Coinbase targets stock futures but CFTC standstill blocks launch

Coinbase Derivatives has filed a proposed framework for perpetual futures tied to individual US stocks and exchange-traded funds, but the contracts remain subject to regulatory approval.

The Securities and Exchange Commission notice, published Sept. 18, says Coinbase submitted the proposed rule change to the Commodity Futures Trading Commission and that the CFTC had not approved it. The CFTC product register still listed the Single Stock Perpetual Futures Contract as “Approval Pending” when checked Sept. 22.

The filing therefore gives Coinbase a public rule proposal, not a product that traders can access. It describes how the exchange wants the contracts to work if the outstanding approval is secured.

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The proposal covers cash-settled futures on individual equity securities and ETF shares, including contracts with no fixed expiration date. A cash-settled contract resolves gains and losses through money payments instead of delivering the underlying stock or ETF shares.

That structure would give traders exposure to changes in an underlying security’s reference price without making them shareholders. The contracts would not deliver shares or convey ownership of the underlying security. They would provide a derivatives position whose value follows the referenced stock or ETF rather than the rights attached to holding that asset directly. Any gain or loss would arise from the futures position, not from owning and later selling the underlying shares.

Open positions would also be subject to funding payments. The broad rule framework does not establish one universal rate or interval for every contract. Instead, a product appendix or identified market reference materials would specify the funding methodology, payment mechanics, interval, publication practices and operational timing for each product.

The proposed trading week would run from Sunday at 8 p.m. Eastern through Friday at 5 p.m. Eastern. Holidays, maintenance windows and other exchange-specified periods could interrupt that schedule, while trading would remain subject to pauses, suspensions and regulatory halts.

Those hours broadly match the 24/5-style exposure described in an official @coinbase post. The wording of that announcement was prospective: @coinbase said it had filed and was “working to bring” the product to the US.

The proposal outlines no-expiry, cash-settled exposure and extended trading hours, but the CFTC register continues to show approval pending. Until the regulatory process advances and Coinbase supplies final contract-specific terms, the filing does not establish a launch or current availability. Claims that the product is already approved, launched or open to traders are therefore premature.

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