Coinbase has announced the launch of perpetual stock futures for eligible non-U.S. retail and institutional traders, marking a significant expansion of its derivatives offerings into U.S. equities. These new futures contracts allow traders to take leveraged positions on a selection of large-cap U.S. stocks, commonly referred to as the “Magnificent 7,” which includes industry giants Apple, Microsoft, Alphabet, Amazon, Nvidia, Meta, and Tesla.
In addition to single-stock futures, Coinbase will also offer perpetual futures linked to the SPY and QQQ exchange-traded funds, which track the S&P 500 and Nasdaq 100 indices, respectively. According to information released in a blog post on Friday, this expansion reflects a growing demand for around-the-clock equity exposure, traditionally offered by decentralized trading platforms.
One notable feature of these perpetual futures is that they do not have an expiry date, distinguishing them from standard futures contracts. Coinbase’s offerings are cash-settled in USDC, a stablecoin pegged to the U.S. dollar, which is issued by Circle Internet.
Traders utilizing these contracts can employ significant leverage, with the ability to use up to 10 times leverage on single-stock contracts and up to 20 times on ETF products. This level of leverage is designed to attract traders looking for amplified exposure to the U.S. equity markets.
The launch comes at a time when the decentralized trading space is experiencing rapid growth, with platforms like Hyperliquid recently introducing S&P 500 perpetual futures contracts, thus highlighting a shift toward 24/7 trading opportunities. Hyperliquid has emerged as a key player in offering contracts tied to traditional assets, including oil-linked contracts, amidst global events such as the ongoing conflicts in the Middle East.
Furthermore, Coinbase revealed that the infrastructure powering these new products leverages the same risk management engine that supports its existing crypto derivatives market. This integration allows for cross-margining between perpetual futures and spot positions, streamlining the trading experience for users.
Overall, this development represents Coinbase’s continued efforts to expand its asset offerings and its aspiration to become what it describes as the “Everything Exchange.”
