Coinbase expands derivatives slate with stock perpetuals for non-U.S. users
Coinbase (COIN) has begun offering perpetual futures tied to major U.S. equities to eligible non-U.S. retail and institutional traders, the exchange said in a Friday blog post. The new contracts let users take leveraged positions on the so‑called “Magnificent 7” — Apple, Microsoft, Alphabet, Amazon, Nvidia, Meta and Tesla — and, in some jurisdictions, on ETFs that track the S&P 500 and Nasdaq‑100 through SPY and QQQ products.
Perpetual futures differ from traditional futures because they have no expiry and trade around the clock. Coinbase’s contracts are cash‑settled in USDC, the dollar‑pegged stablecoin issued by Circle Internet (CRCL). Traders can access up to 10x leverage on single‑stock futures and up to 20x on the ETF products.
Coinbase said the product runs on the same risk engine that powers its crypto derivatives business and supports cross‑margining between perpetuals and spot positions. The move comes as the exchange broadens its asset coverage in pursuit of its “Everything Exchange” strategy.
The launch responds to growing demand for 24/7 equity exposure, a market that has largely been served by decentralized platforms. The largest of those, Hyperliquid, rolled out S&P 500 perpetuals earlier this week and has also become a hub for round‑the‑clock contracts tied to traditional instruments — including oil‑linked products that gained attention as conflict in the Middle East intensified.
By listing stock perpetuals on a centralized platform and settling in USDC, Coinbase is further blurring lines between crypto and traditional markets, offering traders a familiar derivatives format inside the crypto rails — at least for customers outside the U.S.
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