Coinbase (COIN) said it has begun offering perpetual stock futures contracts to eligible non-US retail and institutional traders, expanding its derivatives offering to US stocks.
The contracts allow traders to take leveraged positions in a group of large-cap U.S. stocks, colloquially known as the Magnificent 7: Apple, Microsoft, Alphabet, Amazon, Nvidia, Meta and Tesla. Perpetual futures contracts linked to the SPY and QQQ exchange-traded funds, which track the S&P 500 and Nasdaq 100 indexes, are also available in some jurisdictions, the exchange said in a blog post published Friday.
Unlike standard futures contracts, perpetual futures contracts do not have an expiration date. Coinbase contracts are cash-settled in USDC, a dollar-pegged stablecoin issued by Circle Internet (CRCL).
Coinbase said traders can use up to 10x leverage on single stock contracts and up to 20x leverage on ETF products. Demand for 24-hour equity exposure, he adds, has grown rapidly and most offerings have been concentrated on decentralized platforms.
The largest decentralized platform of its kind is Hyperliquid, which earlier this week introduced S&P 500 perpetual futures. The platform has become a hotbed for contracts tied to traditional financial instruments, including oil-related contracts that trade around the clock as war erupts in the Middle East.
Coinbase also said the product uses the same risk engine that supports its crypto derivatives markets, with cross-margins between perpetual futures and spot positions.
The move comes as the exchange expands the range of assets available on its platform in a bid to become the “Everything Exchange”.
