Coinbase Global, Inc. (COIN.US) has submitted an application to the US Commodity Futures Trading Commission (CFTC) to list single-stock perpetual futures contracts, aiming to bring a popular crypto-trading instrument into the traditional US equity market. The request is currently pending regulatory authorization, with the primary objective of offering American investors leveraged exposure to stocks without requiring them to own the underlying shares.

Perpetual futures, which have no expiration date, allow traders to maintain positions indefinitely as long as they meet margin and funding requirements. If approved, the company plans to launch roughly 50 to 60 such contracts later this year, with the initial batch covering major technology names including Apple Inc. (AAPL.US), Tesla Inc. (TSLA.US), Nvidia Corp. (NVDA.US), and Microsoft Corp. (MSFT.US).

This move underscores a rapid expansion in Coinbase's domestic derivatives operations. The platform previously became the first US-based entity authorized to offer regulated cryptocurrency perpetual futures, having already introduced products with up to 50-times leverage.

The competitive landscape is intensifying swiftly. As early as March, Coinbase began offering equity perpetual futures to eligible non-US investors. Meanwhile, the CFTC has already approved Kalshi's bitcoin perpetual futures business, which subsequently broadened into commodities such as copper. Polymarket is also developing its own crypto perpetual futures products, with multiple players vying for entry into the US market.

It is important to clarify that single-stock perpetual futures track only price movements and do not confer shareholder rights, dividend payments, or ownership. Specific contract specifications and leverage limits remain undefined at this stage, and trading cannot commence until final CFTC approval is granted. This represents a significant test of regulatory boundaries for traditional single-stock derivatives following the rise of crypto assets.