Coinbase Wins CFTC Clearing Approval, but Stock Perps Remain Out

The CFTC registered Coinbase Clearing LLC as a derivatives clearing organization on Sept. 28, allowing it to clear fully collateralized futures, options on futures and swaps. The approval completes Coinbase’s three-layer US derivatives stack: Coinbase Financial Markets as a futures commission merchant, Coinbase Derivatives as a designated contract market and Coinbase Clearing as a clearinghouse.

The new entity can clear contracts using USDC collateral and support 24-hour settlement. Coinbase says owning this infrastructure can reduce reliance on outside clearing partners and give it more flexibility to bring regulated products to market. Its immediate scope, however, does not include every product in the company’s derivatives plans.

Why it matters

The approval gives Coinbase direct control over clearing for eligible, fully collateralized contracts, rather than leaving that function entirely to external partners. That could make it easier for the exchange to develop products around its own infrastructure, although the company says it will continue using partners for parts of its margined derivatives business.

Its planned single-stock perpetual futures remain a separate case. The CFTC’s product record listed Coinbase Derivatives’ Single Stock Perpetual Futures Contract as “Approval Pending” on Sept. 30, following a filing on Sept. 18. Coinbase has said it intends to list the contracts after approval, subject to any additional regulatory requirements.

Market impact

The proposal covers cash-settled perpetual futures tied to individual US equities and ETFs, with Apple as the representative contract. Unlike conventional futures, the contracts would have no fixed expiration and would use periodic funding payments to keep prices aligned with the underlying shares. The filing names Nodal Clear LLC, not Coinbase Clearing, as the central counterparty.

The proposed trading window runs from 8 p.m. Eastern on Sunday to 5 p.m. Friday, distinct from Coinbase’s description of its new clearing infrastructure as capable of 24/7 settlement. The next regulatory milestone is approval of the stock-perpetual filing.