Coinbase Derivatives launches US perpetual-style bitcoin and ether futures

Coinbase/Coinbase derivatives (incl. Deribit)

Coinbase Derivatives launched CFTC-regulated perpetual-style futures on July 21, 2025, offering nano bitcoin (0.01 BTC) and nano ether (0.10 ETH) contracts. The contracts run five years, trade 24/7, and use a funding rate to track spot prices. Perpetuals account for ~90% of global crypto derivatives volume; Coinbase quickly exceeded $1B in open interest.

• Nano contracts: 0.01 BTC and 0.10 ETH lot sizes; 24/7 trading with up to 10x leverage and five-year time horizon.
• CFTC-regulated by Coinbase Derivatives, LLC; funding rate mechanism replicates popular offshore perpetuals for US traders.
• Perpetuals represent ~90% of global crypto derivatives; Coinbase surpassed $1B open interest at launch, demonstrating strong demand.