US regulators just greenlit crypto perpetual futures — Coinbase is the first-mover winner
The main U.S. derivatives regulator just cleared the way for crypto perpetual futures contracts to be offered on American trading platforms for the first time. Coinbase and Kalshi are already moving to launch these products, which have been hugely popular overseas but were previously unavailable to U.S. traders.
Idea
Perpetual futures are the most-traded crypto product in the world, but they've only existed on offshore exchanges like Binance — until now. The CFTC just gave the green light for U.S. platforms to offer them domestically, and Coinbase is first in line. This matters because it opens up an entirely new, high-margin revenue stream for Coinbase from both retail and institutional traders who've been forced overseas. It's also a broader bullish signal for the crypto industry's legitimacy in the U.S. — which could lift mining stocks like CleanSpark too, especially since Texas just appointed a CleanSpark exec to its Strategic Bitcoin Reserve committee. The play here is straightforward: Coinbase gets a major new product, and the stock hasn't fully priced that in yet.