Coinbase Just Dropped Perpetual Futures on BMNR, WDC, RKLB, and AAOI—Here’s Why This Could Flip the Crypto Game Overnight

Coinbase has added four more US-listed stocks to its growing menu of equity perpetual futures. The new markets track Bitmine Immersion Technologies (BMNR), Western Digital (WDC), Rocket Lab (RKLB) and Applied Optoelectronics (AAOI).

Trading on the contracts opened on November 12, 2026, at 12:00 PM UTC. 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.

What Coinbase is actually offering

A perpetual future is a derivative contract with no expiry date. Think of it as a standing bet on a price that never has to be cashed in on a fixed calendar day.

The four new contracts settle in USDC, the dollar-pegged stablecoin. Settlement happens daily at 08:00 UTC.

Leverage depends on who is trading. Retail users can go up to 5×, while institutional users can reach up to 10×.

To put that in plain numbers: at 5×, a 10% move in the underlying stock becomes roughly a 50% swing on the trader’s posted collateral.

The contracts also trade 24/7. Traditional stock exchanges close in the evening and on weekends, but these markets do not.

Because these are derivatives, holders do not own the underlying shares. That means no dividends and no voting rights.

An eclectic group of four

BMNR, Bitmine Immersion Technologies, is focused on blockchain. It is the most natural fit for a crypto exchange’s audience.

The other three come from traditional technology sectors. WDC, Western Digital, works in data storage. RKLB, Rocket Lab, is a space launch company. AAOI, Applied Optoelectronics, is established in 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.

Why this is happening now

The timing is not accidental. The launch follows recent regulatory clarity from the Commodity Futures Trading Commission (CFTC) on equity perpetual futures in the US.

The rollout fits Coinbase’s broader ambition to become an “everything exchange.” The idea is one platform, one account, and access to crypto, stocks and derivatives side by side.

What this means for traders and the market

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.