Ondo Finance has asked US regulators to allow onshore perpetual futures tied to individual stocks, arguing that the existing security futures framework already covers the products—without the need for new rulemaking. The request was made in three comment letters dated Aug. 24 to the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC).

In its filings, Ondo said perpetual contracts can be structured to track the underlying equity price using mechanisms that resemble expiration and funding logic in traditional futures markets. The firm also pointed to its offshore activity, stating that a stablecoin-settled affiliate platform has accumulated $8 billion in cumulative trading volume for perpetual stock futures by Aug. 14, about six weeks after launch.

Key takeaways

• Ondo argues US “security futures” definitions do not require fixed expiration dates, supporting perpetual stock futures under current frameworks.
• The firm claims scheduled funding payments can keep perpetual contracts aligned with the price of underlying stocks, functioning similarly to expiration dynamics.
• Ondo says many offshore-targeted equities are primarily traded on US exchanges, so regulators should focus on bringing that activity onshore.
• Ondo cites its own offshore stablecoin-settled perpetual offerings as proof the product design can operate at scale, reporting $8 billion cumulative trading volume by Aug. 14.
• The push arrives as the SEC and CFTC coordinate more closely and the SEC proposes updates to infrastructure rules affecting tokenized securities.

Ondo’s case: perpetuals fit existing security futures definitions

Ondo’s central position is that a perpetual structure does not automatically fall outside the statutory definition of a security futures product. In one of its product-classification comment letters, the company said nothing in the “statutory definition of a security futures product requires a fixed expiration date,” framing perpetual contracts as compatible with existing legal categories.

Beyond legal interpretation, Ondo addressed the operational question regulators typically ask with perpetual products: how to maintain price alignment over time. The firm argued that scheduled funding payments can serve the same job as expiration in conventional futures, by incentivizing the perpetual contract price to stay close to the reference stock price.

The letters also tie the discussion to modern market mechanics. Ondo pointed to the need to account for contemporary margining approaches and for onchain market data—elements that are common to blockchain-based derivatives markets but may not have been explicitly contemplated when earlier derivatives rules were written.

Offshore track record and why “onshoring” matters

To strengthen its request, Ondo pointed to an existing offshore offering. According to the company, its Panama-based affiliate already provides stablecoin-settled perpetual futures on individual US-listed stocks outside the United States. Ondo said the platform recorded $8 billion in cumulative trading volume as of Aug. 14, roughly six weeks after launch.

Ondo’s letters also emphasized that “bringing that activity back to the U.S.” should not be an open question because many of the underlying stocks are principally traded on US exchanges. The company suggested that both the SEC and CFTC should actively pursue a pathway for similar products to operate legally within US borders.

For investors and traders, the underlying issue is regulatory clarity. When derivatives tied to familiar reference assets migrate offshore, liquidity and price discovery may become harder to monitor under US oversight. Ondo’s push effectively argues that regulators can capture that activity rather than leaving it to platforms operating from outside the country’s regulatory perimeter.

Regulators reassess crypto and tokenized securities rules

Ondo’s proposal comes as the SEC and CFTC revisit how older market frameworks apply to blockchain-native products, including perpetual futures and tokenized securities. This year has also featured efforts to harmonize overlapping jurisdictions. The SEC and CFTC signed a memorandum of understanding in March aimed at coordinating oversight where authority overlaps.

Separately, the SEC has moved to update parts of its transfer agent framework, proposing changes to reflect growing demand for blockchain-native recordkeeping and tokenized securities. The proposal explicitly highlights how rules designed for legacy infrastructure may no longer match the operational realities of modern token-based markets.

In parallel, public comments by US political figures have kept attention on bringing popular onchain derivative venues closer to US access. In August, President Donald Trump said CFTC Chair Michael Selig was working to bring Hyperliquid into the United States “in a fully compliant and legal fashion.” Hyperliquid is widely associated with onchain perpetual futures, though neither the CFTC nor Hyperliquid has provided details in public materials about how that access would be handled.

While Ondo’s filings focus on US stock-linked perpetual futures, the broader takeaway for market participants is that regulators are not only observing crypto markets—they are actively adjusting the way they interpret and administer rules that touch tokenized assets and derivatives.

Ondo’s broader position in tokenized real-world assets

Ondo’s derivatives push is also consistent with its standing in the tokenized real-world assets (RWA) space. According to RWA.xyz data cited by the company, Ondo ranks fourth among tokenized RWA managers by distributed value, at about $2.6 billion as of Wednesday.

This context matters because tokenized RWA infrastructure often relies on interactions across multiple parts of the market: trading, custody/recordkeeping, and derivatives or hedging tools. A regulatory pathway for perpetual stock futures could strengthen the use cases for tokenized assets and related financial products, particularly if it allows US market participants to hedge or express views using familiar reference instruments with clearer oversight.

At the same time, uncertainty remains about how regulators will view the specific mechanics of perpetual contracts—especially funding, margining, and the mapping of onchain data flows to existing market surveillance and compliance expectations. Ondo’s letters make a legal and structural argument, but the practical outcome will depend on how the SEC and CFTC respond during the rulemaking and enforcement interpretive process.

For readers tracking the next steps, the most important signal will be whether the SEC and CFTC treat Ondo’s position as sufficient for market access under current security futures rules—or whether they push for additional guidance to define acceptable perpetual contract structures tied to US-listed equities.

Coinbase has launched 23 perpetual and dated crypto futures for eligible Canadian investors, with leverage of up to 10 times on supported contracts.

