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Coinbase filed a notice registration with the Securities and Exchange Commission earlier this week to list 24/7 equity perpetuals in the US, Chief Policy Officer Faryar Shirzad said Thursday on X. The company would still need Commodity Futures Trading Commission sign-off before launch, and the SEC filing is the first regulatory step on that path.
Coinbase already offers perpetual futures offshore on a curated set of US-listed names including Apple, Microsoft, NVIDIA and Amazon, products the exchange launched in March for non-US users. The new filing is the formal attempt to bring that same product class inside the US regulatory perimeter, where it would be available around the clock rather than only during equity market hours.
Why it matters
Equity perps are a market that exists today almost entirely on offshore venues. Coinbase is betting that a regulated onshore alternative can capture demand from US retail and institutions who want leveraged equity exposure without the constraints of traditional market hours. Shirzad framed it as a "regulated pathway for U.S. investors," language designed to signal cooperation with both the SEC and the CFTC at a moment when both agencies are actively rewriting the rulebook for perpetual contracts.
The timing is not accidental. In May, CFTC staff greenlit KalshiEX and Coinbase itself to list bitcoin perpetual futures in the US, and a month later the agency opened a request for comment on crude oil perps and 24/7 trading. Coinbase's equity filing sits directly on top of that groundwork.
Market impact
The filing also sharpens the competitive question around Hyperliquid, the decentralized perps platform that became the offshore venue of choice for crypto derivatives traders and drew direct attention from the White House last month. President Trump said CFTC Chair Michael Selig was working to bring Hyperliquid onshore in a "fully compliant and legal fashion," and Bloomberg reported this week that Hyperliquid Labs is in talks with Kraken parent Payward about a US entry. Coinbase's filing is the incumbent's counter-move: a regulated onshore product from a US-licensed exchange aimed at the same trader base.
Frequently asked questions
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What did Coinbase actually file with the SEC?
Coinbase filed a notice registration seeking SEC sign-off to list 24/7 equity perpetuals in the US. The exchange would still need separate CFTC approval before launch.
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Which stocks would the perpetuals track?
Coinbase already offers perpetual futures offshore on a curated set of US-listed names including Apple, Microsoft, NVIDIA and Amazon. The SEC filing is the attempt to bring that same product set onshore.
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How does this relate to the CFTC's recent moves on perps?
In May, CFTC staff greenlit KalshiEX and Coinbase to list bitcoin perpetual futures in the US, and the agency later opened a request for comment on crude oil perps and 24/7 trading. Coinbase's equity filing builds directly on that regulatory groundwork.
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Why is Hyperliquid part of this story?
Hyperliquid became the dominant offshore venue for crypto derivatives traders and drew White House attention last month when President Trump said CFTC Chair Michael Selig was working to bring the platform onshore. Bloomberg reported this week that Hyperliquid Labs is in talks with Kraken parent Payward about a US…
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What would change if the SEC approves the filing?
US retail would have access to single-stock perpetuals through a fully regulated US venue for the first time, a structural opening that could pull meaningful trading volume away from offshore perps platforms.
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