Coinbase lists four more stock perpetual futures that don't need bitcoin as a judge weighs a ban
Six trading firms asked a New York judge on Nov. 9 to keep single-stock perpetual futures alive, the one Coinbase product whose volume does not depend on bitcoin, and Coinbase listed four more stock perps on Nov. 12 while the case runs.
Vincent Jiangtwo-minute read
On Nov. 12, Coinbase−3.34% — Coinbase, down 3.34 percent today opened perpetual futures on four more U.S. stocks: Bitmine Immersion, Western Digital−6.57% — Western Digital, down 6.57 percent today, Rocket Lab and Applied Optoelectronics 5. The next morning, bitcoin broke below $70,000 for the first time since October, touching $67,555 on Coinbase's own market as $1.65 billion of leveraged longs were liquidated 7. Both facts point at the same thing: the exchange is building a business that does not need a crypto rally, and a judge may take it away.
The product Wall Street is suing to stop
A perpetual future is a leveraged bet with no expiry: 24/7 trading, USDC settlement, up to 5x for retail and 10x for institutions, and no dividends or voting rights 5. Kalshi began listing perps on more than 50 U.S. stocks on Nov 1. 5, after the Commodity Futures Trading Commission let its 45-day review window lapse on Nov 1. 2, which counts as approval 1. On Nov. 3 the Capital Markets Alliance, a trade group whose members include Cboe and Citadel Securities, sued, arguing the contracts are security-based swaps that belong to the SEC, not the CFTC 1.
One judge's doubt, then the SEC on the other side
The early signals cut both ways. Judge Valerie Caproni refused a temporary restraining order but found the alliance likely to succeed on its core claim 3. Then on Nov. 11 the SEC itself filed a brief backing the CFTC, undermining the argument that the securities regulator objects 4.
Why Coinbase cannot lose this one quietly
Coinbase, Kalshi, Payward, DRW, Jump Trading and Paradigm filed an amicus brief on Nov. 9, warning a loss would send equity perps offshore 1. Coinbase has the most to lose. Third-quarter transaction revenue fell 44% to $590 million, and the $719 million GAAP profit shrinks to $78 million once $641 million of unrealized crypto gains come out 68. Morgan Stanley+0.55% — Morgan Stanley, up 0.55 percent today cut the stock to underweight on Nov. 2, citing roughly $165 million of Q4 transaction revenue through Oct 6. 25 6.
Coinbase's $719M profit is $78M once crypto marks come out
The reported $719M profit rests on crypto marks, not the trading business
Data
| Value | |
|---|---|
| Transaction revenue | 590 |
| Subscription and services | 570 |
| GAAP net income | 719 |
| Adjusted net income | 78 |
Perps are the hedge against that slide: a venue where volume comes from Rocket Lab and Western Digital traders, not bitcoin sentiment, and the same logic is pulling in ICE's Hyperliquid-based platform and Nasdaq's $100 million bet on Kraken's parent 6.
Coinbase revenue has fallen four quarters running, to $1.2B
Data
| Revenue | |
|---|---|
| Q2 '24 | $1.45B |
| Q3 '24 | $1.21B |
| Q4 '24 | $2.27B |
| Q1 '25 | $2.03B |
| Q2 '25 | $1.5B |
| Q3 '25 | $1.87B |
| Q4 '25 | $1.78B |
| Q1 '26 | $1.41B |
| Q2 '26 | $1.22B |
| Q3 '26 | $1.22B |
One ruling decides where the liquidity goes
The ruling on the preliminary injunction is pending 1. Coinbase keeps listing contracts while it waits 5. A win ratifies the everything-exchange; a loss hands the liquidity to offshore venues. The gap between those outcomes is Coinbase's next year.
The Inference has followed Coinbase's futures push in "Coinbase Has Six Days to Turn 25-Year Index Futures Into True Perpetuals" (2026-10-14).
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