Coinbase (COIN) has launched stock perpetual futures for eligible traders outside the United States, expanding its global derivatives offering with a product that provides round-the-clock exposure to U.S. equities.

In a blog post on Friday, the company said the new instruments allow users to trade synthetic, leveraged positions tied to selected publicly listed stocks and exchange-traded funds on a centralized and regulated platform.

The Brian Armstrong-led firm is positioning itself among the first major centralized venues to offer stock perps, a product that has gained traction on decentralized platforms. Coinbase said the rollout advances its long-term strategy of building an "everything exchange," where users can access crypto, traditional financial assets, and emerging markets in a single venue.

Stock perpetual futures enable traders to gain continuous exposure to equities with 24/7 trading, including weekends, unlike traditional U.S. stock markets, which operate on a limited weekly schedule. Coinbase said demand for always-on equity exposure has grown, particularly in regions where access to U.S. equities can be restricted or capital-intensive.

Expanding derivatives and cross-asset access

At launch, Coinbase is offering perpetual futures tied to a curated group of liquid U.S. stocks, including Apple, Microsoft, Alphabet, Amazon, Nvidia, Meta, and Tesla. ETF-based perpetuals, including products linked to the S&P 500 and Nasdaq-100, are also available in certain jurisdictions.

The contracts offer up to 10x leverage on single stocks and up to 20x on ETF products, with settlement conducted in USDC on crypto rails. Coinbase said the products support cross-margining across perpetual futures and spot positions, and are accessible to retail users through Coinbase Advanced as well as institutional clients via Coinbase International Exchange.

The launch builds on Coinbase's recent derivatives expansion in Europe, where the firm began rolling out crypto futures trading to users across 26 countries through its MiFID-regulated entity. Those products include perpetual-style futures and indexed offerings such as the "Mag7 + Crypto Equity Index," reflecting growing demand for hybrid exposure across asset classes.

Coinbase has also been expanding its institutional infrastructure, including the rollout of unified cross-margining across spot and derivatives markets through Coinbase Prime. The company has said these efforts aim to improve capital efficiency and streamline portfolio management within a single trading environment.

The stock perpetual futures product is not available to U.S. users and may be restricted in certain jurisdictions. Coinbase said it plans to expand the offering over time to include additional equities, indices, commodities, and other globally traded assets based on customer demand.