Coinbase launched CFTC-regulated perpetual futures for U.S. customers Monday, as it joins a growing number of exchanges bringing regulated derivatives to American markets.
The crypto giant’s move comes one week after crypto exchange Kraken launched its own regulated futures platform, as major exchanges compete to capture derivatives trading that regulatory uncertainty had previously kept U.S. customers at bay.
Coinbase touted how its derivatives “dominate 90% of global crypto trading volumes” but had “remained just out of reach for traders” in the U.S. due to regulatory complexity, according to a statement released on Monday.
Charmaine Tam, head of OTC trading at Hex Trust, told Decrypt that Coinbase’s launch “addresses a long-standing gap in the cryptomarkets,” calling it “a more secure and compliant alternative to offshore platforms.”
For now, U.S. customers will only be able to access nano Bitcoin Perpetual Futures and nano Ether Perpetual Futures contracts through Coinbase Financial Markets.
Unlike traditional futures that expire monthly, Coinbase’s perpetuals run for five years, allowing traders to hold positions without needing to roll contracts.
Trading fees start at just 0.02% per contract, competitive pricing designed to attract volume from the derivatives market.
Both launches leverage regulatory clarity from President Trump’s crypto-friendly administration, which signed the GENIUS Act into law Friday, America’s first major crypto legislation.
“I pledged that we would bring back American liberty and leadership, and make the United States the crypto capital of the world, and that’s what we’ve done,” Trump announced at the White House ceremony attended by crypto’s biggest names, including Coinbase CEO Brian Armstrong.
“This US regulatory clarity is a crucial step towards aligning with global market practices and is expected to open doors for greater institutional adoption, helping to further shape crypto as a mainstream asset class,” she said.
“This is an indication of a larger move towards more efficient derivatives markets,” Ganesh Mahidhar, investment professional at Further Ventures, told Decrypt.
“In comparison with traditional markets, perpetuals as an instrument have a narrower window on settlement, and can potentially be fee efficient with higher market depth,” he said.
Mahidhar said the historical challenge with perpetuals was “the absence of a centralized counterparty or a clearing house to maintain margin,” but “Coinbase, with its Coinbase Custody offering, can do this.”
Coinbase stock (COIN) is currently priced at $413.63, marking a dip from its opening price of $425.91, according to Google Finance.
The stock hit an all-time high of $444.65 on July 18, coinciding with Trump’s crypto legislation signing.
