Coinbase is set to launch US-regulated perpetual-style futures contracts for Bitcoin (BTC) and Ether (ETH) on July 21, 2025, marking a significant milestone in the American crypto derivatives market. Led by Coinbase Financial Markets CEO Andy Sears, this initiative introduces fully regulated futures products that will operate 24/7, providing US traders with a domestic alternative to offshore perpetual futures platforms.
The futures contracts will be highly fractionalized, with nano Bitcoin futures representing 0.01 BTC and nano Ether futures representing 0.10 ETH per contract. These contracts have a five-year expiration period and incorporate a dynamic funding rate mechanism, adjusting hourly and settling twice daily to maintain price alignment with the underlying spot markets.
Coinbase aims to address custody and compliance concerns while enhancing capital efficiency and accessibility for institutional and retail traders alike. The launch is expected to increase trading volumes, offer improved retail access to major cryptocurrencies, and set a regulatory benchmark for innovation in US crypto markets. Following the announcement, Coinbase's stock (COIN) surged to a four-year high, reflecting positive investor sentiment.
This move is anticipated to reshape the US crypto financial infrastructure by bringing a previously offshore-dominated derivatives space onshore, enhancing market credibility, liquidity, and efficiency. Regulatory clarity provided by these products may further encourage institutional participation and drive market growth, positioning Coinbase strongly in the competitive crypto derivatives landscape.