Coinbase has officially launched perpetual futures trading for U.S. customers. This trailblazing development, effective July 21, 2025, brings a globally dominant trading instrument onto American soil, setting the stage for a new era in regulated crypto derivatives access.

Why This Launch Matters

Perpetual futures have, until now, been the playground of international traders. Accounting for about 90% of global crypto derivatives trading, they have been instrumental in risk management, market speculation, and portfolio diversification worldwide. However, due to a patchwork of U.S. regulations and compliance hurdles, these instruments remained out of reach for domestic investors forcing many to seek risky offshore alternatives. The arrival of perpetual futures via Coinbase is not just a product launch; it’s a signal that the U.S. crypto markets are maturing.

What Are Coinbase Perpetual Futures?

Coinbase’s offering debuts with two contracts designed for retail and institutional traders alike:

1. Nano Bitcoin Perpetual Futures (BTC-PERP): Contract size is 0.01 BTC.

2. Nano Ether Perpetual Futures (ETH-PERP): Contract size is 0.10 ETH.

Unlike traditional futures contracts, which settle monthly or quarterly, these perpetual futures are structured as long-dated contracts with expiration dates set five years into the future. In practice, this means traders can hold positions for as long as they want, side-stepping the complexity of rolling over contracts, and enabling more flexible, long-term strategies.

Key Features

These U.S.-regulated perpetuals aren’t mere copies of their offshore counterparts—they’re built with features tailored for an American audience:

1. CFTC Regulation: Trading is conducted under the guidance of the Commodity Futures Trading Commission (CFTC), delivering robust regulatory oversight and security.

2. 24/7 Trading: Markets are open round-the-clock, empowering traders to respond instantly to global news and volatility—no more waiting for market hours.

3. Up to 10x Leverage: Users can amplify positions—though, as always, leverage cuts both ways, magnifying gains and losses.

4. Capital Efficiency: The contracts employ a funding rate mechanism (accruing hourly, settled twice daily) that keeps futures prices in line with underlying spot prices, mimicking the well-loved price dynamics of perpetual swaps.

5. Low Fees: With fees starting as low as 0.02%, the entry barrier is minimized, aiming to attract both new and veteran traders.

How to Get Started

Coinbase offers perpetual futures via its Advanced trading interface. For those qualified, getting started is:

1. Select the desired contract (BTC-PERP or ETH-PERP).

2. Choose your trade size and desired leverage (up to 10x).

3. Set limit, market, or stop-limit orders as needed.

4. Monitor positions and manage risk via robust dashboard tools and margin controls.

The platform is designed for clarity and speed, with numerous educational resources to help users navigate the mechanics and risks behind derivatives trading.

Future Outlook

The introduction of CFTC-regulated perpetual futures is a milestone for the evolving U.S. crypto landscape. Coinbase’s move may prompt other U.S. platforms to follow, potentially ushering in a new wave of regulated derivatives and broader financial innovation. As digital assets grow ever more mainstream, and with regulators and exchanges working more closely, America’s crypto traders finally have the tools their global peers have used for years without compromising on security, compliance, or ease of use.a