Crypto perpetual futures finally coming to America — long Coinbase as a new revenue stream opens up
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 already moving to offer these products, which have been a massive business for overseas platforms like Binance.
Idea
Perpetual futures are the most popular crypto trading product globally, generating enormous fees for offshore exchanges. Now that U.S. regulators are allowing them onshore, Coinbase is first in line to capture that revenue stream domestically. This is a genuine structural shift in Coinbase's business — not a rumor or a hope — because the CFTC has formally opened the door and Coinbase is already preparing to launch. Even as Bitcoin ETFs see outflows, this catalyst is specific to the exchange operator, not the coin itself.