TLDR
- Coinbase filed a notice registration form with the SEC to list equity perpetuals (perps) on its platform.
- Chief Policy Officer Faryar Shirzad announced the filing on X, calling it “a regulated pathway for U.S. investors.”
- After SEC approval, Coinbase still needs a green light from the CFTC before going live.
- Perpetuals are futures contracts with no expiration date, letting traders bet on price moves without owning the asset.
- Hyperliquid, a rival perps platform, is also reportedly seeking to go onshore in the U.S. via a deal with Kraken’s parent company.
Coinbase filed a notice registration form with the U.S. Securities and Exchange Commission earlier this week, seeking approval to list equity perpetuals on its platform.
LATEST: 🏦 Coinbase says it's working to bring single stock perpetuals to the US market, filing SEC-notice registrations for its derivatives exchange and broker this week. pic.twitter.com/XXCH6VmWVG
— CoinMarketCap (@CoinMarketCap) September 4, 2026
Chief Policy Officer Faryar Shirzad confirmed the filing in a post on X on Thursday. “Equity perps have proven demand internationally, and we’re excited at the prospect of a regulated pathway for U.S. investors,” he said.
The move marks another step in Coinbase’s push into derivatives products for the U.S. market.
Perpetual contracts, commonly called “perps,” are a type of futures contract with no expiration date. They let traders bet on price movements of assets without actually owning them.
Unlike traditional futures, there is no need to roll over a position. That makes them popular for active traders who want to hold positions indefinitely.
Much of the perps market currently runs on offshore exchanges that fall outside U.S. regulatory oversight.
Coinbase already launched perpetual futures in March, though those were limited to users outside the U.S. That product covered a set of specific stocks including Apple, Microsoft, NVIDIA, and Amazon.
Regulatory Path Still Has Steps
SEC approval is only part of the process. Shirzad noted that CFTC sign-off would be required next before Coinbase can actually list equity perpetuals for U.S. traders.
Coinbase is no stranger to CFTC approvals. In May, the CFTC gave the green light to both Coinbase and prediction markets platform KalshiEX to list bitcoin perpetual futures contracts in the U.S.
The following month, the CFTC released a request for comment on crude oil perpetual contracts and 24/7 trading, signaling broader regulatory interest in the space.
Kalshi has also filed for CFTC approval to launch equity index perpetuals, putting it in more direct competition with established exchanges.
Hyperliquid Moves Onshore
The broader push into regulated perps has also put a spotlight on Hyperliquid, a platform that became popular among crypto derivatives traders.
President Donald Trump mentioned Hyperliquid at the White House last month, saying CFTC Chair Michael Selig was working to bring the platform into the U.S. in a “fully compliant and legal fashion.”
Bloomberg reported earlier this week that Hyperliquid Labs is pursuing an onshore deal with Payward, the parent company of crypto exchange Kraken.
CFTC approval of crypto perp products earlier in the year had weighed on sentiment in exchange stocks during the first half, though that group has since recovered from the selloff.
Coinbase’s COIN stock has been part of that recovery, riding a broader crypto market rebound. The total crypto market cap recently surged to $2.82 trillion.
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