Coinbase Derivatives has submitted rule changes to establish a framework for cash-settled single-stock and ETF share futures, including perpetual contracts with no fixed expiration date. These instruments will be cash-settled and will not confer ownership of the underlying securities. The exchange has filed an application with the CFTC, but the proposed rules remain inactive pending regulatory approval. The proposal sets strict eligibility criteria for underlying assets, requiring a minimum market capitalization of $100 billion at initial listing and average daily trading volume of at least $450 million over the prior six months. Additionally, estimated deliverable supply must exceed 20 million shares, and client margin requirements are set at no less than 15% of the security future's current market value.