Coinbase (COIN) said it began offering perpetual stock futures to eligible retail and institutional traders outside the U.S., expanding its line of derivatives products to U.S. stocks.
The contracts allow traders to take leveraged positions in a group of large-cap U.S. stocks, known colloquially as the Magnificent 7: Apple, Microsoft, Alphabet, Amazon, Nvidia, Meta and Tesla. Perpetual futures linked to exchange-traded funds SPY and QQQ, which track the S&P 500 and Nasdaq 100 indices, are also available in some jurisdictions, the exchange said in a blog post on Friday.
Unlike standard futures contracts, perpetual futures have no 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 individual stock contracts and up to 20x on ETF products. He added that demand for 24-hour stock exposure has been growing rapidly and most offerings have been concentrated on decentralized platforms.
The largest decentralized platform of its kind is Hyperliquid, which earlier this week launched S&P 500 perpetual futures contracts. The platform has become a hotbed for contracts linked to traditional financial instruments, including oil-linked contracts that are trading around the clock as war rages in the Middle East.
Coinbase also said the product uses the same risk engine that underpins its crypto derivatives markets, with cross-margining between 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.”
