Coinbase Files SEC Application for 24/7 Equity Perpetuals

Coinbase filed an application with the U.S. Securities and Exchange Commission on Wednesday seeking permission to list equity perpetual contracts that would trade 24 hours a day, seven days a week. The submission, confirmed by The Block, marks the largest U.S. crypto exchange's formal entry into traditional equity derivatives. The filing requests registration of perpetual futures tied to individual U.S. stocks rather than digital assets. Perpetual contracts, futures with no expiration date, have become the dominant instrument in crypto markets, where they settle in stablecoins and track spot prices through funding rates. Coinbase's proposal would extend that structure to equities, allowing continuous trading outside standard exchange hours. Current market structure limits equity derivatives to exchange operating hours, typically 9:30 a.m. to 4:00 p.m. Eastern with limited after-hours sessions. A 24/7 perpetual would let investors hedge or speculate on earnings releases, macroeconomic data, and geopolitical events as they happen globally. The SEC has not previously approved such a product for U.S. equities. The SEC review process begins with a public comment period, typically 21 to 45 days after publication in the Federal Register. Interested parties, including traditional exchanges, market makers, and investor groups, can submit feedback on market structure, manipulation risks, and investor protection. The commission may then schedule hearings or request additional data before issuing an order. Market observers note the filing arrives as crypto-native venues increasingly pursue traditional finance licenses. Coinbase already operates a registered broker-dealer and alternative trading system. Approval would position the firm to capture equity derivatives volume currently handled by CME Group and Intercontinental Exchange, both of which have explored extended-hours products but not continuous perpetuals. The next procedural milestone is Federal Register publication, which starts the comment-period clock. No statutory deadline binds the SEC to a final decision. Prior novel product approvals have taken six to eighteen months from filing to order.