Coinbase Backs Stock Perpetual Futures Trading in U.S.
Coinbase and five partners filed a brief supporting the CFTC's decision to allow single stock perpetual futures to trade domestically.
Updated on Nov. 11, 2026 in Investing
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Should everyday U.S. investors be allowed to trade stock perpetual contracts?
Coinbase and five partners filed a brief supporting the Commodity Futures Trading Commission's decision to allow perpetual products to trade in the United States. Plaintiffs challenging that decision point to nearly $700 billion in stock perpetuals traded offshore in August.
Why it matters
Perpetual contracts, which have no expiration date, could bring a new product type to U.S. investors that currently trades outside domestic rules. The dispute centers on whether these offshore markets should be brought under U.S. oversight.
Nearly $700 billion in stock perpetual futures traded offshore in August, outside U.S. rules. The litigation outcome and how much of that volume would shift to U.S. venues remain unresolved.
The players
Coinbase
Coinbase is a major U.S. cryptocurrency exchange that filed the brief supporting the CFTC's decision on perpetual products.
Commodity Futures Trading Commission (CFTC)
The CFTC is the U.S. federal agency that regulates derivatives markets and made the decision to allow perpetual products to trade domestically.
The details
Perpetual futures have no expiration date, so traders avoid rolling over contracts. Hourly payments between buyers and sellers keep the contract price aligned with the underlying asset's price. Robert Shiller first proposed the concept in 1992.
Timeline
1992: Robert Shiller first proposed the concept of perpetual futures.
August: Nearly $700 billion in stock perpetuals traded offshore.
Market Dynamics
The CFTC's decision to permit single stock perpetual futures in the U.S. sets up a contest between domestic oversight and the offshore venues where stock perpetuals currently trade freely. Litigation challenging that decision will determine whether these products stay outside U.S. rules.
If the CFTC decision holds, U.S. investors could gain access to stock perpetual futures that currently trade only on offshore venues. Those contracts carry hourly funding payments and leverage that retail investors would need to evaluate before trading.
The takeaway
Perpetual contracts remove expiration-date rollovers, but their hourly funding payments add a recurring cost to factor into any position. Investors should review how funding works before considering these products.
Further reading
For more on how these contracts work, see Investing coverage.
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Should everyday U.S. investors be allowed to trade stock perpetual contracts?
