Coinbase launches US perpetual-style crypto futures on CFTC-regulated exchange
Coinbase’s 24/7 crypto contracts remain at the center of a broader fight over how the CFTC is handling perpetual futures, with CME now directly challenging the regulatory basis for on-chain versions of the product.
Coinbase has started offering U.S. perpetual-style futures on its CFTC-regulated derivatives exchange, beginning with nano Bitcoin and Ethereum contracts that track spot prices, include embedded leverage and trade 24/7. The launch comes as a dispute over regulatory consistency deepens at the Commodity Futures Trading Commission, where CME Group is challenging the agency’s handling of perpetual futures after saying similar products were approved without proper rulemaking procedures. CME argues on-chain perpetual futures should be classified as swaps rather than futures, a distinction that could bring tighter compliance requirements. Hubz said the products at issue are the same type offered by decentralized exchanges such as Hyperliquid and that the lawsuit targets the regulatory foundation of the on-chain perpetual futures market itself. Analysts say the case could shape the future of U.S. on-chain derivatives and weigh in the short term on platforms focused on perpetual futures.
- perpetual-style futures: Derivatives designed to trade continuously without a traditional expiration date.
- embedded leverage: A structure that gives traders amplified exposure within the contract itself.
- on-chain derivatives: Derivative products tied to blockchain-based markets or infrastructure.