Coinbase Files SEC Notices to Bring Single-Stock Perpetuals to US Traders
Coinbase has taken its first formal step toward offering single-stock perpetual futures in the United States. Coinbase Derivatives filed Form 1-N with the U.S. Securities and Exchange Commission on Sept. 1, 2026 to register as a security futures exchange, while Coinbase Financial Markets submitted Form BD-N as a limited-purpose security futures broker-dealer, crypto.news reported. The contracts cannot go live yet: single-stock futures sit under the joint oversight of the SEC and the Commodity Futures Trading Commission, and CFTC product approval is the necessary next step before launch, according to The Defiant.
What Coinbase filed with the SEC
The paired notice registrations cover both sides of the planned business. According to Blockonomi, Coinbase Derivatives filed Form 1-N for its exchange operations and Coinbase Financial Markets filed Form BD-N for its brokerage business. Together, the filings establish a dual SEC-CFTC route for bringing the products to U.S. customers, and Coinbase said it is "collaborating closely with the SEC and CFTC."
Coinbase Chief Policy Officer Faryar Shirzad described the filings as the start of a longer process, writing in a post reported by CoinCentral: "Equity perpetuals are coming onshore. This week @coinbase took the first step to offer them in the U.S on our derivatives exchange by filing notice registration documents with the @SECgov."
How equity perpetual futures work
Equity perpetuals track stock prices without requiring ownership of the underlying shares and have no expiration date, as CoinCentral reported. Coinbase proposes classifying these contracts as security futures using existing regulatory frameworks.
That classification argument was laid out before the notice filings. In a comment letter submitted to the CFTC and SEC on August 24-25, Coinbase suggested treating equity perpetuals as "security futures" under the Commodity Exchange Act, a framework that would allow CFTC-registered contract markets to offer these products through streamlined SEC notice registration, Crypto Briefing reported.
COIN shares jump on the news
Markets responded quickly to the filings. Coinbase shares (COIN) jumped 10.14% to $192.70 following the regulatory filings, according to CoinGape.
Proven demand outside the United States
Coinbase is not starting from scratch with these products. The Block reported that the exchange is seeking approval to list 24/7 equity perpetuals for U.S. investors and already offers perpetual futures internationally on specific stocks such as Apple, Microsoft, Nvidia, and Amazon.
"Equity perps have proven demand internationally, and we're excited at the prospect of a regulated pathway for U.S. investors," Shirzad said, per The Block.
The initiative aligns with Coinbase's broader "Everything Exchange" strategy of expanding into regulated traditional derivatives, CoinCentral reported.
A contested regulatory backdrop
The filings land in the middle of a wider fight over how perpetual contracts should be regulated in the United States. The CFTC filed a motion on Sept. 2 in the District Court of Columbia to dismiss CME Group's lawsuit over the regulator's May 29 order approving Kalshi's bitcoin perpetual futures, The Block reported. CME sued the CFTC on June 18, and its opposition to the dismissal motion is due October 2.
Competition for the onshore market is also building. Rival platform Hyperliquid has been exploring pathways to bring its perpetual trading platform onshore in the U.S., according to The Block.
What remains undisclosed
Key product details are still open. The filings do not disclose a launch date, supported stocks, or proposed leverage limits for the U.S. market, crypto.news reported. Until the CFTC signs off, the products remain a proposal rather than a live offering.
Key takeaways
- Coinbase Derivatives filed Form 1-N and Coinbase Financial Markets filed Form BD-N with the SEC on Sept. 1, 2026.
- Single-stock futures fall under joint SEC and CFTC oversight, and CFTC approval is still required before any U.S. launch.
- Coinbase shares (COIN) jumped 10.14% to $192.70 following the filings.
- No launch date, supported stocks, or leverage limits have been disclosed for the U.S. market.
Frequently asked questions
What is an equity perpetual future?
An equity perpetual is a contract that tracks a stock's price without requiring ownership of the underlying shares and has no expiration date.
When will Coinbase launch single-stock perpetuals in the US?
No launch date has been disclosed. The products require CFTC approval before they can launch.
Which stocks does Coinbase offer perpetuals on internationally?
Coinbase already offers perpetual futures internationally on stocks such as Apple, Microsoft, Nvidia, and Amazon. The supported stocks for the U.S. market have not been announced.