Coinbase International Debuts Perpetual Futures for Non-US Institutional Traders

Coinbase’s perpetual contracts will offer up to 5x leverage and direct access trading via API is available to institutional clients outside the US

article-image

Iryna Budanova/Shutterstock, modified by Blockworks

share

Coinbase has launched a new perpetual futures exchange targeting non-US institutional investors and traders, in an effort to diversify its revenue and capture a larger share of the crypto market.

The Coinbase International Exchange will initially list bitcoin (BTC) and ether (ETH) perpetual futures later this week, settling all trading in USDC without requiring fiat on-ramps, Coinbase said in a statement shared with Blockworks.

It follows reporting last month that the exchange was said to be eyeing a derivatives push in overseas jurisdictions including Abu Dhabi while securing licensure in Bermuda, where the new exchange will be established.

Bermuda’s regulatory framework is known for its transparency, compliance, and cooperative approach, the exchange said. The Bermuda Monetary Authority (BMA), which regulates financial services in Bermuda, is an active member of a number of international organizations. 

The BMA also maintains “close relationships” with other regulatory agencies globally, Coinbase said.

“Coinbase is committed to the US, but countries around the world are increasingly moving forward with responsible crypto-forward regulatory frameworks,” Coinbase said in a statement.

“We would like to see the US take a similar approach instead of regulation by enforcement which has led to a disappointing trend for crypto development in the US.”

That trend has been largely the result of US SEC chair Gary Gensler’s approach to crypto regulation, which has angered the industry and prompted vocal opposition. Coinbase itself has sued the regulator in what it’s calling an attempt to seek clarity on digital asset regulation.

While Coinbase has sought to diversify regulatory risk it’s also seeking to diversify its dependency on spot trading revenues which, at times, have hammered its share price based on poor quarterly performances. Perpetual futures account for up to 75% of global crypto trading volume, the exchange said.

Round-the-clock risk management, typical liquidity provisions from market makers and dynamic margin requirements will make up some of the exchange’s features. Coinbase also said its exchange will incorporate a liquidation framework that meets strict compliance standards in addition to being “well-capitalized” in the event of destabilizing market events.

Coinbase’s perpetual contracts will offer up to 5x leverage and direct access trading via API is available to institutional clients outside the US. The products are not yet available to retail customers.

It is unclear whether Coinbase intends to make its latest exchange available to retail investors. Blockworks has reached out for further clarification.


Get the news in your inbox. Explore Blockworks newsletters:

  • Blockworks Daily: The newsletter that helps thousands of investors understand crypto and the markets, by Byron Gilliam.
  • Empire: Start your morning with the top news and analysis to inform your day in crypto.
  • Forward Guidance: Reporting and analysis on the growing intersection of crypto and macroeconomics, policy and finance.
  • 0xResearch: Alpha directly in your inbox. Market highlights, data, degen trade ideas, governance updates, token performance and more.
  • Lightspeed: Built for Solana investors, developers and community members. The latest from one of crypto’s hottest networks.
  • The Drop: For crypto collectors and traders, covering apps, games, memes and more.
  • Supply Shock: Tracking Bitcoin’s rise from internet plaything worth less than a penny to global phenomenon disrupting money as we know it.
Tags

Upcoming Events

Industry City | Brooklyn, NY

TUES - THURS, JUNE 24 - 26, 2025

Permissionless IV serves as the definitive gathering for crypto’s technical founders, developers, and builders to come together and create the future.If you’re ready to shape the future of crypto, Permissionless IV is where it happens.

Old Billingsgate

Mon - Wed, October 13 - 15, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

recent research

Research Report Templates.jpg

Research

Bluefin possibly stands at an inflection point. The token is near an all-time low yet the protocol’s spot volume market share and derivatives exchange usage have been increasing month over month since its November launch. Given its current market position and the upcoming upgrades (for both Bluefin and SUI), there may be upside potential before the increased supply growth in December. However, strong opposition from existing competitors (like Cetus and Suilend), as well as new entrants (like Aftermath), pose key challenges to Bluefin’s medium-term success.

article-image

Top Committee Democrat Sen. Elizabeth Warren in her opening statement accused Atkins of “helping billionaire CEOs like Sam Bankman-Fried”

article-image

Introducing garbled circuits for enhanced privacy and regulatory compliance

article-image

Ross Ulbricht was a freedom maximalist building freedom tech, powered by Bitcoin

article-image

Solana validators can reap benefits including payments, votes and community clout

article-image

Sponsored

WalletConnect is cementing itself as the essential connectivity layer, ensuring wallets remain the entry point for billions of users

article-image

According to a legal filing, Galaxy Digital helped boost the price of LUNA while quietly selling its tokens