Coinbase Brings 50x Leveraged Perpetual Futures to Base App via Hyperliquid
Integration unlocks 290-plus markets as derivatives account for 75 percent of crypto trading volume
Coinbase announced Wednesday that it is bringing leveraged crypto derivatives to the Base App, allowing eligible users to trade perpetual futures with leverage of up to 50x through Hyperliquid.
The integration gives users access to more than 290 perpetual futures markets, including Bitcoin and Ethereum, along with markets tied to tokenized stocks and commodities. Trades are executed directly within Base App while Hyperliquid handles back-end order matching and liquidity on its dedicated Layer 1 network, which operates with sub-second finality.
“Perps are where the volume is—roughly 75% of all crypto trading today is perps, not spot,” Coinbase Head of Engineering Chintan Turakhia told Decrypt, calling them “the single most requested feature from our power users.”
Perpetual futures are derivative contracts that allow traders to speculate on asset prices without an expiration date. Users can leverage their position up to 50x depending on the specific asset, though positions face automatic liquidation if losses cross predefined margin thresholds.
By routing orders to Hyperliquid, Base App users tap into an onchain order book protocol that regularly processes over $1 billion in daily derivative trading volume. Hyperliquid operates on an application-specific blockchain designed for low-latency execution, allowing non-custodial trading without requiring users to bridge assets off their existing wallet setup.
“[Hyperliquid] is one of the highest-performance onchain perps protocols, and because we support multiple chains and ecosystems, this integration lets our users tap into its deep liquidity and speed without ever leaving their existing wallet,” Turakhia said.
According to Coinbase, the perpetual futures product is not available in the U.S., UK, Canada, or other jurisdictions that restrict leveraged crypto derivatives.
The geographic restriction matches regulatory policies enforced across Coinbase’s international derivatives offerings. The exchange previously launched institutional and retail perpetual futures through its Bermuda Monetary Authority-regulated entity, Coinbase International Exchange, before integrating decentralized perps natively into Base App.
The addition of perpetual trading follows a broader shift in Base App’s product strategy away from social features. In July, Base creator Jesse Pollak acknowledged that early pushes into social tools and creator coins had failed to drive anticipated adoption, prompting the platform to refocus resources on high-demand financial infrastructure including trading tools, payments, prediction markets, and AI agents.
