Coinbase Launches US Stock Perpetual Contracts for Non-US Traders
Coinbase has officially launched perpetual futures contracts for US stocks and ETFs, expanding its derivatives offerings for international traders. The new product, available to eligible customers outside the United States, allows 24/7 leveraged trading of major US equities using USDC as collateral, marking a significant convergence between traditional finance and crypto-native trading infrastructure .
What’s Included: From Tech Giants to Major ETFs
The perpetual contract offering covers a wide range of high-liquidity US assets. Single-stock perpetuals are available for Apple (AAPL), Microsoft (MSFT), Google (GOOGL), Amazon (AMZN), Nvidia (NVDA), Meta (META), and Tesla (TSLA). Additionally, traders can access perpetual contracts for two of the most widely traded US exchange-traded funds: the SPDR S&P 500 ETF (SPY) and the Nasdaq-100 ETF (QQQ) .
This selection strategically targets the most actively traded US equities and indices, ensuring sufficient liquidity and market depth for round-the-clock trading. The inclusion of Nvidia and Tesla reflects growing retail and institutional interest in AI and EV sectors .
Leverage, Margin, and Settlement Structure
The product offers differentiated leverage limits based on asset type. Single-stock perpetual contracts provide up to 10x leverage, while ETF perpetuals offer enhanced leverage of up to 20x. This structure allows traders to amplify exposure while maintaining risk management parameters appropriate for each asset class .
All positions are settled in USDC, Coinbase’s regulated stablecoin, with support for cross-margin trading. Cross-margin functionality enables traders to use their entire account balance as collateral across multiple positions, optimizing capital efficiency—a feature long favored by experienced crypto derivatives traders .
Funding rates for these perpetual contracts are designed to keep prices anchored to the underlying spot market, similar to standard crypto perpetual futures mechanisms .
Strategic Expansion Beyond US Borders
The launch represents a strategic move by Coinbase to capture growing demand for crypto-native access to traditional equity markets. By offering 24/7 trading—unlike traditional stock exchanges that operate limited hours—Coinbase is positioning itself as a bridge between TradFi and DeFi, catering to a global audience that expects continuous market access .
This expansion builds on Coinbase’s existing derivatives infrastructure, including its Bermuda-based entity, Coinbase International Exchange, which has been licensed to offer perpetual futures to non-US customers since 2023 .
Availability and Restrictions
Importantly, the product is not available to US residents or persons located in the United States. Additionally, access may be restricted in certain jurisdictions based on local regulatory requirements. Eligible traders must complete Coinbase’s standard onboarding and derivatives eligibility checks .
The offering is expected to appeal particularly to international crypto-native traders seeking diversified exposure to US equities without leaving the crypto ecosystem, as well as traditional investors looking for leveraged, 24/7 access to familiar assets .
Market Implications
Coinbase’s move further blurs the lines between cryptocurrency exchanges and traditional brokerage platforms. By offering synthetic exposure to US stocks on a crypto-native infrastructure, the company is tapping into a growing market segment that values continuous trading hours, stablecoin settlement, and integrated crypto-equity portfolio management .
Industry observers note that this development could pressure other crypto exchanges to expand their traditional asset offerings, potentially accelerating the convergence of crypto and traditional financial markets .
Sources: Coinbase, Coinbase International Exchange, The Block, Bloomberg, CoinDesk.
Disclaimer: This content is for market information purposes only and is not investment advice. Leveraged trading involves high risk and may not be suitable for all investors. This product is not available to US residents.
