- Coinbase became the first U.S. exchange approved to provide regulated access to global crypto perpetual futures liquidity.
- The approval allows U.S. traders to access perpetual futures through regulated channels connected to Deribit’s liquidity.
- Coinbase plans to launch its own U.S. perpetual-style futures product on July 21, expanding domestic derivatives offerings.
Coinbase has received approval to offer access to global crypto perpetual futures for U.S. users, a change in the domestic crypto derivatives market. According to Coinbase CEO Brian Armstrong, the approval followed years of engagement with policymakers and regulators in Washington. The development allows Coinbase to become the first U.S. exchange to connect American traders with global perpetual futures liquidity through a regulated framework.
Years Of Offshore Trading Come Into Focus
Armstrong said crypto derivatives activity steadily moved offshore because U.S. rules did not permit perpetual futures products. Meanwhile, perpetual futures became one of the most widely used instruments in global crypto trading.
According to Armstrong, many American traders continued accessing offshore platforms through VPNs and alternative workarounds. He stated that enforcement actions against those practices were uncommon despite existing restrictions.
As a result, Coinbase argued that companies following domestic regulations faced a different operating environment than offshore competitors. The company spent years pursuing approval for a regulated alternative within the United States.
Approval Opens Access To Global Liquidity
The approval follows clearance from the Commodity Futures Trading Commission, announced on May 29. According to Coinbase, the authorization enables U.S. users to access global perpetual futures liquidity through regulated channels.
Unlike traditional futures contracts, perpetual futures do not have expiration dates. Instead, funding mechanisms help keep contract prices aligned with 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.
Coinbase Details Next Steps
According to Coinbase, perpetual futures generated $61.7 trillion in trading volume during 2025. The company noted that the product accounted for most activity across crypto derivatives markets.
Armstrong said connecting U.S. and international liquidity could reduce market fragmentation that developed over several years. He added that American traders can now access the product through a compliant U.S.-based platform.
The company also plans to launch its own U.S. Perpetual-Style Futures product on July 21. Additionally, Armstrong credited CFTC Chair Mike Selig and SEC Chair Paul Atkins for supporting regulatory changes that enabled the approval process.
Coinbase said it will continue working with regulators as it expands access to crypto trading products within the United States.
