US just legalized crypto perpetual futures — long Coinbase as a new revenue stream opens up
The top US derivatives regulator just cleared the way for crypto perpetual futures — a hugely popular trading product — to be offered legally on American exchanges for the first time. Coinbase is one of the first platforms ready to launch them.
Idea
Perpetual futures are the most-traded crypto product globally, accounting for the vast majority of crypto trading volume — but until now they've only existed on offshore exchanges like Binance. Bringing them onshore to regulated US platforms is a big deal for Coinbase, because it opens up a massive new revenue stream from American traders who've been locked out. This is a structural, not cyclical, catalyst: once the product launches, the revenue tailwind persists. Coinbase's stock tends to move sharply on regulatory green lights, and this is one of the biggest yet.