Coinbase (COIN) has rolled out perpetual stock futures for eligible non-US retail and institutional traders, extending its derivatives product line into US equities. The exchange announced the move in a Friday blog post.
The contracts enable leveraged positions on a group of large-cap US stocks colloquially known as the Magnificent Seven: Apple, Microsoft, Alphabet, Amazon, Nvidia, Meta, and Tesla. In some jurisdictions, perpetual futures tied to the SPY and QQQ exchange-traded funds — which track the S&P 500 and Nasdaq 100 indices — are also available.
No Expiry, Cash-Settled in USDC
Unlike standard futures, perpetual futures have no expiry date. Coinbase's contracts are cash-settled in USDC, a dollar-pegged stablecoin issued by Circle Internet (CRCL). The exchange noted that demand for round-the-clock equity exposure has been growing rapidly, with most offerings previously concentrated on decentralized platforms.
Up to 10x Leverage on Stocks, 20x on ETFs
Traders can use up to 10-times leverage on single-stock contracts and up to 20-times on ETF products, Coinbase stated. The product uses the same risk engine that supports its crypto derivatives markets, enabling cross-margining across perpetual futures and spot positions.
Decentralized Platform Hyperliquid Already Active
The largest decentralized platform for such contracts is Hyperliquid, which earlier this week introduced S&P 500 perpetual futures. Hyperliquid has become a hub for contracts tied to traditional financial instruments, including oil-linked contracts that trade around the clock amid the conflict in the Middle East.
The move is part of Coinbase's broader ambition to become the "Everything Exchange," expanding the range of assets on its platform.