Coinbase and Kraken Target US Stock Perps as Binance Pushes FX Futures 24/7

Coinbase Derivatives and Kraken parent Payward are moving to bring single-stock perpetual futures to U.S. traders, while Binance is extending the same no-expiry derivatives structure into 24/7 foreign exchange trading.

Coinbase Derivatives submitted its equity perpetual contracts to the Commodity Futures Trading Commission (CFTC) on September 18, with approval still pending. The cash-settled contracts would reference highly liquid U.S.-listed stocks and ETFs and trade from Sunday at 8 p.m. ET through Friday at 5 p.m. ET.

Unlike dated futures, the contracts have no scheduled expiry. An hourly funding mechanism would move payments between long and short positions to keep the perpetual price aligned with the underlying stock, with funding capped at plus or minus 0.10% per hour.

Kraken Starts With Tesla, Nvidia and Apple Perps

Payward has separately filed to bring single-stock perpetuals to Kraken, targeting an initial group of 10 equities: Tesla, SpaceX, Nvidia, Broadcom, Micron, Apple, Microsoft, Amazon, Alphabet and Palantir.

The company is also working toward 24/5 trading, extending access well beyond regular U.S. equity-market hours. The products remain subject to the applicable regulatory process and have not received a launch date.

Payward’s stock-perp push follows its plan to bring regulated onchain perpetual markets to U.S. customers through its Bitnomial derivatives infrastructure and Hyperliquid’s HIP-3 framework.

The filings also arrive one day after the SEC created a five-year tokenized-stock exemption allowing qualifying permissioned AMMs and liquidity pools to trade tokenized NMS stocks under a temporary regulatory framework.

Coinbase has already moved perpetual structures into U.S. traditional markets through equity index futures, but the new filing would extend the model directly to individual stocks.

Binance Takes Perpetual Futures Into FX

Binance is moving in parallel outside the U.S. with a new foreign exchange perpetual category. Its first contract, USDBRLUSDT, will begin trading on September 21 at 14:00 UTC.

The USD/Brazilian real perpetual settles in USDT, trades 24/7 and offers maximum leverage of 100x. Funding settles every eight hours, with the rate capped at plus or minus 0.375%.

Binance uses conventional external FX pricing from Sunday at 5 p.m. ET through Friday at 5 p.m. ET. During weekends and public holidays, pricing switches to an exponentially weighted moving average derived from its own order book as liquidity in the underlying FX market thins.

With Binance’s deep liquidity and global user base, we’re well positioned to extend continuous price discovery into the gaps that traditional FX cannot cover, exchange and trading head Shunyet Jan said.

Binance has already built a substantial TradFi perpetual market around equities, commodities and pre-IPO assets. USDBRLUSDT adds currencies to that lineup when trading opens September 21, while the proposed Coinbase and Kraken stock contracts remain in the U.S. regulatory process.

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