Coinbase has expanded the trading capabilities of its Base App by integrating Hyperliquid perpetual futures, giving eligible users access to more than 290 perpetual markets directly through the application.

The new offering allows users in supported jurisdictions to trade perpetual contracts covering major cryptocurrencies such as Bitcoin and Ethereum, along with selected equity- and commodity-related markets. Traders can use leverage of up to 50 times, while trade execution is handled by Hyperliquid.

The development was highlighted by blockchain news account @WuBlockchain on X and marks another step in Coinbase's effort to transform Base App from a primarily social and creator-focused platform into a broader financial application.

Hyperliquid Futures Arrive on Base App

Through the integration, eligible Base App users can access more than 290 perpetual markets without leaving the application to use a separate trading interface.

Perpetual futures are derivative contracts that allow traders to speculate on asset price movements without directly owning the underlying asset. Unlike traditional futures contracts, perpetual contracts generally do not have an expiration date. Instead, they rely on funding rates — recurring payments exchanged between long and short positions — which are designed to keep contract prices anchored to the underlying spot market.

These products have become one of the most heavily traded segments of the cryptocurrency market, particularly among active traders seeking leveraged exposure.

Coinbase said perpetual futures currently represent about 75% of total crypto trading volume and have become one of the most frequently requested features among Base App users.

The integration gives Coinbase an opportunity to capture more of the trading activity taking place across decentralized and onchain markets.

Up to 50x Leverage Available

Eligible users will be able to access leverage of up to 50x on supported perpetual markets.

Leverage allows traders to control a position larger than the amount of capital they initially deposit. While this can increase potential returns when a trade moves in the expected direction, it can also amplify losses and increase the risk of liquidation.

A relatively small price movement against a highly leveraged position can result in substantial losses.

Because of those risks, leveraged derivatives are generally subject to strict regulatory requirements and geographic restrictions. The availability of the new Base App feature therefore depends on the user's location and eligibility.

Coinbase has not made the product available in several major jurisdictions, including the United States, the United Kingdom and Canada, along with other markets where leveraged cryptocurrency derivatives face restrictions.

Hyperliquid Handles Trade Execution

The integration also creates a direct connection between Coinbase's Base App ecosystem and Hyperliquid's trading infrastructure.

While Coinbase provides the interface through which eligible users can access the markets, Hyperliquid handles trade execution.

Hyperliquid has emerged as one of the most significant decentralized trading platforms for perpetual futures, attracting substantial trading activity from cryptocurrency users. The platform operates its own layer-1 blockchain and matches trades through an on-chain order book, an approach that distinguishes it from the automated market maker design used by many decentralized exchanges.

Its integration into Base App gives the platform additional exposure to Coinbase's large user ecosystem while allowing Coinbase to offer a broader selection of derivatives without building every market internally.

For users, the arrangement could make accessing perpetual markets more convenient by bringing the trading experience into an application that already offers other crypto-related functions.

Base App Expands Beyond Social Features

The launch is part of a broader evolution of Base App.

The application was initially associated heavily with social and creator-focused features. Coinbase has increasingly expanded its ambitions, positioning the app as a broader platform for trading, payments and artificial intelligence-powered agent capabilities.

The addition of perpetual futures represents a significant move toward the trading side of that strategy.

Rather than functioning only as a place where users interact with content and communities, Base App is gradually becoming a gateway to financial services and onchain applications.

That shift is closely tied to Base, the Ethereum layer-2 network Coinbase opened to the public in 2023. Built using the OP Stack developed with Optimism, Base has grown into one of the most heavily used Ethereum scaling networks, and Coinbase has positioned Base App as a consumer-facing entry point to that ecosystem.

The strategy reflects a broader trend across the cryptocurrency industry, where platforms are attempting to combine wallets, trading, payments, social features and decentralized applications into a single user experience.

Perpetual Futures Continue to Dominate Crypto Trading

The growing importance of perpetual contracts helps explain Coinbase's decision to introduce the feature.

Perpetual futures have become a central component of cryptocurrency trading because they allow traders to take both long and short positions while using leverage. The format was introduced to crypto by BitMEX in 2016 and has since spread across offshore centralized exchanges and decentralized venues alike.

The contracts are especially popular among sophisticated traders and market participants who want greater flexibility than spot markets provide.

However, the popularity of perpetual futures has also attracted increased regulatory attention. That scrutiny extends to Hyperliquid itself, which Bloomberg reported in October 2025 was under investigation by the U.S. Commodity Futures Trading Commission.

High leverage can expose inexperienced traders to rapid losses, while the global regulatory treatment of crypto derivatives varies significantly between jurisdictions.

Coinbase's decision to restrict access in certain countries reflects the complexity of offering leveraged digital asset products across multiple regulatory environments.

What the Integration Means for Base App Users

For eligible users, the integration could significantly expand the functionality available through Base App.

Instead of switching between multiple platforms to access spot assets, decentralized applications and derivatives, users can increasingly perform different crypto-related activities within a single ecosystem.

The addition of more than 290 perpetual markets also gives traders access to a much wider selection of assets than the traditional spot market alone.

Bitcoin and Ethereum remain among the most important markets, but access to equity- and commodity-related contracts could further broaden the types of exposure available to users.

At the same time, traders should understand that perpetual futures are substantially more complex and risky than simply buying and holding an asset.

Coinbase Pushes Deeper Into Onchain Trading

The Hyperliquid integration demonstrates how Coinbase is continuing to expand its presence in onchain trading.

The company has increasingly connected its products with the broader Base ecosystem, seeking to make decentralized applications and financial markets more accessible to mainstream users.

The derivatives push predates this launch. Coinbase International Exchange, the company's venue for non-U.S. customers, has offered perpetual futures since 2023, and in 2025 Coinbase completed its roughly $2.9 billion acquisition of Deribit, one of the largest crypto options and derivatives exchanges.

Adding perpetual futures could help bridge the gap between centralized exchange users and decentralized trading platforms.

It also reflects growing competition among crypto platforms to become a comprehensive destination for digital asset activity.

As Coinbase continues expanding Base App's capabilities across trading, payments and AI-powered applications, the integration with Hyperliquid marks another important step in that strategy.

For the cryptocurrency market, the move further demonstrates the growing importance of decentralized derivatives and the increasing convergence between centralized crypto companies and onchain financial infrastructure.