Coinbase is widening its derivatives footprint with two product moves: adding leveraged perpetual futures to its Base App through Hyperliquid and preparing its Deribit venue to list stock and ETF perpetual contracts on August 31.
According to Coinbase, eligible Base App users can now trade more than 290 perpetual futures markets with leverage of up to 50x, including Bitcoin and Ethereum, as well as tokenized stocks and commodities. The integration uses Hyperliquid for onchain execution, allowing traders to access its liquidity without leaving their existing wallet.
Coinbase Head of Engineering Chintan Turakhia said perps account for roughly 75% of all crypto trading volume and were the single most requested feature from power users. "Perps are where the volume is—roughly 75% of all crypto trading today is perps, not spot," Turakhia told Decrypt. "This launch brings them the advanced trading tools they’ve been asking for, without giving up self-custody."
The product is not available in the U.S., UK, Canada, or other jurisdictions that restrict leveraged crypto derivatives. Coinbase said the rollout follows a strategic refocus at Base App away from social features toward trading, payments, and AI agents. Base creator Jesse Pollak previously acknowledged that the social and creator coin push had not driven expected adoption, while prediction markets, perpetuals, and stablecoins emerged as stronger drivers.
Separately, Deribit is set to debut stock and ETF perpetual contracts on August 31, according to its real-world asset perpetual contracts documentation. The move marks the first time the Coinbase-owned crypto derivatives exchange is extending into equity-linked products. The listings are governed by the Deribit Exchange Rulebook, which sets out how the new contracts will be listed and settled.
The timing aligns with a competitive exchange landscape where derivatives venues are broadening product selection beyond native crypto assets. For traders, the two announcements provide fixed catalysts: the immediate availability of Hyperliquid-powered perps inside Base App and the scheduled Deribit debut at the end of August.
