Coinbase said its U.S. derivatives platform will begin trading perpetual-style crypto futures on 21 July, marking the first time the product has been offered on a CFTC-regulated U.S. exchange. The initial listings will cover Bitcoin and Ether, allowing round-the-clock trading without the quarterly expirations typical of traditional futures. The exchange plans to list nano contracts sized at 0.01 BTC and 0.10 ETH, aiming to make leveraged trading more accessible while keeping margin requirements low. Contracts will track spot prices and remain open-ended, mirroring features popular on offshore venues but within a U.S. regulatory framework. The launch deepens Coinbase’s expansion into derivatives following its $2.9 billion purchase of infrastructure provider Deribit in May. Perpetual futures dominate trading volumes on non-U.S. crypto exchanges; bringing them onshore could broaden Coinbase’s revenue base and offer U.S. traders an alternative to offshore platforms facing heightened regulatory scrutiny.