Coinbase to Launch U.S. Perpetual-Style Futures on July 21

Leading crypto exchange Coinbase (COIN) is set to launch perpetual-style futures contracts in the United States starting July 21, becoming one of the first regulated entities to offer a product that closely mirrors globally popular offshore perpetuals.

The new offering will debut with contracts for Bitcoin (BTC) and Ethereum (ETH) and will be available through the Coinbase Derivatives Exchange, a venue registered with the Commodity Futures Trading Commission (CFTC).

U.S. Regulation Meets Global Demand

While traditional perpetual swaps remain banned for U.S. traders, Coinbase’s instruments will replicate their functionality by combining long-dated five-year futures with a built-in funding rate mechanism. This rate accrues hourly and is settled twice daily, aligning the contract price with spot market movements — a key feature of offshore perpetuals.

The contracts will be available for trading 24/7, with all settlements managed via regulated clearing infrastructure, ensuring compliance and operational transparency.

With this move, Coinbase is stepping into a space largely dominated by offshore platforms, bringing regulated access to complex derivatives products for U.S.-based traders.

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A Milestone for Crypto Derivatives in the U.S.

Perpetual-style contracts account for the majority of global crypto derivatives volume but have long been unavailable in the U.S. due to regulatory restrictions. Coinbase’s launch of a compliant version marks a significant development in bridging that gap.

The exchange has not yet disclosed margin requirements or supported leverage tiers but is expected to release full contract specifications closer to launch day.

As Coinbase continues expanding its derivatives footprint, this new product could set the stage for broader institutional and retail participation in regulated crypto futures markets within the U.S.

Kosta Gushterov

Kosta has been working in the crypto industry for over 4 years. He strives to present different perspectives on a given topic and enjoys the sector for its transparency and dynamism. In his work, he focuses on balanced coverage of events and developments in the crypto space, providing information to his readers from a neutral perspective.