Coinbase Adds Stock Perpetual Futures, Bringing 24/7 Trading to U.S. Equities

Coinbase has taken another step beyond its crypto roots, announcing the launch of stock perpetual futures for eligible traders outside the United States. The company said the new product is now live and gives users 24/7 leveraged synthetic exposure to major U.S.-listed stocks on a regulated, centralized venue, a move Coinbase says is designed to meet demand for continuous access to equity markets.

The launch places Coinbase among the first major centralized exchanges to offer stock perpetual futures, a product that has largely been associated with decentralized venues. In its announcement, Coinbase said the expansion strengthens its position in international derivatives and supports its long-term “Everything Exchange” strategy, which aims to let traders access crypto, traditional assets, and emerging markets in one place. The company also framed the rollout as a response to strong demand for round-the-clock equity exposure, particularly in markets where access to U.S. stocks can be limited or expensive.

At launch, Coinbase is offering a curated list of highly liquid names, including the so-called Magnificent 7: Apple, Microsoft, Alphabet, Amazon, NVIDIA, Meta Platforms, and Tesla. ETF perpetual futures tied to products such as the SPY and QQQ are also available where permitted. Coinbase said it expects to broaden the lineup over time, adding more equities, indices, commodities, and other globally traded assets as customer demand develops.

The product comes with several features that will likely appeal to active traders. Coinbase said stock perpetual futures can be traded 24/7, including on weekends, with up to 10x leverage on single-name stocks and up to 20x leverage on ETF perpetuals. Settlement is handled in USDC on crypto rails, and the contracts can be cross-margined across perpetual futures and spot positions. Retail users can access the product through Coinbase Advanced and APIs, while institutional clients can use Coinbase International Exchange.

Broader Push

Coinbase is also leaning hard on risk controls and regulation as it makes the push. The company said stock perps are powered by the same perpetual futures engine and risk framework already used across its crypto derivatives markets, and its derivatives page says the product is offered by Coinbase Bermuda Ltd., a class F regulated entity licensed by the Bermuda Monetary Authority. Coinbase also warns that trading stock perps involves liquidity, execution, and volatility risks, especially during nonmarket hours.

The broader significance is hard to miss. Traditional U.S. stock markets run on a 24/5 schedule, but global news, macro data, and crypto volatility do not wait for the opening bell. Coinbase says stock perpetuals can give retail traders more capital-efficient access to U.S. markets with continuous trading and built-in leverage, while institutions can use them for weekend hedging and faster exposure management inside a unified derivatives stack.

Reuters reported back in 2023 that Coinbase had already launched an international derivatives exchange for institutional users outside the U.S., and this latest move pushes that effort into a new category that blends stocks and crypto more tightly than before.

For now, the product is available only to eligible non-U.S. retail traders on Coinbase Advanced and to institutions on Coinbase International Exchange. Coinbase said the offering is not available to U.S. persons and may be restricted in certain jurisdictions, but it added that it is working to expand access to more regions in the future.