US regulators just unlocked crypto perpetual futures for the first time — long Coinbase as the biggest beneficiary
The main US derivatives regulator just gave the green light for cryptocurrency perpetual futures contracts to be offered on American soil for the first time. Coinbase and Kalshi are the first platforms cleared to offer them. These contracts are the most popular crypto trading product in the world — they've just never been available through regulated US exchanges before.
Idea
This is a structural change to the US crypto landscape. Perpetual futures contracts are responsible for the vast majority of crypto trading volume globally — trillions in daily notional value — but they've only existed on offshore exchanges like Binance and Bybit. Bringing them onshore to regulated platforms like Coinbase means US traders and institutions can finally access the most liquid crypto product without counterparty risk. Coinbase stands to capture a massive new revenue stream as the first major US platform to offer these contracts, which should translate directly into higher trading fees and futures commissions. Historically, when major regulatory barriers fall for a platform, the stock tends to rerate higher over the following weeks as analysts revise estimates upward.