Coinbase has expanded its derivatives platform with the launch of gold and silver perpetual futures, introducing GOLD-PERP and SILVER-PERP contracts for eligible non-U.S. traders. These products are settled in USDC, providing a stable, dollar-linked digital currency for margin and settlement, and offer leverage of up to 25x, with no expiry dates, allowing traders to hold positions indefinitely without rolling contracts.
The launch reflects the exchange’s strategy to merge traditional commodity markets with crypto trading infrastructure. In parallel, Coinbase Derivatives is collaborating with the Commodity Futures Trading Commission (CFTC) to transition its regulated U.S. gold and silver futures from the current 23/5 market hours to 24/7 trading. This would align traditional commodity futures with the always-on model of crypto markets.
The move comes as Coinbase reports $52 billion notional volume in commodity-linked products on its CFTC-regulated derivatives exchange (CDE) during the first quarter of 2026. Combined, global gold and silver markets are valued at an estimated $14.4 trillion, presenting a significant opportunity for crypto-based derivatives. By offering these perpetual contracts, Coinbase enables traders to gain exposure to precious metals using crypto-style tools, potentially supporting cross-asset strategies and continuous hedging. However, the 25x leverage also increases risk, especially during volatile price swings.
Regulatory considerations limit the perpetual futures to non-U.S. traders, while U.S. products remain under CFTC oversight. The launch underscores the growing trend of tokenizing real-world assets and could drive further adoption of USDC-settled derivatives across global markets.
