CFTC Clears Coinbase to Offer U.S. Clients Access to Global Crypto Perpetuals via Deribit
Coinbase has received approval from the U.S. Commodity Futures Trading Commission (CFTC) to give U.S. customers access to offshore cryptocurrency perpetual contract markets, CoinDesk reported. The authorization makes Coinbase the first U.S. exchange to secure this green light, expanding domestic access to global crypto derivatives.
The offering will be routed through Deribit, the offshore crypto options and derivatives venue Coinbase acquired last year for $2.9 billion. Perpetual contracts do not have an expiration date and commonly involve leverage, which can boost returns but also increases the likelihood of rapid liquidations and cascading sell-offs during periods of acute volatility.
People familiar with the matter said Coinbase has not finalized which assets will be available at launch. The CFTC has allowed access to Deribit perpetuals classified as "digital commodities," a category that can include tokens such as Bitcoin, Ethereum, Solana, Dogecoin and TRUMP. Final listing decisions will be made by Coinbase.
On Thursday, Coinbase asked the CFTC for a no-action letter, a form of assurance that the agency will not pursue enforcement action for the proposed activity. The CFTC responded in less than 24 hours with a 16-page letter laying out policies that permit the approach, a move seen as a regulatory template other U.S. venues may follow.
The scale of perpetuals trading highlights both demand and risk. Citing DeFi Llama, the report said crypto perpetual trading volume topped $588 billion over the past month, compared with roughly $160 billion in total DeFi trading volume over the same period. The report also pointed to an episode last fall in which a brief, sharp market swing triggered about $19 billion in liquidations within minutes, driven in large part by leveraged positions.
Kalshi was also approved the same day to launch its own Bitcoin perpetual futures product in the United States, signaling parallel momentum for domestically available crypto perpetual offerings.
