Coinbase Unleashes Never-Ending Stock Futures on Traders
Published Date: 9/23/2026
Notice
Summary
Coinbase Derivatives, LLC is rolling out new rules to trade cash-settled futures on individual stocks and ETFs, including exciting perpetual single-stock futures. This change affects traders and investors who want more ways to trade these products, with the rules effective immediately after filing on September 18, 2026. The move could open fresh opportunities in the market, pending final approval from the Commodity Futures Trading Commission.
Analyzed Economic Effects
9 provisions identified: 4 benefits, 4 costs, 1 mixed.
New Perpetual Single-Stock Futures Listed
Coinbase Derivatives filed rules to list and trade cash-settled perpetual futures on individual equity securities and exchange-traded fund (ETF) shares, including perpetual single-stock futures. The contracts have no fixed expiration date, are cash settled, do not convey ownership of the underlying security, and the filing was made on September 18, 2026 with immediate effect.
Strict Listing Eligibility Thresholds
To be eligible as an underlying, a security must meet strict thresholds including estimated deliverable supply over 20 million shares, a minimum market capitalization of at least $100 billion for initial listing, and a minimum average daily value of transactions (ADVT) of at least $450 million over the prior six months (or $1 billion over the prior month if listed less than six months). Maintenance thresholds include market capitalization of at least $50 billion and ADVT of at least $200 million over the prior calendar quarter (with a $1 billion alternative if listed for less than a quarter).
Position Limits Set at 200,000 Contracts
Each Contract will be subject to position limits set at 200,000 contracts in the context of 100-share contracts (or the equivalent for other contract sizes), and because the Contracts have no fixed expiration, those limits apply at all times. The Exchange will review limits at least semi-annually and may adjust them based on deliverable supply, volume, or market conditions.
Funding Payments and Funding Rate Rules
Open positions in Contracts are subject to Funding Payments determined by a Funding Rate methodology set in each Contract's Product Appendix; Funding Payments may be processed through the Clearing House as cash adjustments separate from variation margin. The Exchange may suspend, defer, modify, or decline to publish or apply Funding Rates during market disruptions, trading halts, data outages, or corporate actions.
Clearing Will Be Through Nodal Clear
All Contracts shall be cleared by the Clearing House (Nodal Clear, LLC, or any successor designated by the Exchange) and the Exchange will maintain linked clearing arrangements and risk-management procedures; the Clearing House retains authority under its own rules over margin collection, settlement processing, and default management.
Nearly Continuous Trading Hours
Contracts will trade from Sunday at 20:00 Eastern Time through Friday at 17:00 Eastern Time, except during holidays, maintenance windows, or other periods specified by the Exchange. The Exchange may further modify trading hours by rule or notice.
Who May Solicit or Accept Orders
Only futures commission merchants, introducing brokers, commodity trading advisors, commodity pool operators, or associated persons subject to suitability rules comparable to a national securities association registered under Section 15A(a) of the Exchange Act may solicit, accept any order for, or otherwise deal in any transaction in or in connection with a Contract, as specified in Rule 1206.
Corporate Action Adjustment Rules
The Exchange will publish Corporate Action Circulars describing treatment of corporate events. Ordinary cash dividends will have no adjustment; stock splits and similar events adjust open position quantity and reference price to preserve economic exposure; special cash dividends, rights offerings, spin-offs, and mergers have specified adjustment or settlement treatments described in Rule 1213.
Planned Wind-Down Notice Requirement
For planned wind-downs, terminations, or delistings of a Contract, the Exchange will provide no less than 10 Business Days' notice except where shorter notice is necessary to protect investors or maintain fair and orderly markets. The Exchange will use the last trading day's Daily Settlement Price to close out or cash settle open positions unless it determines an alternative procedure is necessary.
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