On July 21, Coinbase Derivatives, the subsidiary focused on derivatives of the renowned cryptocurrency exchange, Coinbase, is officially launching two US perpetual-style futures contracts. The firm had previously hinted at plans to introduce perpetual-style futures trading in the United States.
The two contracts set to debut include the Nano Bitcoin Perpetual-Style Futures at 0.01 BTC and Nano Ether Perpetual-Style Futures at 0.10 ETH. These contracts, with 5-year expiry and 24/7 trading hours, will “strictly” monitor spot markets on Coinbase’s regulated platform, according to an official announcement on Thursday.
“Many US-based traders currently access perpetual futures through offshore exchanges, which comes with its share of regulatory, custody, and counterparty risks,” said Boris Ilyevsky, Head of Coinbase Derivatives Exchange. “Our new US Perpetual-Style Futures contracts do away with the need for offshore alternatives, providing traders with a regulated, domestic alternative that offers the same benefits: straightforward contract expirations, capital efficient trading, long-term strategy execution, and effective risk management.”
Coinbase agreed to acquire Deribit, a crypto derivatives exchange, for $2.9 billion on May 8. Coinbase Derivatives commenced round-the-clock Bitcoin and Ethereum futures trading the next day, with hints of plans to add perpetual-style futures in the United States at the time, as previously reported by The Block.
The trading volume for both Bitcoin and Ethereum futures hit $1.96 trillion and $1.7 trillion respectively in May, as per data from The Block’s Data Dashboard. Ethereum futures recorded the second-highest trading volume in May, just behind its record peak of $1.87 trillion in May 2021.
