Coinbase is now letting non-U.S. traders take leveraged, round-the-clock bets on major U.S. stocks with the launch of perpetual stock futures.
The exchange said it has begun offering perpetual futures to eligible non-U.S. retail and institutional customers, widening its derivatives suite beyond crypto into flagship U.S. equities. Traders can open leveraged positions on the so-called “Magnificent 7” — Apple, Microsoft, Alphabet, Amazon, Nvidia, Meta and Tesla — and, in some jurisdictions, on perpetual contracts tied to the SPY and QQQ ETFs that track the S&P 500 and Nasdaq-100.
Perpetual futures differ from traditional futures because they carry no expiry, allowing positions to be held continuously. Coinbase’s contracts are cash-settled in USDC, the dollar-pegged stablecoin issued by Circle, and the platform supports up to 10x leverage on single-stock contracts and up to 20x leverage on the ETF products.
Coinbase said demand for around-the-clock equity exposure has surged, and much of that activity has migrated to decentralized venues. Hyperliquid — the largest decentralized platform for these instruments — rolled out S&P 500 perpetuals earlier this week and has become a hub for traditional-finance-linked contracts, including oil derivatives that have seen heightened activity amid conflict in the Middle East.
On the infrastructure side, Coinbase is leveraging the same risk engine that powers its crypto derivatives business and offers cross-margining between perpetual futures and spot positions. The move is part of a broader push by the exchange to broaden its product slate as it aims to position itself as an “Everything Exchange.”
By bringing stock perpetuals into a crypto-native trading environment and settling in USDC, Coinbase is blurring lines between traditional markets and crypto rails — while keeping the product available only to customers outside the U.S. for now.
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