U.S. regulators just greenlit crypto perps — get into Coinbase before the revenue rolls in
The top U.S. derivatives regulator just cleared the way for crypto perpetual futures contracts to trade on American soil for the first time. Coinbase and Kalshi are first in line to offer these products, which have until now only existed on offshore exchanges.
Idea
Perpetual futures are the most popular crypto trading product in the world, generating billions in fees for offshore exchanges like Binance. Bringing them onshore to regulated U.S. platforms is a massive revenue opportunity for Coinbase specifically — they already have the customer base, the compliance infrastructure, and now the regulatory green light. When a company gains access to an entirely new, high-margin revenue stream that competitors can't easily replicate, the stock tends to re-rate higher over the following weeks as analysts model the new income.