Coinbase has officially launched CFTC-regulated perpetual futures trading for its U.S. clients, marking a major milestone in the evolution of crypto derivatives in the American market. The new offering, available through Coinbase Financial Markets, introduces nano Bitcoin (BTC-PERP) and nano Ether (ETH-PERP) perpetual-style futures with up to 10x leverage and competitive taker fees starting at 0.02%.
The move comes as perpetual contracts dominate global crypto derivatives trading volumes, accounting for an estimated 75% to 90% of activity. Historically, U.S. traders have been restricted to offshore platforms for access to perps, often facing regulatory uncertainty and custody risks. Coinbase’s entry into this space brings a compliant, domestically regulated alternative that aims to bridge the gap between demand for leveraged crypto trading and adherence to U.S. regulatory standards.
This initiative by Coinbase not only strengthens the company’s presence in the derivatives market but also provides a secure and transparent environment for American traders to engage in advanced trading strategies. Perpetual futures are widely used by retail and institutional traders for hedging, speculation, and liquidity provision. By offering these products in a regulated context, Coinbase aims to reduce the barriers to entry while upholding investor protections.
The perpetual futures products are structured with 5-year expiries for compliance purposes but functionally replicate the behavior of traditional perps by incorporating hourly funding rates and 24/7 trading. These contracts settle in USD and are accessible via Coinbase’s Financial Markets division, which is registered with the Commodity Futures Trading Commission (CFTC).
Coinbase allows margin trading with leverage up to 10x for cryptocurrencies and up to 20x for metals like silver and gold. This approach targets both experienced retail traders and institutions seeking more sophisticated financial instruments. The exchange has emphasized its commitment to maintaining strict compliance protocols and transparency, aiming to build trust in a market often criticized for its opacity.
This launch is seen as part of Coinbase’s broader strategy to compete with offshore heavyweights such as Binance, Bybit, and OKX, which have long dominated the derivatives space due to less stringent regulatory environments. The company recently acquired crypto options platform Deribit for $2.9 billion to bolster its derivatives footprint. With this U.S. launch, Coinbase signals its intent to serve both retail and institutional traders in a fully regulated environment, potentially reshaping the competitive landscape.
Coinbase has also indicated that it may expand its futures product lineup to include other digital assets based on market demand, potentially adding contracts for Solana (SOL), Ripple (XRP), and others. This expansion would further position Coinbase as a comprehensive platform for diversified crypto trading strategies.
The introduction of regulated perpetual futures in the U.S. represents a significant shift in the accessibility and legitimacy of crypto derivatives for American investors. As demand for sophisticated trading tools grows, Coinbase’s entry provides a compliant pathway for exposure to one of crypto’s most traded instruments. The move is expected to increase market participation, improve liquidity, and encourage the adoption of institutional-grade trading solutions in the U.S. market. By offering a secure and regulated alternative to offshore platforms, Coinbase is not only expanding its product suite but also reinforcing its role as a key player in the evolution of the global crypto ecosystem.
