Coinbase is adding perpetual futures for three tokens — CRCL, HOOD, and MSTR — starting July 21. The offering is available only to traders outside the United States. Users can trade these contracts 24 hours a day, seven days a week, with leverage up to 10 times. Settlements will be in USDC, the stablecoin issued by Circle.
What the contracts offer
The perpetual futures will track the price of each underlying token. Unlike traditional futures, perpetuals have no expiration date. Traders hold positions as long as they maintain sufficient margin. Coinbase is offering up to 10x leverage, meaning a trader can open a position worth ten times their collateral. All profits and losses are settled in USDC, a dollar-pegged stablecoin.
The contracts are available only to non-US traders. Coinbase has been expanding its derivatives business internationally while facing regulatory scrutiny in the United States. The company already offers perpetual futures for Bitcoin, Ethereum, and other major cryptocurrencies on its international exchange.
Why these three tokens
CRCL, HOOD, and MSTR represent different corners of the crypto economy. HOOD is the token tied to Robinhood Markets, the trading app. MSTR is linked to MicroStrategy, the business intelligence firm known for its large Bitcoin holdings. CRCL is a token associated with Circle, the company behind USDC. By adding perpetuals for these tokens, Coinbase is giving traders more ways to bet on price moves in companies and projects closely tied to crypto markets.
The move comes as demand for crypto derivatives continues to grow. Perpetual futures are among the most popular products on exchanges like Binance and Bybit. Coinbase has been working to capture a larger share of that market outside the US.
Regulatory backdrop
Coinbase has faced increasing pressure from US regulators, including the Securities and Exchange Commission. The company has argued that many crypto tokens are commodities, not securities. By limiting this offering to non-US traders, Coinbase avoids some of the legal uncertainty that surrounds derivatives trading in the United States. The company has previously said it wants to offer more products globally while complying with local laws.
The launch date is July 21. Traders outside the US will be able to access the contracts through Coinbase's international exchange starting that day.
