US just greenlit crypto perpetual futures for the first time — long Coinbase as the biggest beneficiary
The main U.S. derivatives regulator just cleared the way for crypto perpetual futures contracts to trade on American exchanges for the first time. Coinbase and Kalshi are the first platforms getting the green light to offer these products.
Idea
Perpetual futures are the most popular crypto trading product in the world — but until now they've only been available on offshore exchanges like Binance. The CFTC just changed that by giving U.S. platforms the green light, with Coinbase first in line. This is a big deal for Coinbase because perpetual futures generate massive trading fees, and bringing that volume onshore to a regulated U.S. platform could meaningfully boost their revenue. When a major new revenue stream opens up for a company, the stock usually responds. The timing is especially good because Coinbase already has the brand trust and customer base to capture demand quickly.