US just legalized crypto perpetual futures — buy Coinbase before the trading volume floods in
US regulators just gave the green light for crypto perpetual futures contracts to trade on American exchanges for the first time. Coinbase and Kalshi are among the first platforms approved to offer these products — bringing a hugely popular trading tool that until now only existed on offshore exchanges.
Idea
Perpetual futures are the most-traded crypto product in the world, handling trillions in volume each month — but almost all of that activity has happened on offshore platforms like Binance. Now that US regulators are letting Coinbase and others offer these contracts onshore, a massive chunk of that trading volume could shift to American exchanges. That means direct fee revenue for Coinbase, which already has millions of US users who previously couldn't access perpetuals. Regulatory clarity in crypto has historically been a major catalyst — when the SEC approved spot Bitcoin ETFs, Coinbase rallied sharply as the dominant custodian. This is a similar structural unlocking moment, and the timing aligns with broader crypto optimism as Texas also moves to hold Bitcoin directly in its state reserves.