Coinbase Global Inc. has launched perpetual futures trading for U.S. users, marking the first time such products are available onshore under regulation by the Commodity Futures Trading Commission (CFTC). The new offering, which went live on July 21, 2025, includes perpetual-style futures contracts for Bitcoin (BTC) and Ethereum (ETH) with features such as no expiry, hourly funding, nano sizing, up to 10x leverage, and a competitive fee of 0.02%. This development represents a major shift in Coinbase's derivatives strategy and expands access to a product that holds approximately 90% of the global crypto futures market. The launch is expected to enhance trading sophistication and risk management capabilities for both retail and institutional investors in the United States. Coinbase CEO Brian Armstrong confirmed the launch, emphasizing the significance of bringing regulated perpetual futures to the American market.