Coinbase is adding perpetual futures to Base App through Hyperliquid, allowing eligible users to trade more than 290 markets with leverage of up to 50x, depending on the asset. The offering includes Bitcoin and Ethereum as well as tokenized stocks and commodities, but is unavailable in the U.S., UK, Canada and other jurisdictions that restrict leveraged crypto derivatives. Perpetual futures, or perps, are derivatives that let traders speculate on price movements without owning an asset and do not expire; leverage increases both potential returns and losses, with positions subject to liquidation if losses exceed specified thresholds. Coinbase Head of Engineering Chintan Turakhia said perps account for roughly 75% of crypto trading volume and are the most requested feature among Base App's power users. Hyperliquid will execute the trades while users retain self-custody and access the protocol's liquidity and speed through their existing wallet. The launch marks a shift in Base App's strategy, a year after Coinbase rebranded its wallet as an everything app combining trading, social features, messaging, AI tools and creator monetization. In July, Base creator Jesse Pollak said the social and creator-coin push had failed to drive expected adoption, while prediction markets, perpetuals and stablecoins had become stronger adoption drivers, prompting a refocus on trading, payments and AI agents.