US just legalized crypto perpetual futures — Coinbase is the biggest winner
US regulators just gave the green light for crypto perpetual futures contracts to trade on American platforms for the first time. Coinbase is among the first approved to offer them.
Idea
Perpetual futures are the single most popular crypto trading product in the world, accounting for the vast majority of crypto trading volume — but until now they've only been available on offshore exchanges. The CFTC just changed that by giving Coinbase and Kalshi the green light to offer these contracts onshore in the US. This is a huge structural revenue opportunity for Coinbase, which already has millions of verified US customers and the regulatory approvals to serve them. Bringing perps onshore also signals that Washington is warming up to crypto markets more broadly, which tends to lift sentiment across the entire sector.