Coinbase International reported a dramatic increase in trading volume driven by the popularity of perpetual contract offerings.
The exchange has announced the top five perpetual contract pairs by average daily trading volume (ADV) for 2024 (as of December 13, 2024): SUI-PERP, NEAR-PERP, 1000PEPE-PERP, 1000SATS-PERP, and WIF-PERP.
Coinbase International’s total trading volume reached $119 billion last week, averaging nearly $20 billion per day. This represents a significant 124% increase in total weekly volume and 164% increase in average daily volume compared to the previous week. The growth is even more striking when compared to the $2.5 billion daily average in November, reflecting significant momentum in trading activity. The exchange has seen its average daily volume rise to nearly $10 billion so far in December.
Several strategic initiatives undertaken by Coinbase International in recent months have contributed to this remarkable growth. These include:
- European Expansion: Coinbase has entered a significant new market by proactively aligning its operations with the European Union’s Markets for Crypto-Assets (MiCA) regulation.
- Australian Expansion: Coinbase has increased its presence in Australia, most notably through its sponsorship of the Melbourne Marathon.
- Increased Leverage: The platform has doubled its maximum leverage offering from 10x to 20x, attracting investors looking for higher potential returns.
- Spot Market Launch: The launch of spot markets in late 2023 has diversified the exchange’s offerings and allowed it to appeal to a wider range of investors.
*This is not investment advice.
