# Coinbase Launches U.S. Perpetual Futures

*Author: Bankless*
*Published: Jul 22, 2025*
*Source: https://www.bankless.com/read/coinbase-launches-u-s-perpetual-futures*

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Coinbase has launched CFTC‑regulated nano Bitcoin (0.01 BTC) and nano Ether (0.10 ETH) perpetual‑style futures, offering U.S. traders a homegrown alternative to offshore perpetual swaps.

### What’s the Scoop?
- **First onshore perps:** The debut marks the first U.S. perpetual-style crypto derivatives, filling a gap in regulated services for retail and institutional traders.
- **Contract mechanics:** Trades run 24/7 over five-year terms, mimic spot-market pricing via hourly funding rates, and support up to 10× leverage. Coinbase emphasizes that these products reduce offshore counterparty and custody risks while offering capital-efficient trading.
- **Retail access & pricing:** Taker fees begin at 0.02%, catering to smaller retail accounts with fractional exposures.
- **Competitive landscape:** The move follows Kraken’s recent U.S. roll-out of perps, intensifying regulated derivatives competition—and boosted Coinbase equity sentiment.
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