Coinbase Becomes First US Exchange Allowed to Offer Global Crypto Perps Trading

Coinbase becomes the first U.S. exchange cleared to offer global crypto perpetual futures, connecting U.S. customers with offshore markets via Deribit, which Coinbase acquired for $2.9 billion last year. Perpetual futures are no-expiration contracts that allow highly leveraged bets on crypto prices. The CFTC issued a 16-page policy letter clarifying the framework and permitting the activity, though Coinbase has not yet announced which assets will be enabled. While Coinbase is the first to receive this clearance, other U.S. platforms are expected to follow. Crypto perps volume has been strong, with over $588 billion traded in the last month, per DeFi Llama. The CFTC also cleared Kalshi to offer Bitcoin perpetual futures in the U.S., marking a first for a domestically-based product. Traders can realize outsized gains, but losses can be liquidated rapidly; regulatory clarity aims to manage risk by detailing asset eligibility and practices.