Coinbase, Kraken, and CME Enter U.S. Stock Perpetual Futures Competition

Coinbase, Kraken's parent company Payward, and CME have entered the process of introducing perpetual futures based on individual U.S. stocks. The products, designed without expiration dates and allowing trading outside regular stock market hours, are not yet available for trading as they await approval from U.S. regulators. Coinbase submitted its application to the Commodity Futures Trading Commission (CFTC) on September 18 for cash-settled perpetual futures based on U.S. stocks and ETFs. Calix also advanced regulatory procedures for individual stock perpetual futures, while Payward announced Kraken will launch products on ten U.S. stocks including Tesla, Nvidia, and Apple, with trading available five days a week, 24 hours a day (24/5). Perpetual futures follow the underlying asset price through periodic funding costs between long and short positions instead of an expiration date. CoinDesk reported that it remains unclear whether these stock-linked perpetual futures fall under SEC or CFTC jurisdiction, with Citadel Securities noting potential market oversight gaps if regulatory frameworks are split.