Coinbase Launches Perpetual Futures Trading in Base App with Hyperliquid Backend
On August 19, Coinbase Global (COIN) introduced perpetual futures trading within its Base App for eligible users. The feature allows up to 50x leverage across crypto and tokenized equity markets, powered by decentralized derivatives exchange Hyperliquid. This launch coincided with nearly $3 billion in leveraged positions being liquidated — the largest single-day wipeout since October 2025. Perpetual futures are derivative contracts that track an asset's price without expiration dates and often use leverage to amplify exposure. Coinbase notes these drive 75% of overall crypto trading volume, but their high-risk nature can contribute to market volatility due to automatic liquidations during sharp price drops. The feature is currently unavailable in the U.S., UK, and Canada. The expansion could increase market turbulence as more investors gain access to higher leverage. While perpetuals are not recommended for most retail traders due to risk levels, owning Coinbase stock or Hyperliquid's token may offer exposure to growth from this new offering.
Tickers: $COIN
Topics: crypto derivatives leverage market_crash volatility