Coinbase Advanced offers perpetual futures to non-US customers

At launch, traders will be able to place bids on BTC, ETH, LTC and XRP

article-image

24K-Production/Shutterstock modified by Blockworks

share

Starting today, Coinbase Advanced will be offering perpetual futures trading for customers in eligible jurisdictions outside of the United States.

Traders can use USDC to place bids on four different contracts including bitcoin, ether, litecoin and XRP. Each of these contracts will offer up to 5X leverage, with the exception of XRP, which will offer up to 3X leverage. 

For the time being, perpetual futures trading will only be available on the Coinbase Advanced webpage, but the company notes that they will soon be offering mobile trading, according to a press release viewed by Blockworks. 

This news comes less than a month after the Coinbase International Exchange received the regulatory green light from the Bermuda Monetary Authority (BMA) to offer perpetual futures for customers outside of the US.

As of March 2023, the derivatives market made up almost 75% of all cryptocurrency’s $2.95 trillion trading volume, a report from CoinGecko shows.

Read more: DYdX founder touts ‘tailor-made’ decentralized derivatives market

In fact, according to data on Laevitas, on Oct. 16, the global centralized exchange (CEX) perpetuals volume reached $151 billion with Coinbase competitor Binance capturing roughly $96.3 billion (63.7%) of it. OKX comes in second, securing an estimated 16% ($21.6 billion) of this market share.

These numbers indicate strong demand for perpetual futures products, Coinbase wrote in a blog post announcing their new offering.

“The ability to trade using margin gives traders increased capital efficiency and access to the crypto market with less upfront investment. Being able to seamlessly go long and short, traders can also use derivatives to manage risk on their underlying crypto assets,” the company said. 

Updated Oct. 18, 2023 at 9:35 am ET: A previous version of this article referred to the platform as “Coinbase Advance” instead of “Coinbase Advanced.”


Don’t miss the next big story – join our free daily newsletter.

Tags

Upcoming Events

Hilton Metropole | 225 Edgware Rd, London

MON - WED, MARCH 18 - 20, 2024

Crypto’s premier institutional conference returns to London in March 2024. The DAS: London Experience:  Attend expert-led panel discussions and fireside chats  Hear the latest developments regarding the crypto and digital asset regulatory environment directly from policymakers and experts   Grow your network […]

Salt Lake City, UT

WED - FRI, OCTOBER 9 - 11, 2024

Pack your bags, anon — we’re heading west! Join us in the beautiful Salt Lake City for the third installment of Permissionless. Come for the alpha, stay for the fresh air. Permissionless III promises unforgettable panels, killer networking opportunities, and mountains […]

recent research

logo.jpeg

Research

Akash is a general-purpose compute platform with GPUs, storage, LLM training or inference, and validator hosting through its two-sided marketplace.

article-image

The SEC could allow half a dozen or more such funds to launch at once, Ark Invest CEO says

article-image

2023 saw a decline in a16z crypto funding, but the behemoth VC firm teased what it’s excited for next year

article-image

“Iran Unchained” launched a new version of its grant platform to make donations to activists easier

article-image

The stablecoin marks the first time a regulated European bank has made a euro-pegged stablecoin available on a crypto exchange

article-image

Build it and they will come, perhaps, but making crypto easier to use is turning out to be just as important

article-image

Amid moves by Itau Unibanco and Nubank, the country could serve as “a proof of concept” for TradFi-crypto integrations, industry research exec says