Overview
- Coinbase Derivatives submitted a CFTC filing on Sept. 18 seeking approval to list roughly 50 to 60 single‑stock perpetual futures that would give U.S. traders leveraged exposure to names like Apple, Microsoft, Tesla and Nvidia.
- Payward (Kraken) and Kalshi filed parallel proposals for similar single‑stock perpetuals, creating a competitive push to bring the crypto‑style product onshore and into regulated U.S. markets.
- The proposed contracts would be perpetuals with no expiration, trade 24 hours a day Monday through Friday, be cash‑settled, use periodic funding payments to track spot prices, and would not convey share ownership or dividend rights.
- Approval requires joint CFTC and SEC oversight because the underlyings are securities, and an active legal challenge from CME arguing different treatment for perpetuals could alter margin, clearing and reporting rules.
- The filings follow prior international tests and CFTC crypto‑perp approvals and have already moved markets, as Coinbase shares rose about 12% on the news while traders and regulators raise concerns about after‑hours surveillance and retail risk.