Coinbase introduces perpetual contracts to the Base App via Hyperliquid, supporting up to 50x leverage

In comparison, Coinbase announced the introduction of perpetual contract trading into the Base App through Hyperliquid. Eligible users can trade more than 290 perpetual contract markets, supporting up to 50x leverage, covering Bitcoin, Ethereum, and markets related to stocks and commodities.

Chintan Turakhia, head of engineering at Coinbase, said that currently perpetual contracts account for about 75% of the total trading volume in the crypto market, and are also the most desired feature for high-frequency users of the Base App. The relevant transactions will be completed within the Base App, but Hyperliquid is responsible for actual execution, and users don't need to leave their existing wallets.

Coinbase said that different assets have different maximum leverage ratios, and positions may be liquidated when losses exceed a certain threshold. The product is currently not open to the US, UK, Canada, and other jurisdictions that restrict leveraged crypto derivatives trading.

This launch also reflects that Base App's product focus is shifting from its previous emphasis on social and creator features to transactions, payments, and AI agents. Base founder Jesse Pollak previously acknowledged that social and creator tokens did not bring the expected user growth, while predictive markets, perpetual contracts, and stablecoins have instead become stronger drivers of adoption.