Coinbase has added over 290 perpetual contract markets to its Base App through Hyperliquid, providing eligible users with access to leverage of up to 50 times. The integration covers Bitcoin, Ethereum, and contracts tied to stocks and commodities, although the leverage limit varies by market.
Key Features
According to Coinbase, the arrangement allows users to open and manage positions without leaving their existing wallets, with Hyperliquid's infrastructure processing orders. Coinbase Head of Engineering Chintan Turakhia described Hyperliquid as one of the highest-performance on-chain perpetual trading protocols, citing its liquidity and execution speed as reasons for the integration.
Perpetual Contracts
Perpetual contracts enable traders to take long or short positions on an asset without buying the underlying instrument. The contracts have no fixed expiry, with funding payments between long and short traders helping to keep prices close to the referenced market. Available markets include contracts linked to equities and commodities, with leverage falling below the advertised 50x maximum depending on the asset.
Availability and Restrictions
The new perpetual product is unavailable in the United States, the United Kingdom, Canada, and other jurisdictions that restrict leveraged cryptocurrency derivatives. American customers can use Coinbase's separate futures products in the United States through Coinbase Financial Markets, a futures commission merchant registered with the Commodity Futures Trading Commission.