Coinbase said eligible Canadian clients can access the new contracts through Coinbase Financial Markets, its futures commission merchant registered with the U.S. Commodity Futures Trading Commission.

The selection includes perpetual futures, which do not have fixed expiry dates, and dated futures that settle at a specified time. Supported markets include Bitcoin, Ethereum, and Solana, along with 20 other digital assets.

By allowing both long and short positions, the contracts give eligible investors a way to trade in either direction without buying or selling the underlying cryptocurrencies. Investors can also use the products to hedge price exposure held elsewhere in their portfolios.

Access remains limited to sophisticated and institutional investors who meet Canadian eligibility rules. Coinbase is providing the contracts under an international exemption rather than opening them to Canadian retail customers.

Coinbase crypto futures offer up to 10x leverage

Coinbase has structured the contracts in nano sizes, lowering the amount of capital needed to open a position compared with standard futures. Traders can use leverage of up to 10 times, depending on the contract and applicable margin requirements.

With 10x leverage, a trader can control a position worth 10 times the capital posted as margin. Leverage also increases the effect of an adverse price move, and a position may be liquidated if the account no longer meets its required margin level.

Coinbase has introduced temporary pricing of 0.02% per trade plus $0.11 for each contract. The company did not state how long the introductory rate would remain available or disclose the standard pricing that would apply after the offer ends.

Perpetual contracts use recurring funding payments to keep their prices close to the underlying spot market. Dated futures instead expire according to a fixed schedule, allowing traders to choose a contract that matches a defined time horizon.

The Canadian offering carries less leverage than Coinbase’s recent rollout for professional clients in Britain. In August, the exchange introduced UK derivatives covering more than 170 assets, with up to 50x leverage on perpetuals and 20x on dated futures.

As crypto.news previously reported, the British service also includes crypto options and contracts tied to commodities, equities, and foreign exchange. Access is restricted to clients who meet professional-investor requirements under the exchange’s UK authorization.

Canadian investors gain commodity and index futures

Alongside the 23 crypto futures, Coinbase has added five commodity contracts linked to markets including gold, silver, and oil. Eligible investors can also trade index products such as COIN50, which tracks a basket of major digital assets.

The combined selection allows customers to manage several types of market exposure through one account. Rather than taking ownership of an asset, a futures trader enters a contract whose value moves with the referenced cryptocurrency, commodity, or index.

According to the Bank of Canada, about one-third of publicly listed Canadian non-financial companies use derivatives to hedge risks affecting their earnings. Corporate hedging commonly covers changes in commodity prices, interest rates and foreign exchange rates, although Coinbase’s new service targets investors who satisfy the platform’s derivatives eligibility requirements.

Coinbase said crypto derivatives generate about 4.4 times the worldwide volume recorded in spot markets. Despite that trading activity, the company said Canadian investors have had fewer regulated ways to access the products.

In the United States, Coinbase Financial Markets operates under a different regulatory route. The entity is registered with the CFTC as a futures commission merchant and belongs to the National Futures Association, placing its U.S. activity within federal derivatives rules.

Coinbase received CFTC clearance in May to connect eligible American customers with specified perpetual contracts treated as foreign futures under defined conditions. In June, the company said the structure would give U.S. clients regulated access to global perpetual liquidity through Deribit, the derivatives exchange it acquired for $2.9 billion.

The U.S. perpetual approval gave American traders a separate path to products that had largely remained on offshore platforms. Coinbase CEO Brian Armstrong said at the time that the company had spent years working toward the regulatory clearance.

Coinbase expands its derivatives infrastructure

Coinbase has been consolidating more of its institutional derivatives business around Deribit. The exchange agreed to acquire the platform in 2025, adding a major crypto options venue to its existing futures operations.

During the second quarter of 2026, Coinbase recorded $1.03 trillion in crypto derivatives trading volume, little changed from the preceding quarter. The company also said its derivatives market share reached a record and increased for a third consecutive quarter.

In August, Coinbase scheduled a Sept. 9 migration of institutional accounts from Coinbase International Exchange to Deribit. Participating clients were instructed to establish Deribit access, replace application programming interface connections, and close outstanding margin loans before the transfer.

The Deribit account migration is intended to place international perpetuals, dated futures, and options within the same institutional system. Coinbase said country restrictions and individual eligibility would continue to determine which products each client could access.

Coinbase adds more services in Canada

Coinbase Canada has operated as a restricted dealer since April 2024 and is seeking dealer registration with the Canadian Investment Regulatory Organization. The status would place its Canadian business under CIRO oversight while the company adds more regulated financial products.

Canadian clients are also receiving additional crypto services through Coinbase’s infrastructure partnerships. Webull Canada recently selected Coinbase Crypto-as-a-Service to add cryptocurrency trading and custody to its investment platform.

Under the expanded Webull partnership, Coinbase provides the underlying trading and custody infrastructure while Webull keeps the service within its existing application. The arrangement gives Webull Canada customers access to supported cryptocurrencies without requiring them to move to a separate exchange account.

Outside Canada, Coinbase began rolling out almost 4,000 U.S. stocks to eligible UK customers in August. The service supports fractional investments starting at £1, funding through pounds or USDC, and trading for 24 hours on five days each week.

Coinbase routes the UK equity orders through Coinbase Capital Markets Corporation for execution by Apex, while Apex Clearing holds the underlying shares. Fractional-share orders remain limited to regular U.S. trading hours even though eligible whole-share orders can be placed during extended sessions.