Coinbase ( COIN ) said it began offering perpetual equity futures to qualified non-U.S. retail and institutional traders, expanding its derivatives product line for U.S. stocks.
The contracts let traders take leveraged positions on a group of major US stocks, colloquially known as the Magnificent 7: Apple, Microsoft, Alphabet, Amazon, Nvidia, Meta and Tesla. Perpetual futures tied 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 Friday blog post.
Unlike standard futures contracts, perpetual futures have no expiration date. Coinbase’s contracts are cash settled in USDC, a dollar-pegged stablecoin issued by Circle Internet (CRCL).
Coinbase said traders can use up to 10 times leverage on single stock contracts and up to 20 times on ETF products. Demand for round-the-clock equity exposure, it added, has grown rapidly, and most of the offerings have been concentrated on decentralized platforms.
The largest such decentralized platform is Hyperliquid, which earlier this week introduced S&P 500 perpetual futures contracts. The platform has become a hotbed for contracts linked to traditional financial instruments, including oil-related contracts, which are traded around the clock as war breaks out in the Middle East.
Coinbase also said the product uses the same risk engine that powers its crypto derivatives markets, with cross-margining across perpetual futures and spot positions.
The move comes as the exchange expands the range of assets available on its platform as part of a bid to become the “Everything Exchange”.
