US greenlights crypto perpetual futures — long Coinbase on new revenue stream
The main US derivatives regulator just cleared the way for crypto perpetual futures contracts to be offered on American soil for the first time. Coinbase and Kalshi are the first platforms approved to offer these products, which have until now only been available on overseas exchanges.
Idea
Perpetual futures are the most popular crypto trading product in the world — they handle more volume than regular spot trading on many exchanges. Until now, Americans could only access them through offshore platforms, which was risky and legally gray. Bringing them onshore to regulated US platforms is a game-changer for Coinbase, which stands to capture a massive new revenue stream from trading fees. This is the kind of regulatory catalyst that can re-rate a stock higher over weeks, not just days. The timing also helps offset the recent Bitcoin ETF outflow pressure, since perps attract a different type of active trader.