Coinbase launches perpetual futures trading for U.S. customers

Coinbase Global Inc. (NASDAQ: COIN) announced that U.S. customers can trade perpetual futures contracts starting July 21, 2025, through its Coinbase Financial Markets subsidiary. The offering marks the first time such products are available to retail traders in the United States under CFTC regulation.

The platform will initially offer two perpetual futures contracts: nano Bitcoin Perpetual Futures (BTC-PERP) and nano Ether Perpetual Futures (ETH-PERP). The contracts provide up to 10x leverage for cryptocurrency trading and up to 20x leverage for metals futures including silver and gold.

Unlike traditional futures contracts that expire monthly or quarterly, these perpetual futures have expiration dates set at 5 years, according to the company's statement. Trading fees start at 0.02% per contract.

Perpetual futures represent approximately 90% of global cryptocurrency trading volumes but have not been available to U.S. retail traders due to regulatory restrictions. The contracts allow traders to maintain market positions without rolling over monthly expiring contracts.

Customers must have an existing Coinbase account before applying for a Coinbase Financial Markets futures trading account. The products operate under CFTC regulatory oversight.

Coinbase Financial Markets is the derivatives trading arm of Coinbase Global, which operates the largest U.S. cryptocurrency exchange by trading volume.

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