US regulators greenlight crypto perpetual futures — long Coinbase on the new revenue stream
The top US derivatives regulator just said crypto perpetual futures — a hugely popular trading product that until now only existed on offshore exchanges — can now be offered in America. Coinbase is among the first platforms moving to launch them.
Idea
Perpetual futures are the most-traded crypto product in the world, generating massive fees on offshore exchanges like Binance. Bringing them onshore to regulated US platforms is a new revenue stream that didn't exist yesterday. Coinbase, as the largest US crypto exchange, is the most direct beneficiary — it can now capture trading volume and fees that were flowing to unregulated competitors. Even with Bitcoin ETF outflows hurting sentiment recently, this is a structural win for Coinbase's business that doesn't depend on crypto prices going up.