Coinbase Launches Perpetual Futures for Four US Stocks

By Elena Vasquez

Coinbase launched four perpetual futures tied to US-listed equities on November 12, 2026: Bitmine Immersion Technologies (BMNR), Western Digital (WDC), Rocket Lab (RKLB) and Applied Optoelectronics (AAOI). Trading opened at 12:00 PM UTC, with each contract settling in USDC daily at 08:00 UTC.

The products give investors continuous access to prices linked to the four shares. They do not convey ownership of the underlying securities, so holders receive neither dividends nor voting rights. That distinction makes the contracts derivative exposure rather than a substitute for holding shares through a brokerage account.

The launch information provides no trading volume, open interest, fee schedule, collateral terms, liquidation rules or list of eligible jurisdictions. Those omissions limit any assessment of liquidity or institutional demand; launch availability alone does not demonstrate a mature market.

What are these contracts?

A perpetual future has no fixed expiration date, so a position does not reach a contractual maturity date. The four markets trade 24 hours a day, including weekends when traditional stock exchanges are closed. This permits reactions to company news outside conventional cash-market hours, while leaving positions exposed continuously rather than only during equity sessions.

The daily 08:00 UTC settlement occurs in USDC, a dollar-pegged stablecoin. Using a stablecoin as collateral can simplify settlement for desks already holding digital dollars, although the products still depend on both the referenced share price and USDC maintaining its peg.

The launch information does not explain how Coinbase handles a deviation from that peg or which customers qualify for each leverage tier. The practical takeaway is simple: continuous derivatives are not substitutes for owning the four companies.

How much leverage do traders receive?

Coinbase sets maximum leverage at 5x for retail users and 10x for institutional users. At 5x, a 10% movement in an underlying stock becomes roughly a 50% gain or loss on the trader’s posted collateral. Higher leverage increases the speed at which collateral can be exhausted, but no liquidation thresholds or maintenance-margin requirements were specified.

That missing detail matters because leverage and liquidity are different variables. A market can offer substantial leverage while quoting wide spreads or supporting shallow order books, and the launch information discloses neither condition. The practical takeaway is that advertised leverage does not establish usable risk capacity.

Why did Coinbase choose these four stocks?

Bitmine Immersion Technologies focuses on blockchain, making BMNR the most direct fit with Coinbase’s existing customer base. The other three companies operate in traditional technology sectors:

• BMNR — Bitmine Immersion Technologies: Blockchain-focused technology.
• WDC — Western Digital: Data storage.
• RKLB — Rocket Lab: Space launch systems.
• AAOI — Applied Optoelectronics: Fiber optics.

Coinbase previously offered equity perpetual futures tied to the “Magnificent 7,” the large technology companies that dominate major US equity indexes. Adding BMNR, WDC, RKLB and AAOI broadens the lineup beyond that familiar group, although the launch information does not say whether the additions represent a broader roadmap or merely the next listings available. The practical takeaway is that Coinbase has widened its equity derivatives beyond the largest technology names.

What did CFTC clarity change?

The launch followed recent Commodity Futures Trading Commission (CFTC) clarity on equity perpetual futures in the United States. The available information does not identify the specific guidance, its date or any transition period, so it cannot establish how much legal uncertainty the launch resolved. Nor does it describe whether access differs for US persons, non-US customers or institutional participants.

The timing nevertheless fits Coinbase’s broader ambition to become an “everything exchange”: one platform, one account and access to crypto, stocks and derivatives together. For an exchange that began as a Bitcoin trading venue, this extends the platform well beyond its original market. The practical takeaway is that regulatory progress opened the route, but key jurisdictional terms remain unspecified.

Who is likely to use the contracts?

For retail traders, the clearest benefit is access outside regular equity-market hours. Coinbase’s example is news of a Rocket Lab launch on a Saturday, when a perpetual contract could let traders respond before Monday’s opening bell. That is a timing advantage, not evidence of better execution or protection from overnight gaps in the cash market.

For institutions, the 10x ceiling and USDC settlement could support hedging or positioning. A desk already holding stablecoins could express a view on Western Digital without moving funds into a traditional brokerage account. The launch information provides no evidence of institutional uptake, and hedge effectiveness would depend on correlation with the cash shares and executable liquidity, neither of which is disclosed. The practical takeaway is that access is broader, while evidence of market depth remains absent.

The first meaningful checkpoint is whether the contracts sustain two-way trading through routine 08:00 UTC settlements after the November 12 opening; volume, spreads and open interest will show whether the new market structure has depth beyond continuous access.