Coinbase said Wednesday it is bringing leveraged crypto derivatives to Base App, allowing eligible users to trade perpetual futures through Hyperliquid with leverage of up to 50x.
The integration gives users access to more than 290 perpetual futures markets, including Bitcoin and Ethereum, as well as markets tied to stocks and commodities.
“Perps are where the volume is—roughly 75% of all crypto trading today is perps, not spot,” Coinbase Head of Engineering Chintan Turakhia told Decrypt. He called them “the single most requested feature from our power users.”
Perpetuals trading enters Base App
Perpetual futures, or perps, are derivatives that let traders bet on whether an asset’s price will rise or fall without owning it. Unlike traditional futures contracts, they do not expire. Traders can use leverage to control larger positions with less capital, which raises both potential gains and potential losses.
Turakhia added: “Our most active users have been telling us clearly that leverage is what would get them to stay; perps are the single most requested feature from our power users. This launch brings them the advanced trading tools they’ve been asking for, without giving up self-custody.”
At launch, users can trade more than 290 perpetual futures pairs around the clock, ranging from Bitcoin and Ethereum to tokenized stocks and commodities, with leverage of up to 50x depending on the asset. If losses exceed certain thresholds, a position can be liquidated.
The trades are surfaced inside Base App, while Hyperliquid handles execution.
“[Hyperliquid] is one of the highest-performance onchain perps protocols, and because we support multiple chains and ecosystems, this integration lets our users tap into its deep liquidity and speed without ever leaving their existing wallet,” Turakhia said.
Availability and a shift in Base App strategy
According to Coinbase, the perpetual futures product is not available in the U.S., UK, Canada, or other jurisdictions that restrict leveraged crypto derivatives.
The launch expands the list of trading products inside Base App and comes a year after Coinbase rebranded its wallet as Base App, pitching it as an “everything app” that combined crypto trading with social features, messaging, AI tools, and creator monetization.
A year later, that strategy has shifted. In July, Base creator Jesse Pollak stepped back from leading the app after acknowledging that the push into social features and creator coins had failed to drive the adoption he had expected.
Pollak said prediction markets, perpetuals, and stablecoins had emerged instead as stronger drivers of adoption, with Base refocusing on trading, payments, and AI agents.
“[In my opinion] we made the right bet on builders, but obviously the wrong bet on social,” he wrote on X.