Coinbase Launches U.S. Perpetual Futures Trading with 10x Leverage under CFTC Compliance

Coinbase, the leading cryptocurrency exchange in the United States, has introduced perpetual futures trading for its domestic users, marking a significant development in the U.S. crypto market. The new offering, announced via the platform’s official social media channels, becomes available to U.S. traders on July 21, 2025. This move aligns with regulatory frameworks enforced by the Commodity Futures Trading Commission (CFTC), ensuring compliance while expanding access to high-leverage trading tools previously unavailable to American investors.

Perpetual futures differ from traditional futures contracts by eliminating fixed expiration dates, allowing traders to maintain positions indefinitely. This flexibility contrasts with monthly or quarterly expirations typical of conventional futures. Coinbase’s initial suite includes nano Bitcoin and nano Ethereum perpetual futures, designed to accommodate smaller position sizes for a broader range of traders. The platform also plans to introduce futures for additional assets such as Solana and XRP in the near future, further diversifying options for users.

Key features of the product include leverage up to 10 times the trader’s capital for crypto assets, a level considered lower than maximum leverage offered for commodities like gold or silver. This structure aims to balance risk management with opportunities for amplified returns. Trading costs are set at a low rate of 0.02% per contract, reflecting Coinbase’s strategy to attract a wider audience by reducing entry barriers for futures trading.

The launch represents a broader strategic effort to reclaim U.S. market dominance. Coinbase recently acquired Deribit, a prominent derivatives exchange, for $2.9 billion, signaling its intent to strengthen its position in the global derivatives landscape. This acquisition, coupled with the new futures product, underscores the company’s ambition to compete with international platforms that have historically drawn U.S. traders due to domestic regulatory constraints.

Other U.S. exchanges are also exploring similar avenues. Kraken, for instance, has begun offering perpetual futures in the U.S., indicating a growing consensus among firms to navigate regulatory boundaries while meeting domestic demand. The market shift reflects a recognition of the U.S. crypto community’s appetite for advanced trading instruments, previously accessible only through offshore platforms.

Analysts note that the introduction of perpetual futures could enhance the U.S. market’s competitiveness by providing traders with tools to hedge positions or speculate with greater precision. The absence of short-term expiry pressures may appeal to both short- and long-term strategies, potentially increasing participation from institutional and retail investors alike. However, the leverage component necessitates caution, as amplified gains can be offset by proportionally larger losses.

By integrating perpetual futures into its ecosystem, Coinbase aims to solidify its role as a one-stop hub for crypto trading and derivatives. The expansion aligns with the company’s history of adapting to regulatory changes while innovating to meet user needs. As more U.S. exchanges follow suit, the domestic crypto market may see a shift in dynamics, with increased competition driving improvements in product offerings and user experience.