Wall Street finally gets crypto perps — long Coinbase on its new revenue goldmine
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 already lined up to offer these products.
Idea
Perpetual futures are the most popular crypto trading product in the world, but until now they've only existed on offshore exchanges like Binance. Bringing them onshore to regulated U.S. platforms opens up a massive new revenue stream for Coinbase, which is already approved as a provider. This isn't a vague sentiment shift — it's a concrete new product category with real fee income attached. Coinbase stands to capture the lion's share of volume from American traders who previously had to use foreign platforms. The stock tends to rally sharply on regulatory wins that expand its addressable market.