U.S. just greenlit crypto perpetual futures — long Coinbase as trading volume is set to surge
The top U.S. derivatives regulator just cleared the way for crypto perpetual futures contracts to trade on American exchanges for the first time. Coinbase and Kalshi are the first platforms approved, bringing a hugely popular trading tool that until now only existed on offshore exchanges.
Idea
Perpetual futures contracts are the most heavily traded crypto instrument in the world — they account for more trading volume than regular spot buying and selling. Until now, Americans had to use offshore platforms to access them, which many institutional and retail traders simply wouldn't do. Bringing this product onshore to regulated U.S. exchanges is a huge revenue opportunity for Coinbase, which is already the first named beneficiary. More trading volume means more fees, plain and simple. This is a structural change to the U.S. crypto market, not a one-day headline. However, Bitcoin ETFs have seen $2.8B in outflows recently, so the broader crypto market may still be soft — pairing a Coinbase long with Bitcoin exposure helps capture the regulatory upside while hedging against continued crypto weakness.