Coinbase’s move to list 24/7 single-stock perpetual futures in the United States is being read as a crypto story. It is more usefully read as a tenor story. The regulatory wrapper Coinbase has applied for was reopened five weeks earlier by CME Group, which listed 55 dated, cash-settled single-stock futures on July 27, 2026. Coinbase is not prising open a dormant channel — it is asking whether a contract with no expiry date can live inside one built for contracts that expire.
Coinbase Derivatives, LLC filed a Form 1-N and Coinbase Financial Markets, Inc. filed a Form BD-N with the Securities and Exchange Commission on September 1, 2026, with the company confirming the filings on September 3. Form 1-N is the notice by which a Commodity Futures Trading Commission-regulated exchange registers with the SEC as a national securities exchange solely for trading security futures products, under Section 6(g) of the Securities Exchange Act. Form BD-N is the broker-dealer analogue under Section 15(b)(11), a limited-purpose registration that carries a National Futures Association membership requirement. Neither document is a product approval, and neither contains contract terms. COIN closed at $192.70 on September 3, up 10.14% from $174.96, with an intraday high of $195.85, according to StockAnalysis data.
The channel was already reopened — by CME
Security futures had not traded on a US exchange since OneChicago wound down in September 2020 and withdrew its Section 6(g) registration. That changed on July 27, when CME Group launched Single Stock Futures across 55 standard contracts and 22 micro contracts on names including Alphabet, Nvidia, Tesla and SpaceX, per its June 30 announcement. The CME contracts are quarterly, expire on the third Friday of the contract month, cash-settle against the underlying’s official closing price on its primary exchange, and trade roughly 23 hours a day Sunday to Friday with a one-hour maintenance break.
Every one of those design choices is a reference-price choice, and every one of them is what Coinbase is proposing to remove. A perpetual has no third Friday, no quarterly roll and — on Coinbase’s stated 24/7 ambition — no maintenance break and no weekend closure. Coinbase Derivatives already runs 24/7 margined futures, having become the first CFTC-regulated designated contract market to do so in May 2025, and the venue has since extended into perpetual-style crypto contracts. Its offshore equity perps, live for eligible non-US clients since March 2026 with up to 10x leverage on names such as Apple, Microsoft, Nvidia and Amazon, are the template being brought onshore. Aster’s offshore product made the same bet, as covered in Aster’s 24/7 stock perpetual launch.
What is still missing before they trade
“Equity perps have proven demand internationally, and we’re excited at the prospect of a regulated pathway for U.S. investors,” said Faryar Shirzad, Chief Policy Officer at Coinbase, who framed the SEC notices as a first step with CFTC sign-off to follow, according to The Block.
Three gaps sit between that sequencing and a live order book. First, definitional: a security future is a joint SEC-CFTC instrument built around future delivery, and a contract that never delivers is an awkward fit — the same classification problem this site flagged when US crypto perps went live before the swap definition was fixed. Law firm Katten set out the cross-registration mechanics in its July 22 advisory, but the perpetual variant is untested. Second, the reference price: a funding rate needs a continuous mark on an underlying that only prints 24/5, precisely the mismatch behind Coinbase’s B20 tokenised stocks running on a 24/5 feed. Third, the specifications: leverage caps, position limits, margin, clearing arrangements, eligible tickers and a launch date are all undisclosed.
For brokers, futures commission merchants and clearing firms, the practical question is not whether Coinbase gets approved but which jurisdictional lane the answer sets. The CFTC’s earlier accommodation of US access to offshore crypto perps and the fragmentation described in the CFTC’s crypto-perpetuals opening both suggest regulators will move faster on venue registration than on product taxonomy. Watch for the SEC’s notice acknowledgement, then a CFTC product filing carrying an actual funding-rate methodology. That document, not the September 1 forms, is where the market structure gets decided.
This article is informational analysis only and is not financial, investment, or trading advice. Cryptocurrencies are highly volatile and can lose substantial value rapidly. Past performance and historical patterns do not guarantee future results. Do your own research and consult a regulated financial adviser before making any investment decision.
Karthik Subramanian
Karthik Subramanian is a founder, writer, and technology consultant with nine years in the crypto ecosystem. He covers token economics, L1/L2 infrastructure, DeFi protocols, wallets/custody, and the bridge between crypto and forex—broker technology, liquidity, and macro drivers. Karthik’s writing focuses on clear, practical frameworks that help professionals evaluate new products and on-chain innovation alongside FX market realities.
