CFTC Clears Coinbase to Bring Crypto Perpetuals to U.S. Traders Through Deribit

Coinbase has received approval from the U.S. Commodity Futures Trading Commission (CFTC) to offer cryptocurrency perpetual contracts to U.S. customers, marking a step toward bringing one of the world's most widely traded crypto derivatives into U.S.-accessible channels. Perpetual contracts, which have no expiry and typically track spot prices through a funding-rate mechanism, are a cornerstone of global crypto derivatives trading. They often draw heavy volume because they can be traded with high leverage, though that leverage also increases risk. According to CoinDesk, Coinbase will provide U.S. access through Deribit by routing eligible users to the offshore Deribit platform. The setup follows Coinbase's $2.9 billion acquisition of Deribit and begins to translate that deal into U.S.-facing product access. Coinbase also plans to roll out its own "U.S. perpetual-style futures" product on July 21, aiming to replicate the trading experience of global perpetuals while operating within U.S. regulatory rules. The same week, the CFTC also approved Kalshi's BTCPERP. The report describes KalshiEX's BTCPERP as the first Bitcoin perpetual contract originating within the U.S.-registered exchange system. In effect, two routes are emerging: Coinbase connecting U.S. users to Deribit's offshore perpetuals, and Kalshi listing products inside the U.S. regulatory framework. Both signal broader regulated access in a market that has historically lacked compliant perpetual offerings. Perpetuals have become central to crypto derivatives activity globally. Reported data put 2025 perpetual contract trading volume at $61.7 trillion, up 29% year over year, and in some measures these products represent as much as 90% of overall crypto derivatives activity. U.S. users have largely been limited to expiring futures on domestic venues or offshore alternatives. The CFTC said perpetual contracts will be reviewed on a case-by-case basis, and regulated versions are expected to carry tighter requirements than offshore or decentralized venues. Those constraints may include stricter margin rules, position limits, volatility controls, and identity verification. The shift is expected to reshape competition among U.S.-regulated platforms, offshore exchanges, and decentralized perpetual protocols. For Coinbase, the next test will be whether regulated access can pull trading activity that has been occurring overseas or on-chain back into compliant U.S. markets.