Coinbase Introduces 24/7 Stock Perpetual Futures for Non-US Traders

This launch reflects a significant shift in how global traders can engage with US equity markets, potentially increasing market volatility and liquidity.

• Coinbase launched 24/7 stock perpetual futures on March 20, 2026, for eligible non-US traders.
• Traders can access leveraged synthetic exposure to major US stocks and ETFs with up to 10x leverage on stocks and 20x on ETFs.
• The initiative addresses the demand for continuous trading beyond traditional US market hours, settling in USDC.

• Coinbase's expansion into derivatives follows its acquisition of Bux and regulatory approvals, allowing it to offer products in various jurisdictions.
• Traditional US equity markets operate on a 24/5 schedule, limiting trading opportunities amid ongoing global events and news.
• Decentralized platforms have already captured significant volumes in perpetual futures, prompting Coinbase to centralize this trading on a regulated platform.

Coinbase's introduction of 24/7 stock perpetual futures marks a pivotal moment in the evolution of trading for non-US investors. By enabling continuous trading of major US stocks and ETFs, Coinbase is responding to a growing demand for flexibility in trading hours. The product allows traders to take leveraged positions—up to 10x on individual stocks and 20x on ETFs—settling in USDC, which is a stablecoin pegged to the US dollar. This structure not only provides a hedge against volatility but also allows for capital-efficient exposure to US equities.

The launch is particularly significant given the backdrop of a $1.2 trillion monthly trading volume for perpetual futures on decentralized exchanges in 2025. This figure underscores the appetite for perpetual trading products, which have gained traction due to their ability to offer continuous access to markets. Coinbase's move to offer these products on a regulated exchange is a strategic response to this trend, aiming to capture a share of the growing market for derivatives.

Moreover, the perpetual futures contracts are designed to track spot prices through funding rates, ensuring that traders can maintain positions without the need for constant monitoring. This is crucial for global traders who may not be able to trade during traditional US market hours. The ability to trade on weekends and during off-hours could lead to increased market volatility, particularly as news events unfold outside of standard trading hours.

Coinbase's infrastructure development, including its CFTC-regulated crypto perpetual futures for US retail traders and its expansion into European markets, has laid the groundwork for this launch. The company is positioning itself not just as a cryptocurrency exchange but as a comprehensive trading platform that bridges the gap between traditional finance and the burgeoning crypto market.

By offering 24/7 trading, Coinbase is likely to enhance global price discovery and could lead to tighter correlations between crypto and traditional equity markets. This blurring of lines between asset classes may attract a broader range of traders, including those who previously engaged only in traditional markets.

• Non-US retail traders: Gain access to leveraged trading opportunities that were previously unavailable.
• Institutional investors: Can leverage Coinbase’s regulated platform for more sophisticated trading strategies.
• Traders in regions with limited market hours: Benefit from the ability to trade continuously, responding to global events in real-time.

• Market volatility: Watch for potential spikes in volatility during weekends and after-hours trading as traders react to global news.
• Regulatory responses: Monitor how regulators in various jurisdictions respond to the increased trading activity and leverage in these products.
• Expansion of product offerings: Keep an eye on Coinbase's plans to introduce additional equities, indices, and commodities based on demand.