Coinbase Targets a Gap in the U.S. Derivatives Market
Coinbase said it will launch perpetual-style crypto futures in the United States on July 21 through Coinbase Derivatives, introducing a domestically regulated product designed to mirror key features of offshore perpetual contracts while remaining compliant with Commodity Futures Trading Commission (CFTC) rules. The exchange described the rollout as one of the first products of its kind in the U.S. and a move aimed at addressing a major gap in the local crypto derivatives market.
Demand for crypto derivatives has continued to grow, yet much of that activity has historically taken place on offshore venues. Coinbase is positioning the new offering as a regulated alternative that could bring long-duration leveraged trading back under U.S. oversight, giving market participants access to a structure that more closely matches global market standards.
Initial Contracts Will Cover Bitcoin and Ether
The first products will include nano bitcoin contracts (0.01 BTC) and nano ether contracts (0.10 ETH). By using smaller contract sizes, Coinbase appears to be lowering barriers to participation while allowing more flexible position sizing and capital deployment. The company said the contracts are designed to replicate the functionality of global perpetual futures as closely as possible within a compliant U.S. framework.
Instead of traditional quarterly expirations, the contracts will use a five-year expiration structure and offer 24/7 trading access. Coinbase also said the products will include a funding mechanism intended to keep futures prices closely aligned with spot markets. Funding will accrue hourly and settle twice daily, a structure meant to support continuous price integrity.
Institutional First, Retail Later
Coinbase said the initial rollout is aimed at institutional users, though the company plans to expand access to retail traders in the coming months. In its announcement, the exchange framed the launch as a significant step for U.S. market access, efficiency, and product innovation.
CEO Brian Armstrong echoed that message on X, saying users had asked for perpetual-style crypto futures in the U.S. and Coinbase had built them. He highlighted several core features: starting with BTC and ETH, no quarterly expiration, 24/7 availability, spot price tracking, and full CFTC compliance.
Beyond a single product launch, the move signals Coinbase’s effort to reshape the structure of U.S. crypto trading. If the company successfully expands the offering to retail users, regulated perpetual-style futures could become a more serious domestic alternative to offshore derivatives platforms.