Coinbase seeks 60 stock perps; 29.3% of Hyperliquid's HIP-3 book

The list of 60 stocks and ETFs for which Coinbase Derivatives is seeking CFTC permission to list perpetuals is the list of CME's 55 single-stock futures plus five names (Honeywell, 3M, SanDisk, the QQQ ETF, and the SPY ETF), and on Hyperliquid those 60 underlyings account for $1,178.34 million in open interest (the value of open, unclosed positions), representing 29.31% of all HIP-3 (the Hyperliquid mechanism by which a third party deploys and operates its own perpetual markets) as of September 25, 2026. A perpetual (a future with no expiry date that tracks the stock price via an hourly payment between longs and shorts called funding) on Apple or Nvidia exists in September 2026 in three formats that do not compete on a level playing field: on Hyperliquid, trade.xyz—the deployer operating those markets—offers it at 20x, seven days a week, with no access for U.S. residents; on CME, it has existed as a quarterly future since July 27, 2026, with a $106.33 million book at the September 24 close spread across DEC26 and MAR27 expiries, excluding the SEP26 which settled on the 18th; at Coinbase Derivatives, the group's U.S. exchange (the international subsidiary has offered them outside the U.S. since March 20, 2026, at 10x on stocks and without U.S. access), it will exist, if the CFTC approves submission 2026-62, as a security future (a future on a security, under joint SEC and CFTC jurisdiction) with the 15% minimum margin required by 17 CFR 41.45, i.e., 6.67x. This article cross-references the three sources name by name: HIP-3 book within the list, CME book per stock, contract differences, and approval dates.

What did Coinbase Derivatives request from the SEC and CFTC between September 1 and 18, 2026?

Two distinct filings with two regulators and two dates. On September 1, 2026, Coinbase Derivatives, LLC (CDE) filed Form 1-N with the SEC, a notice of registration as a national securities exchange under Section 6(g) of the Exchange Act—the regime that allows a CFTC-designated futures market to trade security futures without becoming a full-blown stock exchange. The form states, literally, that "CDE currently plans to list cash-settled futures on the following equity securities" and lists 60 names: 58 stocks plus the Invesco QQQ Trust and the SPDR S&P 500 ETF Trust. The SEC acknowledged receipt on September 8 (Release 34-106295, file 10-252) and the notice appeared in the Federal Register on September 11.

On September 18, CDE sent submission 2026-62, "Equity Perpetual Contracts," to the CFTC via Section 41.23(b) of Title 17 of the CFR: instead of self-certifying the product, it seeks voluntary Commission approval under the Section 40.5 procedure. That procedure sets a review period "for a period of 45 days after receipt," extendable by another 45 if the Commission identifies novel or complex issues, and CFTC file 64236 shows the product as "Single Stock Perpetual Futures Contract," status "Approval Pending (45)," dated September 18, 2026. Forty-five days after September 18 is Monday, November 2, 2026; with the extension, December 17.

The representative contract in the submission is for Apple: 0.01 shares per contract (approx. $2.25 notional with AAPL at 225), hourly funding calculated on a one-hour TWAP (time-weighted average price) with samples every three minutes, and no funding "for any hour in which the market is closed, paused, or halted." Clearing is handled by Nodal Clear, a CFTC-registered clearinghouse. Initial margin is set "as determined and published by the Exchange" within Sections 41.43 to 41.48, where 41.45 sets the floor.

Why is Coinbase's list of 60 stocks the CME list plus five?

CME launched its Single Stock Futures on July 27, 2026, with 55 standard contracts (100 shares each) and 22 micro (10 shares), according to the June 30 press release, and its list of underlyings fits entirely within Coinbase's: all 55 CME names are in Form 1-N, and CME has none that Coinbase lacks. The five that Coinbase adds are Honeywell (HON), 3M (MMM), SanDisk (SNDK), the QQQ ETF, and the SPY ETF. This cross-reference is based on proprietary calculations between the Form 1-N list and CME contract specifications: one list, three platforms.

