First, a note: this time, the “perpetual” concept for individual US stocks isn’t just talk—on Friday, Coinbase Derivatives filed a listing application with the CFTC.
What’s worth watching is the structure, not the slogans. The contracts are designed around a per-single-US-stock/ETF price exposure: cash settlement, no expiration date. The official wording is a 24/5 trading window; holdings don’t equal share ownership, with no voting rights and no access to dividends. The WSJ reported that the first batch is roughly 50–60 names, calling out Apple, Microsoft, Tesla, and Nvidia; on the CFTC side, the publicly listed status is Approval Pending—US users can’t trade them yet.
Separate it from the other “US sustainability” line from the past two days: the Payward/Kraken one appears intended to route through regulated channels such as Bitnomial to Hyperliquid HIP-3. The Coinbase one is an individual-stock single-stock futures filing on its own DCM. Going further back, the Form 1-N from September 1 was merely an exchange notice for registration; it does not mean the product has already been approved. On the overseas side, Coinbase has opened stock perpetuals for eligible non-US users since March, and this move is relocating them onshore.
My take: the regulatory track is accelerating the process of putting tools “into a compliant shell” first, but “Approval Pending” is still pending—launch timing, the maximum leverage cap, and the full underlying asset list are not yet fixed. They only filter; they don’t educate.
Not investment advice.
Source: Cointelegraph / Decrypt / Altcoin Buzz (citing Coinbase and WSJ); X credits $0, public headline fallback.