In Brief:

• Coinbase filed regulatory paperwork seeking approval to offer equity perpetual futures, while CFTC clearance remains necessary before any domestic launch.
• Its international contracts already track major American stocks, giving traders direct price exposure without ownership or fixed contract expiration dates.
• Federal regulators are examining perpetual markets as Hyperliquid pursues American entry through regulatory engagement and possible cooperation with Payward domestically.

Coinbase has filed regulatory paperwork seeking approval to offer equity perpetual futures to investors across the United States. According to Chief Policy Officer Faryar Shirzad, Coinbase submitted a notice registration form to the Securities and Exchange Commission this week.

Coinbase Seeks Regulatory Path for Equity Perpetuals

The filing marks an important step toward bringing stock-linked perpetual contracts into the American derivatives market. However, Coinbase must also secure approval from the Commodity Futures Trading Commission before introducing the products domestically.

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Shirzad noted that equity perpetuals have attracted international demand, supporting Coinbase’s effort to establish a regulated pathway for Americans. Coinbase already offers similar products to eligible customers outside the United States through contracts introduced in March.

Perpetual futures let traders speculate on asset prices without purchasing shares or holding contracts with fixed expiration dates. Unlike traditional futures, these contracts remain open while traders maintain collateral and satisfy margin requirements.

Nevertheless, federal authorities have taken steps toward creating regulated pathways for these popular derivatives. In May, CFTC staff allowed Coinbase and KalshiEX to advance plans involving Bitcoin perpetual futures contracts.

Later, the regulator requested public comments concerning crude oil perpetual contracts and round-the-clock derivatives trading. Coinbase’s proposal would extend that regulatory debate from cryptocurrency markets into contracts tracking companies.

Hyperliquid Pushes for Regulated US Entry

Hyperliquid has become prominent among cryptocurrency derivatives traders through its decentralized perpetual futures platform. President Donald Trump confirmed that CFTC Chair Michael Selig was working to bring Hyperliquid into the American market legally.

Meanwhile, Hyperliquid Labs has explored another domestic route involving Payward, the parent company of Kraken. Bloomberg reported that their discussions could support Hyperliquid’s American entry through an arrangement involving regulated perpetual futures.

Coinbase enters this race with established domestic operations and relationships across the cryptocurrency and derivatives sectors. However, regulators will examine Coinbase’s compliance systems, market surveillance, investor protections, and risk controls before approving. Coinbase must secure clearance from both regulators before offering 24/7 equity perpetual futures across the United States to eligible investors.

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