There is one name on that list that, until June 12, 2026, was a pre-IPO market on Hyperliquid: SpaceX has been trading on Nasdaq as SPCX since June 12, 2026 (closing the first day at $161, according to the post-mortem of the SpaceX convergence on Hyperliquid), which is why it appears as a listed stock in both CME futures and Form 1-N. The transition of xyz:SPCX from pre-IPO synthetic pricing to an external oracle is covered in the analysis of trade.xyz pre-IPO perpetuals; here, SPCX counts as just another stock.

An exchange registered under Section 6(g) can only list security futures on SEC-registered securities: U.S.-listed stocks and ETFs. It cannot list a synthetic index like XYZ100, nor gold, crude oil, or silver, nor SK Hynix or Samsung, nor a pre-IPO without a registered share. This legal perimeter defines which part of the HIP-3 book is up for grabs.

How much of HIP-3 open interest on Hyperliquid is in the 60 Form 1-N names?

On September 25, 2026, at 09:38 UTC, the ten active HIP-3 deployments on Hyperliquid (xyz, io, para, mkts, and six others with no positions) totaled $4,020.70 million in open interest across 150 markets, of which xyz (trade.xyz) held 3,942.31. Of the 60 Form 1-N underlyings, 22 have a market on HIP-3 (24 markets, as SanDisk trades on both xyz and io, and Broadcom on xyz and para) and 38 do not: JPMorgan, Bank of America, Exxon, Walmart, Honeywell, 3M, QQQ, or SPY do not exist as perpetuals on any of the ten deployments. The 24 markets total $1,178.34 million, or 29.31% of HIP-3 open interest; xyz's 22 markets represent 29.78% of its book. In terms of volume, the seven full days from September 18 to 24 saw $13,714.7 million moved across all of HIP-3 and $3,796.4 million in those 24 markets, or 27.68%.

Concentration within the list is high: Micron ($188.51 million), SanDisk ($151.03 combining xyz and io), Intel ($150.89), Nvidia ($137.63), and Alphabet ($123.24) account for 63.8% of the $1,178 million. And concentration outside the list supports the thesis: the ten largest HIP-3 markets—synthetic S&P 500 ($354.21 million), SK Hynix ($322.60), gold ($281.35), silver ($255.63), XYZ100 ($240.20), Micron, leveraged SK Hynix ($177.79), Brent ($155.29), Intel, and SanDisk—represent 56.6% of open interest, and only three of them (Micron, Intel, and SanDisk) are on the Coinbase list. 70.69% of the HIP-3 book is in underlyings that a security futures exchange cannot touch, as seen market by market in the TradFi assets on DEX finder.

DefiLlama reports $3,946.93 million for tradeXYZ that same morning with the doublecounted: true tag (interface over Hyperliquid, not a separate book); how to interpret this is in the DefiLlama open interest guide.

How much book does CME have in single-stock futures and why did the figure change on September 18?

CME does not publish open interest on each future's product page, but it does in the Daily Bulletin, and Section 12 (detail by expiry) allows for a contract-by-contract reconstruction of the book. At the close of Thursday, September 24, 2026, all 55 underlyings had open positions: 3,405 standard contracts and 7,630 micro, which valued at the CME settlement price for each expiry total $106.33 million, with a volume that day of 2,418 contracts. 42% of that book, measured by notional, was in the micro and standard contracts of five names: Micron ($16.85 million), Apple ($8.06), Nvidia ($7.75), Microsoft ($6.93), and Alphabet ($5.47).

The date is not neutral. CME specifications state that "trading terminates at 4:00 p.m. ET on the third Friday of the contract month," and September 18, 2026, was the third Friday of September: the last day of the SEP26 contract. That Friday, the book stood at $191.67 million, and $102.20 (53.3%) was in that expiry, which cash-settled that afternoon; what remained active, the DEC26 column, was $89.47 million. Four sessions later, at the September 24 close, DEC26 has risen to $103.40 million (97.2% of the book) and the newly listed MAR27 contributes $2.93 (2.8%): the $106.33 million is now a post-expiry figure. Micro Nvidia, the contract with the most positions, illustrates this: 1,007 contracts in DEC26 and 10 in MAR27, compared to 1,273 in SEP26 and 772 in DEC26 on the 18th.

