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- Coinbase Derivatives filed for CFTC approval to launch cash-settled perpetual futures tied initially to Apple and Nvidia.
- Kalshi is pursuing similar stock-linked perpetual contracts, testing if U.S. regulators will approve crypto-style leverage and continuous trading.
Coinbase Derivatives has filed a self-certification application with the U.S. Commodity Futures Trading Commission to launch cash-settled single-stock perpetual futures tied first to Apple and Nvidia, according to TechFlow.
The filing matters because it would push regulated US derivatives closer to the always-on, leverage-driven model more common in crypto markets. It also puts Coinbase alongside Kalshi, which the report said is pursuing similar perpetual products tied to large-cap US stocks.
TechFlow reported that Coinbase shares rose 12% after the news. The outlet also said Coinbase’s broader roadmap could eventually expand to 50 to 60 heavyweight stocks and ETFs.
Coinbase targets Apple and Nvidia first
According to the report, Coinbase’s proposed contracts would be settled in cash using USD and USDC, with no delivery of the underlying shares. Trading would run 24/5, from Sunday 8 p.m. ET to Friday 5 p.m. ET.
The article said funding rates would be settled hourly and benchmarked against the underlying index sampled every three minutes, with a funding-rate cap of ±0.10% per hour. Clearing would connect to Nodal Clear.
TechFlow framed the filing as part of Coinbase CEO Brian Armstrong’s broader “Everything Exchange” strategy. The report said the company sees stock-linked perpetual futures as a way to diversify beyond crypto-market cycles while potentially increasing USDC collateral deposits inside its ecosystem.
Kalshi is also pursuing perpetual stock products
TechFlow said Kalshi, known primarily as a regulated prediction market, has submitted rule changes to the SEC and notices to the CFTC for perpetual derivatives tied to large-cap stocks including Tesla, Apple, and Nvidia.
The report described Kalshi’s proposed contracts as representing 100 shares and requiring a minimum margin ratio of 15%, implying about 6.7x nominal leverage. It also said Kalshi’s targets include assets with market capitalizations above $100 billion and average daily turnover above $450 million.
What is not yet clear is whether either company has received approval to launch these products, when any launch would begin, or whether the contracts would be made available to US customers. Those points were not specified in the source report.
What comes next
For now, the key development is the filing itself. If the proposals advance, Coinbase and Kalshi would be testing how far US regulators will allow perpetual, stock-linked products to move into the regulated market.
That would be notable for traders because the contracts described in the report combine familiar equity names with futures-style margin, hourly funding, and extended trading hours rather than standard stock-market access.
Source: As reported by Gemini, TechFlow.
