Coinbase launches perpetual stock futures and expands derivatives offering

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Coinbase launches stock futures trading

A bet on 24/7 markets

Perpetual futures allow traders to gain exposure to stocks without expiration dates and with the use of leverage. In practice, this provides a way to trade the largest U.S. companies via derivatives on a 24/7 basis.

At launch, contracts are available for stocks including Apple, Microsoft, Amazon, Alphabet, Nvidia, Meta, and Tesla. In some jurisdictions, ETF futures such as SPY and QQQ are also offered.

Leverage reaches up to 10x for individual stocks and up to 20x for ETFs. Settlements are conducted in USDC, and positions can be combined with other derivatives through cross-margining. Access is available to both retail users and institutional clients via Coinbase’s international exchange.

Competition with DeFi and global demand

Demand for round-the-clock stock trading did not emerge overnight. A significant share of activity is already concentrated on decentralized platforms, where daily volumes reach billions of dollars.

Coinbase is bringing this demand into a regulated environment, offering a more familiar infrastructure and risk management framework. This is particularly important for larger participants who require greater liquidity and predictability than DeFi platforms typically provide.

At the same time, competition among centralized exchanges is intensifying, with more players seeking to combine crypto instruments and traditional assets within a single platform.

What it means for the market and investors

The emergence of such products reflects a deeper shift in market structure. Crypto exchanges are gradually evolving into universal trading venues where multiple asset classes can be traded without being tied to traditional market hours.

For investors, the key advantage is access. The ability to trade U.S. equities at any time via crypto infrastructure is particularly relevant for users outside the United States, where direct access to stock markets can be limited.

At the same time, these instruments increase complexity. Leverage and continuous trading amplify both potential returns and the risk of rapid losses. In this environment, success depends less on market direction and more on risk management.

Earlier, Coinbase also moved toward integrating traditional finance into blockchain infrastructure. Together with Apex Group, Coinbase Asset Management launched a tokenized share class of the Coinbase Bitcoin Yield Fund on the Base network. The product is designed for institutional and accredited investors and retains a familiar fund structure while shifting key operational processes — from accounting to asset distribution — onto blockchain infrastructure.

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