Who has more open interest name by name, Hyperliquid or CME?

Twenty-one underlyings have both a CME future and a HIP-3 perpetual (the 22 from Hyperliquid minus SanDisk, which CME does not list). In those 21, CME had $78.36 million in open interest on September 24 compared to $1,027.32 on HIP-3 on the 25th: 13.11 times more, and Hyperliquid leads in 19 of the 21 names. CME only has a larger book in IBM ($1.89 vs $1.66 million) and Chevron ($0.56 vs $0.11); in Costco, where CME led on September 18, Hyperliquid now leads. In major names, the gap exceeds fifty-fold: 53.0x in SpaceX, 42.7x in Intel, 34.8x in Oracle, 22.6x in Alphabet, and 17.8x in Nvidia. Where CME comes closest is Microsoft ($6.93 vs $22.50) and Apple ($8.06 vs $35.45). This CME snapshot no longer includes SEP26: DEC26 and MAR27 constitute the entire book.

CME notional is a proprietary calculation (contracts per expiry, times 100 or 10 shares, times the CME settlement price for that expiry); Hyperliquid's is openInterest times mark price. The 34 CME underlyings without a HIP-3 equivalent total the remaining $27.96 million, led by Exxon (2.25), ConocoPhillips (2.20), JPMorgan (2.08), and Newmont (1.55): the portion of the Coinbase list where CME is the only competitor with a book.

What distinguishes a Coinbase security future from a HIP-3 perpetual and a CME quarterly future?

All three platforms sell exposure to the same stock with contracts that differ in size, hours, convergence, access, and oversight; Coinbase specifications are from submission 2026-62 and may change upon approval.

Two rows explain most of the book difference. Hours: Coinbase stops on Friday at 17:00 ET and does not publish funding when its index is not live; trade.xyz maintains pricing on weekends with an internal oracle and limits movement to ±5% in 20x markets, and Nvidia volume on Saturday 19 and Sunday 20 September ($13.9 million combined) is something neither of the other two platforms can offer. Access: Hyperliquid terms exclude U.S. persons, and the Coinbase submission describes a product for U.S. FCM clients: disjoint audiences by design.

Why can't Coinbase offer 20x on stock perpetuals even if it wanted to?

Because the margin for a security future is set by regulation, not by the exchange's risk policy. Section 41.45(b)(1) of Title 17 of the CFR states that "the required margin for each long or short position in a security future shall be fifteen (15) percent of the current market value of such security future"; paragraph (c) allows a Section 6(g) registered exchange to raise or lower that level "to a level not lower than that specified in this section," and (b)(2) only allows reductions for offset positions. The 15% was set jointly by the CFTC and SEC in the amendment published on November 24, 2020 (85 FR 75112), which lowered it from the 20% in effect since 2002. A 15% margin is a maximum leverage of 1/0.15 = 6.67 times, and the Coinbase submission explicitly refers to Sections 41.43 to 41.48 for its margin.

CME is under the same rule, and its margin table confirms it: maintenance for micro Nvidia DEC26 was $341 per contract on September 25, on a notional of 10 shares at the $226.79 settlement price from the 24th ($2,267.90): 15.0%. On trade.xyz, the eight 20x names in the table operate with a 5% initial margin—one-third of the collateral the rule will require of Coinbase; the 10x names are still 1.5 times above the ceiling.

For Coinbase to offer 10x, a new joint CFTC-SEC rule lowering the 15% would be required, just as the 2020 rule lowered the 20%; no exchange submission can do it. The opposite path—the CFTC subjecting Hyperliquid to an exchange-like regime—is the one that opened in April 2026 and is detailed in the analysis on the CFTC and no-KYC perpetuals.

