Coinbase has secured approval to offer U.S. users regulated access to global crypto perpetual futures liquidity, making it the first American exchange to do so. CEO Brian Armstrong said the outcome came after years of engagement with policymakers and regulators in Washington. The change opens a compliant route for U.S. traders to reach the global perpetual futures market instead of relying only on offshore venues.
First regulated bridge from the U.S. to global perps liquidity
Armstrong said crypto derivatives activity had steadily moved offshore because U.S. rules did not allow perpetual futures products. At the same time, perpetual futures became one of the most widely used instruments in global crypto trading. Coinbase said many American traders still accessed offshore platforms through VPNs and other workarounds, while enforcement against those practices was uncommon despite the restrictions already in place.
That left firms operating under domestic rules in a different environment from offshore competitors. Coinbase said it spent years seeking approval for a regulated alternative inside the United States. The company stated that the latest step followed clearance from the Commodity Futures Trading Commission on May 29, allowing U.S. users to access global perpetual futures liquidity through regulated channels.
Deribit liquidity will power the new access model
Perpetual futures differ from traditional futures because they do not expire. Instead, funding mechanisms are used to keep contract prices aligned with the underlying assets. Coinbase said the newly approved structure will connect U.S. traders to global liquidity pools through Deribit, the derivatives exchange it acquired earlier this year for $2.9 billion.
According to Coinbase, perpetual futures generated $61.7 trillion in trading volume during 2025 and accounted for most activity across crypto derivatives markets. Armstrong said linking U.S. and international liquidity could help reduce the market fragmentation that built up over several years, while giving American traders access through a compliant platform based in the United States.
U.S. perpetual-style futures launch is planned for July 21
Coinbase also said it plans to launch its own U.S. Perpetual-Style Futures product on July 21, adding to its domestic derivatives lineup. Armstrong also credited CFTC Chair Mike Selig and SEC Chair Paul Atkins for backing the regulatory changes that made the approval process possible. Coinbase said it will keep working with regulators as it expands access to crypto trading products in the U.S. market.