Coinbase has recently introduced stock perpetual futures for eligible traders outside the United States, marking a significant expansion in its global derivatives offerings. The announcement, made in a blog post, highlights the platform’s commitment to providing round-the-clock access to U.S. equities, aligning with its vision of building an “everything exchange.”
These new instruments allow users to trade synthetic, leveraged positions linked to selected publicly traded stocks and exchange-traded funds (ETFs) on a centralized and regulated platform. This move positions Coinbase among the first major centralized venues to offer stock perpetual futures, a product that has seen increasing popularity on decentralized platforms.
Coinbase’s stock perpetual futures provide continuous exposure to equities, allowing 24/7 trading, including weekends. This stands in stark contrast to traditional U.S. stock markets, which have limited trading hours. According to Coinbase, the demand for consistent equity exposure has surged, particularly in regions where access to U.S. equities is either restricted or burdensome in terms of capital requirements.
At launch, Coinbase is offering perpetual futures tied to a select group of liquid U.S. stocks, including major names like Apple, Microsoft, Alphabet, Amazon, Nvidia, Meta, and Tesla. Additionally, the platform includes ETF-based perpetuals related to the S&P 500 and Nasdaq-100, available in certain jurisdictions. The contracts offer up to 10x leverage on individual stocks and up to 20x on ETF products. Settlement is conducted in USDC on crypto rails, which enhances the trading experience.
In an innovative approach, Coinbase’s perpetual futures support cross-margining across both perpetual futures and spot positions, making it accessible not only to retail users via Coinbase Advanced but also to institutional clients through Coinbase International Exchange. This development builds upon Coinbase’s recent efforts to expand derivatives trading in Europe, where the firm started offering crypto futures to users across 26 countries through its MiFID-regulated entity.
Coinbase’s derivatives expansion is complemented by enhanced institutional infrastructure, including the rollout of unified cross-margining across spot and derivatives markets via Coinbase Prime. The company’s initiatives aim to improve capital efficiency and simplify portfolio management within a unified trading environment.
While the stock perpetual futures product is not available to users in the U.S. and may face restrictions in certain jurisdictions, Coinbase plans to broaden the offering over time. This expansion is expected to include additional equities, indices, commodities, and other globally traded assets in response to customer demand, underscoring Coinbase’s commitment to evolving its platform to meet the needs of its users.
