U.S. regulators just opened the door to crypto perpetual futures — long Coinbase as the first-mover winner
The top U.S. derivatives regulator just gave the green light for crypto perpetual futures contracts to trade on American soil for the first time. Coinbase and Kalshi are the first platforms approved to offer these products, which have until now only existed on offshore exchanges.
Idea
Perpetual futures are the most heavily traded crypto product in the world, responsible for trillions in monthly volume — but until now Americans had to use offshore exchanges to access them. By bringing this product onshore, Coinbase is unlocking a massive new revenue stream from both retail and institutional traders who prefer regulated, U.S.-based platforms. This isn't a one-day headline; it's a structural shift in Coinbase's business that should boost trading revenue quarter after quarter. Even with Bitcoin ETF outflows making headlines recently, this regulatory win gives Coinbase a unique competitive moat among U.S. crypto platforms.