U.S. just greenlit crypto perpetual futures — long Coinbase as it captures offshore trading volume
The top U.S. derivatives regulator just cleared the way for crypto perpetual futures contracts — a hugely popular trading product — to be offered legally on American platforms like Coinbase. Until now, these contracts have almost entirely existed on overseas exchanges.
Idea
Perpetual futures contracts are the most-traded crypto product in the world, and they've been shut out of the U.S. market for years. Now the CFTC is explicitly allowing platforms like Coinbase and Kalshi to offer them domestically. This is a structural shift — it means Coinbase can capture trading volume and fees that have been flowing to offshore exchanges like Binance. When a major revenue door opens for a company, the market tends to re-rate the stock higher over weeks, not just one day.