KEY FACTS: Coinbase has launched stock perpetual futures contracts for eligible non-U.S. traders, offering 24/7 leveraged synthetic exposure to major U.S. stocks and indices without owning the underlying assets. The initial products cover the "Magnificent Seven" tech giants, including Apple (AAPL), Nvidia (NVDA), Tesla (TSLA), Microsoft (MSFT), Amazon (AMZN), Alphabet (GOOGL), and Meta (META), along with perpetual contracts for popular ETFs like SPY (S&P 500) and QQQ (Nasdaq-100) in permitted regions. These cash-settled contracts, denominated in USDC, provide up to 10x leverage on individual stocks and up to 20x on ETFs, and are accessible via Coinbase Advanced for retail users and Coinbase International Exchange for institutions. Not available to U.S. persons at launch, the offering aligns with Coinbase's 2026 roadmap to build an "everything exchange" integrating crypto, equities, prediction markets, and more, while competing against platforms like Binance and Kraken amid growing tokenized real-world asset trends.

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Source: Coinbase

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Coinbase Launches 24/7 Stock Perps for non-US Traders

Coinbase, the leading U.S.-based cryptocurrency exchange, has taken a significant step in blurring the lines between traditional finance and digital assets by launching stock perpetual futures contracts. This new product provides eligible non-U.S. traders with 24/7 leveraged, synthetic exposure to major U.S. stocks and indices, marking a key expansion of the company's derivatives offerings and advancing its vision of becoming an "everything exchange."

Announced on March 20, 2026, via Coinbase's official blog, the stock perpetual futures allow users to trade synthetic versions of prominent U.S. equities without owning the underlying shares. The initial lineup focuses on high-profile tech giants commonly known as the "Magnificent 7," including Apple (AAPL), Nvidia (NVDA), Tesla (TSLA), Microsoft (MSFT), Amazon (AMZN), Alphabet (GOOGL), and Meta (META). In addition, perpetual contracts tied to popular ETFs, such as those tracking the S&P 500 (SPY) and Nasdaq-100 (QQQ), are available in select jurisdictions.

These contracts offer up to 10x leverage on individual single-name stocks and up to 20x leverage on ETF-based products. They are cash-settled in USDC, Coinbase's stablecoin, and operate on a continuous 24/7 basis, including weekends and holidays, a feature that aligns closely with the always-on nature of cryptocurrency markets but has traditionally been unavailable in conventional stock trading venues.

The product is accessible through two platforms, including Coinbase Advanced for retail traders and Coinbase International Exchange for institutional clients. It is explicitly not available to U.S. persons at this time, with Coinbase stating it is "working to expand this offering to additional regions in the future." The launch operates under regulatory oversight in permitted jurisdictions, including through Coinbase Bermuda (regulated by the Bermuda Monetary Authority) for certain regions, and builds on earlier expansions such as perpetual futures introduced in Europe under the Markets in Financial Instruments Directive (MiFID) framework in 26 countries earlier in March 2026.

This move follows Coinbase's multi-asset strategy outlined in its 2026 roadmap, which emphasizes stablecoins, its Base layer-2 network, and a unified brokerage model encompassing crypto, equities, prediction markets, and commodities. CEO Brian Armstrong has previously highlighted the priority of growing the "everything exchange" concept globally, enabling seamless toggling between different asset classes like spot tokens, futures, options, and now synthetic equities.

The introduction of stock perpetuals positions Coinbase in a competitive landscape where platforms like Binance, Kraken, and various offshore venues already offer similar synthetic equity derivatives with varying degrees of regulation. Decentralized platforms such as Hyperliquid have also seen substantial volume in 24/7 tokenized stock trading, contributing to the rapid growth of the real-world asset (RWA) sector. Notably, tokenized stocks surpassed $1 billion in total on-chain value earlier in March 2026, underscoring the accelerating convergence of crypto infrastructure with traditional markets.

Coinbase is leveraging its existing crypto derivatives engine, including cross-margining capabilities across perpetual futures and spot positions, to capture liquidity from international traders seeking round-the-clock access to U.S. equities, particularly those who face time zone constraints or other barriers in conventional markets. The product uses the same risk management systems that power its crypto futures, potentially driving more activity into its regulated centralized venue.

This launch comes amid Coinbase's ongoing efforts to diversify beyond pure cryptocurrency services. Recent initiatives include regulated crypto futures and 24/5 cash equities trading for U.S. users, as well as the rollout of Kalshi-powered prediction markets available in all 50 U.S. states. Together, these developments transform Coinbase into a comprehensive platform where users can engage with tokens, stocks, event contracts, and now leveraged equity derivatives, all under one roof.

While the company did not immediately respond to requests for additional comment, the expansion signals strong confidence in the demand for hybrid crypto-traditional products. As global traders increasingly seek nonstop access to high-liquidity assets like U.S. tech stocks, Coinbase's entry could intensify competition and further accelerate the tokenization and perpetual futures trend in equities.

Information Sources:

• Coinbase
• Coindesk
• Cointelegraph

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