Coinbase shares closed at $189 on May 29, rising 3.72% on the day, after the Commodity Futures Trading Commission approved the exchange's plan to let US customers trade crypto perpetual futures through partnerships with overseas platforms. The move opens a product that has been largely off-limits to American retail traders, and Coinbase said it will work with Deribit to implement the offering.
Why perpetuals matter
Perpetual futures are contracts that never expire, letting traders bet on price direction with leverage. They dominate volume on offshore exchanges like Binance and Bybit, but US regulators have historically blocked them. The CFTC's approval signals a shift, allowing Coinbase to route US clients to a foreign counterparty under a regulated framework.
How the deal works
Coinbase will act as an intermediary, with Deribit handling execution and clearing. The structure keeps the actual trading outside US jurisdiction, while Coinbase handles client onboarding, compliance, and reporting. The companies haven't disclosed a launch date, but the approval means they can begin integration work immediately.
Timing and context
The approval landed just before the long Memorial Day weekend in the US, giving Coinbase a clear regulatory runway. The stock's gain outpaced the broader crypto market that day, reflecting investor belief that access to perpetuals could drive trading revenue. Coinbase has been pushing to diversify income beyond spot trading, and perpetuals are a high-volume, high-fee product.
Coinbase and Deribit now need to build the technical pipeline, pass compliance checks, and get the necessary state-level money transmitter licenses. The CFTC's sign-off is the first domino; the real test is whether the partnership can go live before year-end without hitting legal snags.
