Coinbase has routed Base App users to Hyperliquid's perpetual futures trading, providing access to more than 290 markets, including Bitcoin, Ethereum, tokenised stocks, and commodities. The integration offers leverage of up to 50x, with positions subject to liquidation if losses exceed set thresholds.
According to Coinbase Head of Engineering Chintan Turakhia, perpetual futures are 'the single most requested feature from our power users', driven by the fact that perpetuals now account for roughly three-quarters of all crypto trading volume.
Key Features
The product is not available to users in the US, UK, or Canada, and Coinbase is utilizing Hyperliquid's existing liquidity and matching infrastructure instead of building its own onchain perpetuals engine.
The arrangement is similar to Coinbase's move on May 29, when its regulated subsidiary became the first CFTC-registered futures commission merchant to give US institutional clients access to global crypto derivatives.
Background
The Base App integration adds a retail distribution layer to Coinbase's existing relationship with Hyperliquid, having become the official treasury deployer for USDC on May 14. The company's bet on crypto-native social features has not paid off as expected, with Coinbase's Jesse Pollak stating that the social side of the market 'collapsed entirely'.
The company has not disclosed further contract specifications for the integration, including fee structure or a full list of supported markets.
