Coinbase launches perpetual futures for BMNR, WDC, RKLB and AAOI

The exchange that started as a place to buy Bitcoin now lets users take leveraged positions on a satellite launcher and a hard drive maker. These perpetual futures settle in USDC, the dollar-pegged stablecoin, with daily settlement at 08:00 UTC.

Contract specifics

A perpetual future is a derivative contract with no expiry date, essentially a standing bet on a price that never has to be cashed in on a fixed calendar day. Retail users can access up to 5× leverage, while institutional users can reach up to 10×.

To put that in perspective: at 5×, a 10% move in the underlying stock becomes roughly a 50% swing on the trader's posted collateral. These contracts trade 24/7, unlike traditional stock exchanges that close in the evening and on weekends.

New offerings

BMNR, Bitmine Immersion Technologies, focuses on blockchain and represents the most natural fit for a crypto exchange's audience. The other three companies come from traditional technology sectors: WDC (data storage), RKLB (space launches), and AAOI (fiber optics).

Coinbase's earlier equity perpetual offerings were tied to the so-called Magnificent 7, the cluster of giant tech names that dominates broad market indexes.

Market implications

The timing is not accidental. The launch follows recent regulatory clarity from the CFTC on equity perpetual futures in the US. For retail traders, the most obvious draw is access outside normal trading hours. If news breaks about a Rocket Lab launch on a Saturday, a perpetual contract lets traders react before the Monday opening bell.

For institutions, the 10× ceiling and USDC settlement could make these contracts useful as hedging or positioning tools. A desk already holding stablecoins can express a view on Western Digital without moving funds into a traditional brokerage account.