzad emphasized that subsequent approval from the CFTC would be necessary before Coinbase can officially offer equity perpetuals to American customers.

Coinbase has previous experience navigating CFTC approvals. In May, the regulatory body authorized both Coinbase and prediction market operator KalshiEX to offer bitcoin perpetual futures contracts to U.S. participants.

The subsequent month saw the CFTC issue a request for public feedback regarding crude oil perpetual contracts and round-the-clock trading capabilities, demonstrating increased regulatory attention toward this product category.

Kalshi has similarly submitted an application for CFTC authorization to introduce equity index perpetuals, positioning itself as a challenger to traditional exchange operators.

Hyperliquid Pursues U.S. Market Entry

The wider movement toward compliant perpetual contract offerings has drawn attention to Hyperliquid, a platform that gained traction among cryptocurrency derivatives participants.

President Donald Trump referenced Hyperliquid during a White House appearance last month, indicating that CFTC Chair Michael Selig was facilitating the platform’s U.S. entry in a “fully compliant and legal fashion.”

Bloomberg’s reporting this week revealed that Hyperliquid Labs is negotiating an onshore arrangement with Payward, which operates the Kraken cryptocurrency exchange.

Earlier CFTC authorization of cryptocurrency perpetual products had initially pressured exchange sector equities during the first half of the year, though these stocks have since rebounded from those declines.

Coinbase’s COIN stock has participated in that recovery trajectory, benefiting from renewed strength across the cryptocurrency sector. The aggregate cryptocurrency market capitalization recently climbed to $2.82 trillion.

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