US regulator finally approves crypto perpetual futures — get long Coinbase before the revenue rolls in
The main U.S. derivatives regulator just gave the green light for crypto perpetual futures contracts to trade on American soil for the first time. Coinbase and Kalshi are among the first platforms cleared to offer these products, which until now almost entirely existed on offshore exchanges.
Idea
Perpetual futures are the most popular crypto trading product in the world — they handle more volume than regular spot trading on many days — but until now Americans could only access them through offshore exchanges. Bringing this product onshore is a direct revenue catalyst for Coinbase, which is already one of the first platforms approved. This mirrors the massive boost Coinbase got when spot Bitcoin ETFs launched, since the exchange serves as custodian. Even though Bitcoin ETFs have seen recent outflows, this new regulatory approval is a separate catalyst that expands Coinbase's addressable market significantly. The stock tends to move sharply on regulatory milestones.