Coinbase Launches Perpetual Futures Amid Hyperliquid’s Trading Boom – MAG 7, SPY, QQQ In Lineup

• The new Coinbase perpetual futures product includes leveraged trading on stocks like Apple and Nvidia, along with ETFs such as SPY and QQQ.
• The move puts Coinbase in direct competition with decentralized exchanges like Hyperliquid, which have seen rising crypto trading volume and user activity over the past month.
• Commodity trades overtook cryptocurrency trades on Hyperliquid, with oil, gold, and silver leading volumes on Friday morning.

Coinbase (COIN) announced on Friday that it’s rolling out perpetual futures for non-U.S. users, challenging decentralized platforms like Hyperliquid (HYPE) that have seen a surge in trading volume, especially over the weekend, amid the U.S.-Iran war.

The product will let traders on Apple (AAPL), Nvidia (NVDA), SPDR S&P 500 ETF (SPY), and the Nasdaq-100 tracking Invesco QQQ Trust (QQQ). Contracts will be available around the clock, with leverage of up to 10x on single stocks and up to 20x on ETFs.

The offering marks a shift for Coinbase, which is adapting a model popularized in decentralized finance (DeFi) and bringing it into a regulated, centralized framework. The move also aligns with Chief Executive Brian Armstrong’s push to position Coinbase as an “everything exchange.”

COIN’s stock edged 0.78% lower in pre-market trade amid broader weakness in the equities and cryptocurrency markets. Retail sentiment around the cryptocurrency exchange on Stocktwits remained in ‘bearish’ territory over the past day, with chatter at ‘normal’ levels.

Meanwhile, the Hyperliquid’s token traded flat in the last 24 hours, at just under $40. Retail sentiment around HYPE remained in ‘neutral’ territory, accompanied by ‘normal’ levels of chatter over the past day. 

Coinbase Expands Into Equity And ETF Perpetuals

Coinbase said users will be able to trade all the Magnificent 7 stocks, including Microsoft (MSFT), Alphabet Inc. (GOOG/GOOGL), Amazon (AMZN), Meta Platforms (META), and Tesla (TSLA), in addition to Apple and Nvidia. The company said that it plans to “expand the lineup” based on customer demand. This may extend beyond stocks to commodities and other globally traded assets. 

The transaction and settlements will be done using Circle (CRCL) issued USDC (USDC). Retail investors will have access through Coinbase Advanced, while institutional investors will have access via Coinbase International Exchange. 

Hyperliquid Trading Volume Surge 

Coinbase’s announcement comes after Hyperliquid saw a boost in weekend trading volume amid rising geopolitical tensions in the Middle East. The platform processed roughly $1.5 billion in trades on the weekend when the U.S.-Iran war kicked off, followed by another $1.3 billion in volume the following weekend. Commodity trades overtook cryptocurrency trades on Hyperliquid, with oil, gold, and silver leading volumes on Friday morning.

Over the past year, Hyperliquid’s HYPE token has gained more than 164%, including a roughly 36% rise in the past month. Coinbase shares have risen about 10% over the past year and are up 24% over the same one-month period.

Read also: GEMI Stock Gains After Company Hits 3-Year Revenue High Despite Lawsuit, Layoffs And Earnings Miss

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