--- title: "Coinbase lists four more stock perpetual futures that don't need bitcoin as a judge weighs a ban" description: "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." publisher: "The Inference" section: "Policy & Labor" published: 2026-11-13T17:22:51.845Z modified: 2026-11-13T17:22:51.845Z canonical: https://theinference.org/article/coinbase-lists-four-more-stock-perpetual-futures-that-don-t-need-bitcoin-as-a-judge-weighs-a-ban language: en keywords: "Coinbase, Perpetual Futures, CFTC, SEC, Crypto Regulation, Kalshi" --- # 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. On Nov. 12, [Coinbase](https://theinference.org/markets/companies/coinbase) [opened perpetual futures on four more U.S. stocks](https://cryptobriefing.com/coinbase-perpetual-futures-bmnr-wdc-rklb-aaoi/): Bitmine Immersion, [Western Digital](https://theinference.org/markets/companies/western-digital), 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](https://theinference.org/markets/companies/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](https://cryptobriefing.com/sec-backs-cftc-perpetual-futures-lawsuit/), 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 [6][8]. [Morgan Stanley](https://theinference.org/markets/companies/morgan-stanley) cut the stock to underweight on Nov. 2, citing roughly $165 million of Q4 transaction revenue through Oct [6]. 25 [6]. *Chart: **Coinbase's $719M profit is $78M once crypto marks come out** Bar chart of Coinbase's Q3 2026 figures in millions of dollars: transaction revenue of $590 million, subscription and services revenue of $570 million, GAAP net income of $719 million and adjusted net income of $78 million.* *Coinbase Q3 2026, $ millions. Transaction revenue fell 44% year over year and now barely exceeds subscription and services revenue; adjusted net income strips out $641 million of unrealized crypto gains. Sources: Yahoo Finance/Benzinga [6], StreamSage [8]. [6][8]* 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]. *Chart: **Coinbase revenue has fallen four quarters running, to $1.2B** Line chart of Coinbase quarterly revenue in billions of dollars from Q2 2024 to Q3 2026: $1.45B, $1.21B, $2.27B, $2.03B, $1.50B, $1.87B, $1.78B, $1.41B, $1.22B and $1.22B.* *Coinbase total revenue by quarter, $ billions, from its SEC filings. Revenue peaked at $2.27B in Q4 2024 and has fallen for four straight quarters since Q3 2025, with Q3 2026 transaction revenue down 44% year over year. Source: Coinbase quarterly figures from its SEC filings, retrieved 13 November 2026 [9]. [9]* ## One ruling decides where the liquidity goes [The ruling on the preliminary injunction is pending](https://finance.yahoo.com/markets/crypto/articles/coinbase-kalshi-jump-trading-urge-094511851.html) [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"](https://theinference.org/article/coinbase-has-six-days-to-turn-25-year-index-futures-into-true-perpetuals) (2026-10-14). ## Takeaway Coinbase's hedge against a bitcoin-less quarter is a levered stock product a New York judge may shut down, and its $719 million profit is $78 million without crypto marks. ## Sources 1. [Unchained via Yahoo Finance, Coinbase, Kalshi and Jump Trading Urge Judge to Keep Single-Stock Perps Trading, 10 Nov 2026](https://finance.yahoo.com/markets/crypto/articles/coinbase-kalshi-jump-trading-urge-094511851.html) 3. [CoinCentral, Coinbase Coalition Challenges Judge's Stock Perpetuals Doubts, 10 Nov 2026](https://coincentral.com/coinbase-cftc-stock-perpetuals-court-challenge/) 4. [Crypto Briefing, SEC backs CFTC in court fight over single-stock perpetual futures, 11 Nov 2026](https://cryptobriefing.com/sec-backs-cftc-perpetual-futures-lawsuit/) 5. [Crypto Briefing, Coinbase launches perpetual futures for BMNR, WDC, RKLB and AAOI, 12 Nov 2026](https://cryptobriefing.com/coinbase-perpetual-futures-bmnr-wdc-rklb-aaoi/) 6. [Yahoo Finance, Coinbase Fell 22% in a Month Before Its Charter Win: Is It Time to Sell, or Load Up?, 12 Nov 2026](https://finance.yahoo.com/markets/crypto/articles/coinbase-fell-22-month-charter-163539056.html) 7. [Unchained via Yahoo Finance, Bitcoin Breaks Below $70,000 as Liquidations Sweep Through Leveraged Longs, 13 Nov 2026](https://finance.yahoo.com/markets/crypto/articles/bitcoin-breaks-below-70-000-113059005.html) 8. [StreamSage, Coinbase Q3 profit of $719M boosted by crypto gains, 5 Nov 2026](https://streamsage.news/news/coinbase-q3-profit-boosted-by-crypto-gains) 9. [Coinbase, quarterly figures from its SEC filings, retrieved 13 November 2026](https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001679788) --- Coinbase lists four more stock perpetual futures that don't need bitcoin as a judge weighs a ban — The Inference. Canonical: https://theinference.org/article/coinbase-lists-four-more-stock-perpetual-futures-that-don-t-need-bitcoin-as-a-judge-weighs-a-ban