2025 was a landmark year for Coinbase Markets. We launched category-defining products, expanded global access with acquisitions, deepened liquidity for our clients, and pushed market structure forward with innovations that make Coinbase the most comprehensive, trusted, and scalable venue to trade.

In 2025, Coinbase Markets* transformed trading access, liquidity, and execution across spot and derivatives platforms. By delivering new products, improving infrastructure, and enhancing trading capabilities, we made it easier than ever for clients to trade with confidence and set the stage for continued expansion in 2026. With these advancements, Coinbase continues to strengthen its position as a trusted and leading venue for traders globally.

Let’s take a closer look at the key milestones and achievements our spot and derivatives markets accomplished this year.

US Futures Markets: A Year of Unprecedented Growth

2025 marked a major turning point for Coinbase Derivatives**, as we redefined what’s possible for traders. From launching US Perpetual-Style Futures and introducing 24/7 trading to surpassing $1 billion in open interest, our US futures markets saw exceptional growth. This past year’s rapid expansion has set the stage for even more ambitious milestones and innovation in the year ahead.

Key Milestones

• Launched US Perpetual-Style Futures: Introduced 24/7 perpetual-style contracts – first of their kind for the US market – and now offer 15 contracts, including all major altcoins.

• Rolled out 24/7 trading: Became the first US derivatives exchange to offer round-the-clock trading for both monthly and perpetual-style margined crypto futures.

• Surpassed $1 billion in open interest for US futures: Hit this major milestone in July and maintained strong growth ever since.

• Launched our first equities product: Debuted Mag7 + Crypto Equity Index Futures, the first US derivative to provide dual exposure to crypto and leading equities in a single product.

• Committed to tokenized collateral in 2026: Partnered with Nodal Clear to offer USDC as collateral in 2026, advancing 24/7 trading accessibility and efficiency.

Perpetual Futures Markets: Elevating the Global Trading Frontier

In 2025, Coinbase International Exchange accelerated expansion, broadening product access and improving the trading experience for clients worldwide. By significantly expanding our perpetual futures offering, increasing leverage, and deepening collateral flexibility, Coinbase International Exchange continued to grow liquidity and support more sophisticated trading strategies.

Key Milestones

• Expanded perpetual futures offering: Added 100 new assets to end with supporting 199 perpetual futures available on the platform, significantly growing global market access.

• Broadened collateral options: Now offer 42 assets as eligible collateral, increasing flexibility for traders.

• Increased maximum leverage: Raised leverage limits from 20x to 50x, enabling more advanced and capital efficient trading strategies.

• Surpassed $1 billion in open interest for perpetual futures: Reached this new record high in June, underscoring growing adoption and liquidity.

• Reached an overall peak of $4.8 billion in aggregate open interest across all perpetuals and futures in October, with Coinbase International Exchange contributing $872 million and Deribit contributing $3.95 billion.

Spot Markets: Accelerating Access & Liquidity

In 2025, we expanded access, improved execution, and increased reliability for clients across our spot markets. From reaching a record high in new asset listings and launching cross margin to introducing next-generation technology, we delivered meaningful upgrades to our spot markets that reinforced Coinbase as a trusted and efficient trading venue.

Key Milestones

• Introduced next-generation technology: Delivered a faster, more reliable trading experience for clients through next-generation matching technology and FIX 5.0 adoption.

• Enabled capital efficiency: Scaled exchange loans and launched cross margin, enabling clients to achieve up to 10x leverage on combined spot and futures positions.

• Expanded tradable assets: Reached a record high in new spot assets, bringing our offering to over 350 tradable assets and ensuring Coinbase remains the go-to venue for price discovery and liquidity.

• Unlocked access and execution: Gave clients more ways to trade and more places to trade through rolling out new markets, scaling RFQ for enhanced execution, and unifying spot liquidity across venues.

Looking Ahead to 2026

In 2026, Coinbase Markets will continue building a single, seamless, and trusted platform where clients can engage with the full spectrum of trading products. We plan to expand our product suite with new indexes, equities, and emerging assets that traders want, while enhancing liquidity, capital efficiency, and execution across markets. Deribit will be further integrated with our platforms to create a truly unified trading experience. By bringing spot, derivatives, and other products together in one cohesive environment, we aim to make trading simpler, more powerful, and more accessible for clients worldwide.

Source: Coinbase