Coinbase has added perpetual futures trading to its Base App by integrating with Hyperliquid, giving eligible users the ability to trade more than 290 markets with leverage of up to 50 times. The feature routes orders to Hyperliquid for execution and liquidity while keeping the trading interface inside the Base App and allowing users to maintain control of their existing wallets.

Supported markets include Bitcoin and Ethereum as well as contracts linked to stocks and commodities. Leverage levels vary by asset, with the maximum of 50x available on certain markets. Positions can be liquidated if losses exceed maintenance thresholds set by the system.

Demand for Perpetuals Drives the Launch

Perpetual futures, which have no expiration date and allow traders to take long or short positions without holding the underlying asset, account for a large share of crypto market activity. Coinbase Head of Engineering Chintan Turakhia said these contracts represent roughly 75 percent of all crypto trading volume and ranked as the most requested addition among frequent Base App users.

Turakhia added that active users had made clear that access to leverage would encourage them to remain on the platform. The integration delivers those tools while preserving self-custody.

How the Integration Works

Rather than building its own derivatives matching engine inside the Base App, Coinbase directs orders to Hyperliquid. Turakhia described Hyperliquid as one of the highest-performance on-chain perpetual trading protocols, citing its liquidity and execution speed as key reasons for the partnership.

Traders can open and manage positions around the clock without switching applications or transferring assets out of their current wallets. Coinbase has not disclosed fee arrangements or whether every order type available on Hyperliquid’s native platform is supported inside the Base App.

Geographic Restrictions Apply

The perpetual futures product is unavailable in the United States, the United Kingdom, Canada and other jurisdictions that restrict leveraged cryptocurrency derivatives. U.S. customers cannot access the Hyperliquid markets through the Base App. Coinbase continues to offer separate, regulated futures products in the United States through Coinbase Financial Markets, a futures commission merchant registered with the Commodity Futures Trading Commission.

The company has not announced plans or a timeline for extending the Hyperliquid integration to restricted markets.

Broader Shift in Base App Strategy

The launch forms part of a wider repositioning of the Base App. After an earlier emphasis on social feeds, creator tools and creator tokens produced limited adoption, Coinbase shifted focus toward trading, payments, stablecoins and AI agents. Base creator Jesse Pollak stepped back from leading the application earlier in the year, stating that the social and creator-focused approach had been the wrong bet and that prediction markets, perpetuals and stablecoins had emerged as stronger drivers of activity.

The Hyperliquid integration expands the range of financial products available inside the Base App as Coinbase pursues a broader “everything exchange” model that combines crypto markets with stocks, derivatives and other instruments.