Coinbase concluded a busy May with a series of product launches and infrastructure updates that expand its derivatives offerings, institutional services, and Base blockchain capabilities. The company also jumped into the growing market for pre-IPO perpetual futures, starting with a SpaceX-linked contract.
Regulated Derivatives and Institutional Expansion
Coinbase became the first CFTC-regulated platform to offer global crypto perpetual futures and options to U.S. traders, providing access to Deribit's crypto derivatives liquidity, which includes over $31 billion in Bitcoin options open interest. Outside the United States, the exchange launched gold and silver perpetual futures, with U.S.-based futures planned later. In a partnership with Standard Chartered, institutional clients using Coinbase Prime can now fund accounts in AUD, SGD, CAD, CHF, EUR, and GBP, broadening fiat on-ramps.
Base Network and AI Tools
On the Base blockchain, Coinbase introduced Base MCP, enabling AI agents to connect with Base accounts for onchain actions like swaps and portfolio management. The network also saw the mainnet launch of Base Azul, an upgrade aligned with Ethereum specifications. Additionally, Coinbase Developer Platform integrated wallet infrastructure into Amazon Bedrock AgentCore, supporting agent payments, and batch settlement became available through the x402 standard.
Hyperliquid and Tokenized Loans
Coinbase confirmed its role as the official USDC treasury deployer for Hyperliquid and increased its staked HYPE position. The company also launched SOL-backed loans, allowing eligible users to borrow up to $100,000 in USDC without selling their SOL holdings.
Pre-IPO Perpetual Futures Debut
In a separate announcement, Coinbase unveiled pre-IPO perpetual futures, with the first contract tracking SpaceX ahead of its anticipated public listing. These contracts are settled in USDC, trade 24/7 with no expiry, and offer up to 5x leverage. If SpaceX completes an IPO, the contract automatically converts into a standard perpetual tied to the public listing. The product is available only to eligible Coinbase Advanced users in supported jurisdictions, excluding the U.S., Canada, UK, and other restricted markets. Coinbase warned that pre-IPO contracts carry heightened risks due to valuation-based pricing, lower liquidity, and increased liquidation risk. The launch follows a similar product on another platform that saw a 45% flash crash after incorrect oracle data.
CEO Brian Armstrong highlighted the milestones, including the derivatives expansion, Hyperliquid partnership, precious metals products, and broader institutional fiat access, positioning Coinbase at the intersection of crypto, private-market exposure, and traditional assets.