What would have to happen for the HIP-3 advantage over Coinbase and CME to be proven false?

The thesis has three tests. The first is share: if the 60 Form 1-N underlyings exceed 40% of HIP-3 open interest, the percentage would not describe a stable state. The measurement on Friday, September 25, gives 29.31%, compared to 27.80% on the 19th: up 1.51 points in six days and still 10.7 points from the threshold. The second is book: if CME, measured after the September 18 expiry, matches or exceeds HIP-3 in the 21 common names, the advantage was an expiry artifact; on September 24, CME has $78.36 million in those 21 vs $1,027.32 on HIP-3, and the gap has widened from 6.61x to 13.11x. The third is deferred: if 90 days after the first day of trading on Coinbase, the open interest of the 24 HIP-3 markets on the list drops by more than 30% while the rest of xyz does not, the onshore platform is indeed draining the offshore one despite operating at 6.67x and without weekends.

A fourth reading nuances the thesis without falsifying it: a CME book of $106.33 million eight and a half weeks after the July 27 launch, more than half of which vanished with the September 18 expiry and has only partially recovered, describes a product used for short-term tactical exposure. For CME, the most informative metric is volume, and it should be measured in the same window: between September 18 and 24, CME traded five sessions (Friday 18 and Monday 21 to Thursday 24) for 25,102 contracts, $313.21 million notional at each expiry's settlement price; HIP-3 moved $12,659.2 million in those same five days, 40.4 times more. Friday 18, the quarterly expiry, is CME's best session in the series and accounts for 143.18 of those $313.21 million: without it, the ratio for the remaining four sessions rises to 61.5x. The two days CME is closed added another $1,055.5 million to HIP-3, 7.7% of its week.

What can the reader verify regarding Coinbase, HIP-3, and CME starting November 2, 2026?

Four things, with date and source:

1. The status of file 64236 at the CFTC: "Approval Pending (45)" until November 2, 2026; with an extension notified within the period, December 17; if approved, the submission states CDE will list the contracts "shortly following approval by the Commission," subject to any other necessary authorizations.
2. The margin table Coinbase Derivatives will publish before listing: it cannot fall below the 15% of market value set by 17 CFR 41.45.
3. The open interest of the 24 HIP-3 markets on the list, which the Hyperliquid API returns per dex without authentication ($1,178.34 million on September 25, 2026), with the deferred test at 90 days from the first day of trading on Coinbase.
4. Section 12 of the CME Daily Bulletin, which since the September 18 expiry already shows two active expiries without one about to expire: on September 24, $103.40 million in DEC26 and 2.93 in MAR27.

These four checks will tell whether the 15% margin, five-day sessions, and disjoint audiences produce two coexisting books or one that absorbs the other. In September 2026, 70.69% of the HIP-3 book remains outside Coinbase's legal perimeter, and in the remaining 29.31%, the platform that does not yet exist enters with one-third of the leverage.

Sources and links: SEC, Coinbase Derivatives, LLC Form 1-N (Sep-1-2026) · SEC, 6(g) Registration Acknowledgement, Release 34-106295 (Sep-8-2026) · Federal Register, 2026-18538 (Sep-11-2026) · CFTC, Coinbase Derivatives Submission 2026-62 (Sep-18-2026) · CFTC, File 64236 "Approval Pending (45)" · 17 CFR 41.45, Required margin · 17 CFR 40.5, 45-day review · Federal Register, Security Futures Margin from 20% to 15% (Nov-24-2020) · CME, Daily Bulletin Section 12 (equity and single stock) · CME, Single Stock Futures Specifications · CME, Launch Notice (Jun-30-2026) · Hyperliquid, info endpoint (metaAndAssetCtxs, candleSnapshot) · Hyperliquid, funding · Hyperliquid, Terms (sec. 1.6) · trade.xyz, Documentation (hours, oracle, bands) · DefiLlama, Open Interest (cross-reference) · Coinbase, "Coinbase Launches Stock Perpetual Futures" (Mar-20-2026, non-U.S.)