“U.S. stock futures” can refer to several different types of derivatives, from traditional equity-index futures to crypto-native perpetual contracts tracking individual U.S. stocks and ETFs. They may reference similar markets, but their trading hours, settlement, expiration, regulation, and ownership structure can be very different.
That distinction matters when comparing platforms.
An S&P 500 futures contract listed on CME is not the same product as an NVDA-USDT perpetual on a crypto exchange. And neither should be confused with buying Nvidia shares directly.
The simplest way to understand the category is to separate it into three broad groups.
| Type | Typical exposure | Expiration | Trading model | Example |
| Traditional equity-index futures | S&P 500, Nasdaq-100 | Yes | Regulated futures exchange | CME |
| U.S.-regulated perpetual-style equity futures | Equity indexes/themes | Long-dated/perpetual-style structure | Regulated derivatives exchange | Coinbase Derivatives |
| Crypto-native stock perpetuals | Individual stocks and ETFs | No conventional expiry | Stablecoin-margined perpetuals | Bitget |
1. What Are Traditional U.S. Equity Futures?
Traditional U.S. equity futures are regulated derivatives that usually track an equity index rather than an individual stock.
CME’s E-mini and Micro E-mini contracts are familiar examples. They provide futures exposure to indexes such as the:
- S&P 500
- Nasdaq-100
- Dow Jones Industrial Average
- Russell 2000
These contracts have defined contract months and eventually expire and settle.
They also trade for much longer than normal U.S. stock-market hours. For example, CME Micro E-mini equity-index futures trade on Globex from Sunday evening through Friday afternoon, with scheduled pauses, making them effectively close to 24-hour weekday markets.
That is an important distinction: traditional futures are not limited to the 9:30 a.m.–4:00 p.m. U.S. equity session.
However, they still follow the structure of a traditional regulated futures market, including standardized contracts, clearing, margin requirements, and expiration cycles.
2. What Are Perpetual-Style Equity Futures on a U.S.-Regulated Venue?
A newer category combines features associated with crypto perpetual futures with regulated U.S. equity-index exposure.
Coinbase Derivatives introduced perpetual-style equity index futures in 2026, using funding-rate mechanisms to help keep contract prices aligned with their underlying indexes. Its initial products included thematic equity indexes covering areas such as technology, defense, and large U.S.-listed companies.
The important word here is “perpetual-style.”
These products resemble crypto perpetuals because they use funding mechanisms and are designed for longer-term continuous exposure, but traders should still check the individual contract specification rather than assume every product literally has no expiration.
For example, Coinbase’s current US500 perpetual-style contract lists a November 2030 expiry and trades from Sunday evening through Friday rather than continuously through the weekend.
So even products using similar terminology can have materially different structures.
3. What Are Stock Perpetuals on Crypto Exchanges?
Crypto-native stock perpetuals are derivatives that track the price of a stock or ETF without giving the trader ownership of the underlying shares.
Bitget’s stock perpetuals are one example.
Contracts such as NVDAUSDT, AAPLUSDT, TSLAUSDT and QQQUSDT use USDT for quoting and settlement while tracking prices derived from traditional-market assets. Bitget currently supports 24/7 trading for its stock futures, including weekends and public holidays.
These products behave more like familiar crypto perpetual futures than conventional stock ownership:
- positions can be long or short;
- margin is posted in crypto-native collateral such as USDT;
- there is no conventional quarterly futures roll;
- trading can continue outside normal U.S. equity-market hours.
Most importantly, a stock perpetual is not a share of stock.
Bitget’s futures agreement states that its stock futures do not represent ownership of the underlying shares and do not provide dividends, voting rights, or other shareholder privileges.
That distinction applies whenever traders compare stock derivatives with actual equities.
How Are Stock Perpetuals Different From Tokenized Stocks?
Tokenized stocks and stock perpetuals are not interchangeable.
A tokenized stock product is designed to create token-based exposure connected to an equity or ETF.
A stock perpetual is a derivatives contract whose value tracks the referenced asset.
Bitget, for example, offers both tokenized stock products and stock perpetual futures, but they serve different purposes. Its stock perps are primarily trading instruments for leveraged long or short exposure, while its tokenized-stock products belong to a separate product category.
This is why the phrase “tokenized stock futures” can sometimes create confusion: the futures contract may reference equity prices without the trader owning either the actual stock or a tokenized representation of it.
Why Does 24/7 Trading Matter?
Crypto-native stock perpetuals can continue trading when the underlying U.S. stock market is closed.
That creates both an advantage and a complication.
A trader can react to news during evenings, weekends, or holidays rather than waiting for the underlying equity market to reopen.
But liquidity and price discovery can also change when the traditional market is closed.
Research by Block Scholes on Bitget’s NVDA-USDT, SPY-USDT, QQQ-USDT and XAU-USDT perpetuals found that these markets continued trading around the clock, while liquidity and trading activity varied between traditional U.S. market hours and weekends.
So 24/7 availability does not mean liquidity is identical 24/7.
That distinction matters when comparing spreads, depth, and execution quality.
How Can You Tell Which Type of “U.S. Stock Future” You Are Looking At?
Before comparing two products, check five things:
- What does it track? An index, ETF, individual stock, or tokenized asset?
- Does it expire? Traditional futures usually do; crypto perpetuals typically do not.
- How is it margined and settled? USD, USDT, USDC, or another asset?
- When does it trade? Weekdays, extended sessions, or true 24/7?
- What do you actually own? A futures position is not the same as owning shares.
These checks prevent misleading comparisons.
For example, comparing CME S&P 500 open interest directly with the trading volume of a crypto-native NVDA perpetual says little about which market has “better liquidity.” They track different exposures, serve different traders, and operate under different market structures.
Bottom Line
“U.S. stock futures” is a broad label, not a single product category.
Traditional CME equity futures, U.S.-regulated perpetual-style equity products, and crypto-native stock perpetuals can all provide exposure connected to U.S. equities, but they do so in different ways.
For crypto traders, platforms such as Bitget extend the perpetual-futures model to individual stocks and ETFs, with stablecoin settlement and 24/7 trading. Traditional futures instead use standardized regulated contracts and expiration cycles, while newer U.S.-regulated products are beginning to combine elements of both models.
Before comparing fees, leverage, liquidity, or trading hours, first identify which type of contract is actually being compared.
