stock futures

Coinbase Financial Markets has asked U.S. regulators for permission to list perpetual futures on individual stocks, a product structure long confined to offshore crypto exchanges. The filing targets Apple, Tesla and Nvidia and would mark the first regulated single-stock perpetual futures product available to U.S. traders if approved.

• Coinbase Financial Markets filed with the CFTC to list perpetual futures tied to Apple, Tesla and Nvidia shares.
• The submission was made under Part 40 of the CFTC’s product-certification process, not a request for immediate approval.
• Coinbase holds Designated Contract Market status, giving it a regulatory venue offshore perpetual exchanges have historically lacked.

• 3 stocks named in the initial filing: Apple, Tesla and Nvidia
• Sep 18 date the CFTC filing was submitted, per the document
• Part 40 the CFTC certification pathway Coinbase used for the filing

Coinbase Financial Markets has submitted a filing to the Commodity Futures Trading Commission seeking to list perpetual futures on individual U.S. stocks. The initial contracts would track Apple, Tesla and Nvidia, three of the most heavily traded names in U.S. equities. The submission was made through the CFTC’s product-certification process under Part 40, a distinction that separates filing a product from actually launching it. The story was first reported by NewsBTC.

Trading is not live. The products remain in the regulatory review process, and no launch date has been set.

Filing Targets Apple, Tesla and Nvidia Under Part 40

The CFTC filing, dated September 18, lays out Coinbase’s proposal to bring perpetual futures contracts on the three stocks into a regulated U.S. venue. Perpetual futures offer leverage similar to standard futures but carry no fixed expiration date, a structure that made them the dominant trading product on offshore crypto exchanges for Bitcoin and altcoins.

Applying that same mechanic to single stocks creates a product closer to continuously traded synthetic equity exposure than a conventional futures contract. Traders could take leveraged long or short positions on Apple, Tesla or Nvidia without holding the underlying shares.

CFTC Review Raises Settlement and Margin Questions

Regulators reviewing the filing face questions that have no precedent in the existing U.S. equity derivatives market. Settlement mechanics, margin requirements, market integrity safeguards and the link between perpetual pricing and underlying share prices all fall within the CFTC’s Part 40 review.

Coinbase’s approach differs from how perpetual futures have historically reached traders. Offshore exchanges built these products outside U.S. jurisdiction and outside CFTC oversight entirely. Coinbase instead is using its Designated Contract Market status, the CFTC-recognized venue classification that lets it bring new derivatives products into the existing regulatory framework rather than around it.

That status does not guarantee the CFTC approves the Apple, Tesla and Nvidia contracts, or on what timeline. It does give Coinbase a compliance path that offshore perpetual platforms never had access to.

Next Steps Depend on CFTC Certification Timeline

The immediate outcome hinges on how the CFTC handles the Part 40 certification, a process that can involve staff review and potential requests for changes before any product goes live. Coinbase has not published a target launch date, and the company’s next disclosed step will likely be a CFTC response or an amended filing.

If the three initial contracts clear review, the filing’s broader significance may lie in what follows rather than in Apple, Tesla or Nvidia specifically. A regulated single-stock perpetual futures market could expand to a much wider set of equities over time.

The BlockWest read. For allocators, the filing matters less as a crypto story and more as a test of whether leveraged, expiry-free equity exposure can exist inside CFTC guardrails rather than offshore. If approved, brokerages and prime desks will need to decide whether to route synthetic single-stock exposure through Coinbase’s regulated venue instead of unregulated offshore perpetual platforms, reshaping where that leverage risk actually sits.

The CFTC has not indicated a timeline for acting on the Part 40 submission, and Coinbase has not stated when it expects the Apple, Tesla and Nvidia contracts to begin trading if cleared.