Coinbase Launches US Perpetual Futures for Bitcoin and Ethereum

Coinbase, a leading cryptocurrency exchange, has announced the launch of US-perpetual futures for Bitcoin (BTC) and Ethereum (ETH), marking a significant development in the US cryptocurrency market. The new contracts, set to debut on July 21, 2025, are designed to offer US traders a domestic, regulated alternative to the popular perpetual futures widely used on offshore platforms. These contracts will feature long-dated expirations of five years, 24/7 trading availability, and a funding rate mechanism to keep futures prices closely aligned with spot market prices. Funding will accrue hourly and be settled twice daily during designated cash adjustment periods.

The initial launch will include two key contracts: Nano Bitcoin Perpetual-Style Futures, trading at 0.01 BTC, and Nano Ether Perpetual-Style Futures, trading at 0.10 ETH. These contracts are intended to provide regulated exposure to the Bitcoin and crypto market with flexibility in position sizing and capital efficiency. The new contracts aim to eliminate the risks associated with offshore platforms, such as regulatory, custody, and counterparty risks, by offering a domestic and compliant alternative.

Coinbase Derivatives Exchange is the first major exchange to offer CFTC-regulated crypto derivatives in the US. The launch of these perpetual-style futures represents a significant milestone in the US market, providing traders with a regulated and efficient way to access the crypto market. The company stated that these products are designed to mirror the functionality of global perpetual futures while adhering to US regulatory standards.

This initiative aligns with new trading norms, marking a significant shift for U.S. markets. The launch of US Perpetual-Style Futures is part of Coinbase's broader strategy to expand its offerings and solidify its position as a global leader in regulatory compliance and innovation. The company recently obtained the European Union’s Markets in Crypto-Assets Regulation (MiCA) license from Luxembourg’s financial regulator, enabling it to operate across all 27 EU member states under a unified framework. This license allows Coinbase to serve approximately 450 million Europeans under a single regulatory framework, replacing separate licenses previously held in various countries.

The introduction of US Perpetual-Style Futures is expected to attract traders who currently access perpetual futures through offshore platforms. By offering a domestic and compliant alternative, Coinbase aims to provide a safer and more efficient trading environment for US traders. The new contracts are designed to offer flexibility in position sizing and capital efficiency, making them an attractive option for traders looking to gain exposure to the crypto market.

Market and industry reactions remain limited as Coinbase executives have yet to offer public comments on this launch. Institutional traders may welcome this move, seeing it as a regulated alternative to offshore options. Public reaction is anticipated post-launch. The Coincu research team suggests Coinbase's new product may lead to increased financial engagement and regulatory scrutiny. This launch could set a precedent for similar US-regulated derivatives, encouraging technological advancements in trading systems and increased institutional participation.