What approval did Coinbase receive from the CFTC?

Coinbase received permission from the US Commodity Futures Trading Commission (CFTC) to offer American customers access to offshore crypto perpetual futures through its subsidiary, Deribit. This makes Coinbase the first US exchange allowed to connect domestic traders to the global crypto perps market.

What are crypto perpetual futures or "perps"?

Perpetual futures are derivative contracts that allow traders to speculate on cryptocurrency prices without an expiration date. They often involve leverage, meaning traders can control larger positions with less capital but also face greater risks of liquidation.

Why is this approval significant for Coinbase?

The approval opens access to one of the largest and most profitable segments of the crypto trading market. It also strengthens Coinbase's derivatives business following its $2.9 billion acquisition of Deribit.

Which cryptocurrencies could Coinbase offer through perpetual futures?

According to the report, eligible digital commodity contracts on Deribit include Bitcoin, Ethereum, Solana, Dogecoin and the TRUMP meme coin. Coinbase has not yet announced which assets it will ultimately make available to US customers.

How large is the crypto perpetual futures market?

The crypto perpetual futures market generated more than $588 billion in trading volume during the past month, according to DeFi Llama. That volume significantly exceeds activity across much of the broader decentralised finance ecosystem.

Why are perpetual futures considered risky?

Perpetual futures typically allow traders to use leverage, which magnifies both gains and losses. If a position moves sharply against a trader, exchanges can automatically liquidate the position, potentially resulting in the loss of the entire investment.

How could this approval affect Coinbase's business?

The move could create new revenue streams from derivatives trading, an area that generally generates higher trading activity than spot markets. Greater participation in perps could help Coinbase compete more directly with global crypto exchanges that already dominate derivatives trading.

What does the CFTC's no-action letter mean?

A no-action letter indicates that the CFTC does not intend to pursue enforcement action if Coinbase operates within the framework described in the approval. It provides regulatory clarity while allowing the company to launch the service.

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Coinbase wins approval for global crypto perps

Written by Brie CarterPublished May. 30 2026Last Updated May. 30 2026

Coinbase has become the first US cryptocurrency exchange authorised to offer domestic customers access to offshore crypto perpetual futures after receiving regulatory approval from the Commodity Futures Trading Commission.

The approval allows Coinbase to connect US traders to perpetual futures markets operated through Deribit, the crypto derivatives exchange it acquired for $2.9 billion, opening access to one of the industry's largest trading segments.

The CFTC issued a no-action letter permitting the arrangement, allowing Coinbase to offer access to digital commodity perpetual futures contracts traded on Deribit without facing enforcement action.

Coinbase has not yet determined which assets will be available to US customers, but eligible markets on Deribit include contracts linked to Bitcoin, Ethereum, Solana, Dogecoin and the TRUMP meme coin.

Perpetual futures, commonly known as perps, allow traders to take highly leveraged positions on cryptocurrency prices without an expiration date, creating opportunities for amplified gains but also increasing the risk of rapid liquidations and significant losses.

The approval follows a broader effort by the CFTC to bring crypto perpetual futures into the US regulatory framework, with the market generating more than $588 billion in trading volume over the past month according to DeFi Llama.

The decision is expected to encourage other US exchanges to pursue similar offerings, while prediction market Kalshi also received approval to launch a Bitcoin perpetual futures product, marking another step toward expanding regulated crypto derivatives trading in the United States.

At the time of reporting, Bitcoin price was $73,436.69 .