Base Expands Crypto Derivatives
Coinbase Integrates Hyperliquid to Offer Perpetual Futures Trading Within Base App
Key Points
Coinbase executive Chintan Turakhia emphasized the demand side, remarking that 'perps are the single most requested feature from our power users,' and that 'perps are where the volume is' in crypto markets.
Hyperliquid is characterized as one of the highest-performance on-chain perpetuals protocols and supports multiple chains and ecosystems, enabling Base users to tap into deep liquidity across networks.
In the integration, trades are executed by Hyperliquid rather than Coinbase's own matching engine, with the Base app providing the interface while Hyperliquid handles execution.
Coinbase’s partner Hyperliquid could offer deeper liquidity and tighter spreads within the Base app due to access to Hyperliquid’s on-chain liquidity and fast execution.
Coinbase has added perpetual futures trading to its Base app, letting users trade over 290 crypto markets with up to 50x leverage Finance Magnates. The move taps into Hyperliquid's on-chain protocol instead of Coinbase's own engine, giving Base users access to deep liquidity without leaving the wallet. Perpetual futures now make up roughly three-quarters of all crypto trading volume, and executives say perps were the single most requested feature from Base power users Finance Magnates.
The integration marks Coinbase's push to turn Base into a full financial hub combining spot and derivatives trading Finance Magnates. However, U.S., U.K., Canadian, and other restricted jurisdictions still cannot access the leveraged perps product. The rollout also comes as President Trump announced that U.S. regulators are working to bring Hyperliquid itself into the U.S. market Bloomberg Law.
Why Coinbase Chose Hyperliquid Over Its Own Engine
Coinbase executives noted that perps are where crypto volume actually lives. "Perps are the single most requested feature from our power users," said Chintan Turakhia, emphasizing demand from traders Finance Magnates. Rather than build its own matching engine, Coinbase partnered with Hyperliquid, one of the fastest on-chain perpetuals protocols available.
Hyperliquid handles all trade execution while Base provides the interface. This setup lets Base users tap into Hyperliquid's on-chain liquidity across multiple chains and ecosystems Finance Magnates. The result: tighter spreads and deeper liquidity than Coinbase could offer alone. Trades settle on-chain rather than through Coinbase's traditional custody model.
The Regulatory Gray Zone Leaves Key Markets Out
The product is not available in the U.S., U.K., Canada, or other restricted jurisdictions Finance Magnates. This limits immediate access for Coinbase's largest user base. The absence suggests ongoing regulatory uncertainty around leveraged derivatives in these regions. Coinbase has not fully disclosed its risk controls or settlement safeguards for the new product.
Meanwhile, Trump's administration has signaled openness to Hyperliquid. The president announced that U.S. regulators are working to bring Hyperliquid into the country Bloomberg Law, BGOV. The CFTC and SEC are reportedly involved in these discussions, suggesting potential regulatory clarity could arrive soon.
Hyperliquid's Token Rallies on U.S. Expansion Hopes
Hyperliquid's $HYPE token jumped 11% after Trump announced the CFTC is working to bring the platform to the U.S. CryptoNews.net. The move signals confidence that regulatory barriers may be falling. If Hyperliquid gains U.S. approval, it could reshape how American traders access decentralized derivatives.
The Base integration positions Coinbase to capture derivatives volume if U.S. regulators green-light leveraged perps. Combining spot and derivatives trading under one roof creates a competitive advantage Finance Magnates. Market observers are already speculating whether Coinbase plans to launch a Base token to deepen ecosystem engagement.
A Broader Shift From CEX to DeFi Venues
Coinbase's move reflects a wider trend: centralized exchanges now connect directly to decentralized trading protocols. This breaks down walls between traditional crypto finance and on-chain liquidity pools Finance Magnates. Users get best execution without moving money between platforms.
For Coinbase, the payoff is clear. Base becomes a one-stop shop for retail traders seeking both simple spot trades and complex leveraged bets Finance Magnates. The strategy also hedges regulatory risk by outsourcing execution to a decentralized protocol rather than controlling it directly.
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