Coinbase launches 24/7 perpetual stock contracts in U.S.

Coinbase has launched perpetual contracts linked to U.S. equities that can be traded 24 hours a day, seven days a week on its U.S. platform. The product is available to customers who meet the exchange’s eligibility and compliance requirements.

Perpetual contracts mirror the price of an underlying stock but do not represent ownership of shares. Customers who hold these contracts do not receive shareholder rights such as voting power or direct custody of the underlying securities. Adjustments for dividends and corporate actions are handled through the contract terms rather than by distributing equity.

The contracts have no fixed expiration date. Their market price is kept close to the underlying stock by periodic funding payments exchanged between long and short holders. Trades in these instruments execute on Coinbase’s trading infrastructure rather than on a traditional stock exchange.

Coinbase said the product gives traders continuous access to equity price exposure outside standard exchange hours. The contracts can be used to extend exposure, hedge positions or respond to news after markets close. Leverage is available, which can magnify gains and losses and may trigger margin calls.

Coinbase will apply margin and risk rules to manage leveraged trading and to protect its market. Trading terms, margin requirements, eligible securities and supported order types are set by Coinbase and may differ from rules on regulated stock exchanges. Fees, settlement procedures and how corporate events are handled are specified in the platform’s disclosures and product documentation.

Perpetual contracts originated in crypto derivatives markets. Unlike standard futures that expire on set dates, perpetuals remain open indefinitely and use funding payments to tether contract prices to spot markets. Some trading platforms have extended the instrument to products tied to traditional assets such as equities.