Coinbase Shakes Up US Crypto Markets with Perpetual Futures Launch

Wall Street's worst-kept secret is finally here—Coinbase just flipped the switch on perpetual futures trading for US clients. No more hopping through offshore loopholes or praying for CFTC mercy. The crypto giant's move slams the door on regulatory ambiguity while handing traders 24/7 leverage without the usual jurisdictional hopscotch.

Zero-fee bait? Check. Institutional-grade liquidity? Obviously. A not-so-subtle middle finger to the 'we don't need crypto' brigade? You bet. The platform's rolling this out with the same ruthless efficiency that made it America's de facto on-ramp—because nothing says 'financial revolution' like capturing 90% of compliant derivatives volume before lunch.

Of course, the usual suspects will whine about moral hazard and 'irresponsible leverage.' Meanwhile, hedge funds are already repurposing their 'blockchain is a scam' PowerPoints into trading playbooks. Welcome to 2025—where even the dinosaurs finally admit crypto's not just surviving, but actively eating their lunch.

How Coinbase’s Perpetual Futures Trading Works

The futures are designed as long-dated futures contracts with 5-year expirations and 24/7 trading hours. They incorporate a funding rate mechanism to keep futures prices closely aligned with spot markets. Unlike traditional US futures, these contracts are meant to stay as close to spot prices as possible and are far more suitable for long-term positions. Additionally, the Coinbase perpetual-style crypto futures contracts will provide regulated exposure to the crypto market while offering flexibility in position sizing and capital efficiency.

Traders will need to have an existing account on the exchange before opening a Coinbase Financial Markets futures account. Here’s how to get started, according to the Coinbase team.

• Navigate to Coinbase and click “Get Started” to sign up for a Coinbase account.
• If you already have a Coinbase account, just complete a short application to trade derivatives with Coinbase Financial Markets.
• Once approved, you can begin trading.

CEO Brian Armstrong also announced the futures as “starting with BTC and ETH,” potentially hinting at products suitable for other coins like SOL and XRP in the future. Coinbase became the first CFTC-regulated derivatives platform in the US to offerback in May.