Coinbase seeks CFTC nod for single-stock perpetual futures on Apple, Tesla and Nvidia
Filed through Coinbase Derivatives, the application would let US traders take leveraged positions on individual equities around the clock — without ever owning the shares.
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Coinbase has asked the Commodity Futures Trading Commission to approve perpetual futures tied to individual US stocks, a product category that until now existed almost entirely offshore. The application, submitted through the company's derivatives arm, would allow American traders to take leveraged positions on names such as Apple, Tesla and Nvidia on a 24/5 schedule — meaning the contracts can be traded whenever traditional markets are open, five days a week — without purchasing the underlying shares.
According to Decrypt, which reviewed the CFTC listing, the contracts are recorded there as a single-stock future with approval pending. Coinbase has described the application as covering its "first set" of US single-stock perpetuals. The Wall Street Journal reported that the company intends to list roughly 50 to 60 contracts, with Apple, Microsoft, Tesla and Nvidia among them, possibly later in 2026 if regulators clear the product.
Perpetual futures — commonly shortened to "perps" — are derivatives that track the price of an asset but never expire, letting traders keep a position open indefinitely provided they meet margin calls and periodic funding payments. The structure has been a defining feature of crypto trading for years, but most forms have been unavailable to US participants. A contract on a single stock would carry none of the rights of ownership: no shareholder vote, no dividends, only price exposure.
Building out an onshore derivatives book
The filing is the latest step in a rapid expansion of Coinbase's regulated derivatives business. Earlier this year the company became the first US exchange authorized to offer regulated perpetual futures on crypto, later adding contracts with leverage of up to 50 times a trader's capital. It has offered stock-based perps to eligible customers outside the United States since March.
The push reflects wider momentum toward bringing perps under US oversight. The CFTC has already approved Bitcoin perpetual futures for prediction-market operator Kalshi, which has since broadened into commodity contracts including copper, while Polymarket has been moving toward its own crypto perps offering.
Key details remain unresolved. Coinbase has not fully specified the contract terms or how much leverage would be available, and the products cannot begin trading until the CFTC grants clearance. Whether the commission approves, modifies or rejects the application will determine how quickly — and in what form — single-stock perps reach American retail traders.
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