Coinbase has achieved a significant milestone by becoming the first U.S. exchange authorized to provide customers with access to the global crypto perpetual futures market. This approval was granted by the Commodity Futures Trading Commission (CFTC) on Friday, marking a notable move to bring perpetual futures — derivatives that lack an expiration date and permit traders to hold leveraged positions indefinitely — out of regulatory ambiguity and into a formal domestic framework.
Under the CFTC’s authorization, Coinbase plans to connect U.S. customers to the global market for perpetual futures via Deribit, an offshore options exchange that the company acquired for $2.9 billion last year. Although specifics on which digital assets will be available for trading have not yet been disclosed, the approval encompasses all “digital commodity” perpetual futures on Deribit, which includes popular cryptocurrencies such as Bitcoin, Ethereum, Solana, Dogecoin, and the TRUMP meme coin.
In a related development, Kalshi, a prediction market, has also received CFTC approval to launch its own Bitcoin perpetual futures, becoming the first American-developed product in this space. Kalshi’s CEO, Tarek Mansour, emphasized the benefits of regulated onshore perpetuals, stating that they will enhance capital allocation and risk management for numerous American businesses.
The market for perpetual futures has proven to be both massive and volatile, with trading volumes reaching $61.7 trillion in 2025, reflecting a 29% increase from the previous year, according to data from CryptoQuant. These contracts allow for high leverage, often up to 50-to-1, exposing traders to substantial risks; even minor price fluctuations can lead to complete liquidation of positions. For instance, last fall, extreme price volatility led to the liquidation of $19 billion in crypto positions within minutes.
In a separate policy statement, the CFTC announced that any new perpetual products referencing assets outside the currently approved listings will undergo a case-by-case review moving forward. This regulatory oversight aims to ensure a safer trading environment.
While Coinbase is the pioneer in this space, it is anticipated that other U.S. exchanges will soon follow suit by leveraging the guidelines established in the CFTC’s no-action letter as a foundation for their own offerings.
