Coinbase wants to perp-walk Wall Street into the weekend 🧢

Coinbase has filed to list more than 50 single-stock perpetual futures on its regulated U.S. exchange, the company said on September 18, in what it described as the first U.S. single-stock perpetual futures product, subject to the required regulatory process. The proposed contracts would include some of the largest American companies, with Nvidia, Microsoft and Tesla among the names cited in the filing.

Unlike standard futures with set expiration dates, perpetual futures can remain open indefinitely as long as traders meet margin requirements. Coinbase said the planned contracts would provide 24/5 exposure to individual stocks, and the announcement carried the line, "Crypto was first, now it's time for stocks." The products would offer "around-the-clock exposure" without expiration dates, according to the exchange.

Perpetual futures use regular funding payments designed to keep contract prices close to their underlying assets, and traders can apply leverage, which increases exposure while amplifying potential gains and losses. Coinbase already runs a U.S. perpetual futures market for cryptocurrency products, and the new filing would extend that framework to equities if approved.

The company did not name a launch date for the proposed contracts, and the filing remains subject to review by U.S. regulators. Coinbase also did not disclose the maximum leverage, fee schedule or initial margin requirements that would apply to the planned single-stock perpetuals. The filing covers more than 50 tickers, with Nvidia, Microsoft and Tesla explicitly listed among the targeted underlying stocks, and any listings would proceed only after the required regulatory process is completed.