US just greenlit crypto perpetual futures for the first time — long Coinbase as the on-ramp
The main U.S. derivatives regulator just cleared the way for crypto perpetual futures contracts — a hugely popular trading product — to be offered on American soil for the first time. Coinbase and Kalshi are the first platforms moving forward to offer these products.
Idea
Perpetual futures are the most-traded crypto product in the world, but until now Americans had to use offshore exchanges to access them. The CFTC is changing that, and Coinbase is first in line to offer these contracts domestically. This is a big deal for Coinbase's revenue because perpetual futures generate massive trading fees — they never expire, so positions stay open and fees keep accumulating. When a company gets access to an entirely new, high-margin revenue stream through regulatory approval, the stock tends to re-rate higher over the following weeks as analysts model the upside. The risk is that Bitcoin ETF outflows have been heavy recently, so this trade works best if the broader crypto market stabilizes.