Coinbase has been approved to provide U.S. users with access to global crypto perpetual contracts. The company stated that this makes it the first U.S.-based exchange to offer such products, enabling American traders to access liquidity long dominated by offshore markets through a regulated platform.
Perpetual contracts have been traded long-term in offshore markets.
Perpetual contracts have no fixed expiration date and typically use a funding rate mechanism to keep contract prices close to spot prices. These products have become the primary tool in the global crypto derivatives market, but U.S. users have long been restricted from accessing them.
Coinbase CEO Brian Armstrong said that unclear U.S. regulations over the past few years have driven a large volume of crypto derivatives trading to overseas platforms and put compliant U.S.-based platforms at a competitive disadvantage.
U.S. users will gain access to Deribit's liquidity
Coinbase stated that the newly approved structure will connect U.S. users to global liquidity pools via Deribit, an offshore crypto derivatives exchange that Coinbase acquired earlier this year for $2.9 billion.
According to industry data previously cited by crypto.news, global crypto perpetual futures trading volume reached $61.7 trillion in 2025, accounting for the majority of trading in the crypto derivatives market. Armstrong stated that this move is expected to alleviate the liquidity disconnect between the U.S. and international markets.
Planned launch of U.S.-based products on July 21
In addition to integrating global perpetual contract liquidity, Coinbase also announced plans to launch its own U.S.-based "perpetual-style futures" product on July 21, further expanding its derivatives offerings beyond spot trading.
This development follows the prior approval of its related proposal by the U.S. Commodity Futures Trading Commission. Coinbase stated that it will continue to collaborate with regulators to expand access to compliant crypto trading products in the U.S. market.
Additional information: The report also noted that Coinbase has recently expanded beyond spot trading, including launching a mortgage product collateralized by Bitcoin and participating in Mastercard’s new network for AI agent payment scenarios.