U.S. just legalized crypto perpetual futures — Coinbase is first in line to profit
The main U.S. derivatives regulator just gave the green light for crypto perpetual futures contracts — a super-popular trading product that until now only existed on offshore exchanges like Binance. Coinbase is one of the first platforms approved to offer them in America.
Idea
Perpetual futures are the most-traded crypto product globally — they account for more volume than regular spot buying and selling on exchanges like Binance. Until now, U.S.-based traders legally couldn't access them on domestic platforms, so all those trading fees flowed overseas. With the CFTC approving Coinbase as a first-mover, Coinbase is about to unlock an entirely new, high-margin revenue stream from American customers who've been waiting for a regulated way to trade perps. Regulatory approvals like this are rare one-time events that reshape a company's business — early positioning before the products fully launch is where the biggest moves tend to happen.