Coinbase has filed with the US Securities and Exchange Commission to offer equity perpetual futures contracts.
According to Reuters, the filing marks the company's latest step in expanding its derivatives offering beyond crypto assets and into products linked to equities.
Perpetual futures, commonly referred to as 'perps', are derivative contracts that track an underlying asset without an expiration date. This structure allows traders to maintain positions indefinitely, without the need to roll contracts over as they would with traditional futures. The product has been used in crypto markets for some time and, according to Chief Policy Officer Faryar Shirzad, has demonstrated demand in international markets. Shirzad stated that the company sees a 'regulated pathway' for US investors to access equity perpetuals, though he did not elaborate on when the product might launch.
Additional approval required
Before Coinbase can offer equity perpetuals to US customers, the product will also require approval from the Commodity Futures Trading Commission (CFTC). This is a separate regulatory step from the SEC filing. Coinbase has prior experience navigating this process: earlier in 2025, the exchange received CFTC approval, alongside prediction markets platform Kalshi, to offer perpetual crypto futures contracts.
Competitive context
Coinbase is not the only firm pursuing this route. Kalshi has separately filed for CFTC approval to launch equity index perpetuals, a move that would place the prediction markets platform in more direct competition with incumbent derivatives exchanges. The CFTC's willingness to approve these products has had an effect on sentiment across exchange stocks, which were recovering from a selloff earlier this year.
Taken together, the two filings point to growing interest among newer market entrants in offering perpetual-style products tied to equities, a category historically dominated by established derivatives exchanges. Should both the SEC and CFTC approve Coinbase's application, the company would be positioned to offer a product in the US that already has a track record internationally, according to Shirzad. The timeline for a decision from either regulator has not been specified.
Further details on the scope of the proposed product, including which equities or indices might be tracked, have not yet been disclosed.
