Coinbase perps: fees, leverage and how they work
Coinbase offers two perps products. US users trade perpetual-style futures through Coinbase Financial Markets, a CFTC-registered futures broker, since July 21, 2025. Eligible non-US users trade perps on Coinbase International Exchange, licensed in Bermuda. From October 1, 2026, the International perps move to a platform that Deribit powers.
PerpFinder opened each source on 2026-09-25. No PerpFinder account traded on Coinbase.
What the product is
In the US, Coinbase Financial Markets (CFM) offers perpetual-style futures that Coinbase Derivatives lists.
Source: Coinbase blog: perpetual futures have arrived in the US (July 21, 2025), Coinbase Derivatives exchange page (read 2026-09-25).
Coinbase pages do not agree on the US expiry. The overview states a five-year expiry, on December 20, 2030. The contract specifications state no expiration date.
Source: Coinbase help: US perpetual futures overview, Coinbase help: perpetual-style futures contract specifications (read 2026-09-25).
US contract sizes are 0.01 BTC, 0.10 ETH, 5 SOL and 500 XRP.
Source: Coinbase help: perpetual-style futures contract specifications (read 2026-09-25).
Outside the US, Coinbase International Exchange lists perps. On 2026-09-25, all of its trading perps were quoted in USDC.
Source: Coinbase International Exchange API: instruments (read 2026-09-25).
Launch date and status
US customers can trade CFTC-regulated perpetual-style futures from July 21, 2025.
Source: Coinbase blog: perpetual futures have arrived in the US (July 21, 2025) (read 2026-09-25).
Coinbase announced Coinbase International Exchange on May 2, 2023. On September 28, 2023, it announced Bermuda approval of perps for eligible non-US retail customers.
Source: Coinbase blog: introducing Coinbase International Exchange (May 2, 2023), Coinbase blog: approval to enable retail perpetual futures (September 28, 2023) (read 2026-09-25).
From October 1, 2026, the exchange infrastructure behind Coinbase International perps moves to a combined platform that Deribit powers.
Source: Coinbase developer docs: derivatives overview (read 2026-09-25).
Where the orders fill and clear
Coinbase Derivatives, LLC is a designated contract market registered with the CFTC. Nodal Clear, the clearing house, calculates the US funding payments.
Source: Coinbase Derivatives exchange page, Coinbase help: perpetual-style futures funding rate (read 2026-09-25).
Coinbase Financial Markets is a CFTC-registered futures commission merchant and a member of the National Futures Association.
Source: Coinbase help: US perpetual futures overview (read 2026-09-25).
Regulator status
Coinbase Bermuda Ltd and Coinbase Bermuda Services Ltd each hold a Class F digital asset business license under the Bermuda Digital Asset Business Act 2018.
Source: Coinbase International Exchange user agreement (read 2026-09-25).
For the platform after the migration, the Coinbase FAQ names Coinbase Bermuda Limited (BMA), Deribit FZE (VARA) and DRB Panama, Inc.
Source: Coinbase help: International Exchange and Deribit FAQ (read 2026-09-25).
Who can use it
The US overview states access for residents of the US, Canada and most countries in the European Economic Area (EEA). EEA access runs through Coinbase Financial Services Europe Ltd.
Source: Coinbase help: US perpetual futures overview (read 2026-09-25).
Coinbase International perps are available only in select regions outside the United States. In Australia, only wholesale investors can use them.
Source: Coinbase help: get started with international derivatives (read 2026-09-25).
Trading fees
The US launch post states fees as low as 0.02% per contract, with a minimum of $0.15 per contract.
Source: Coinbase blog: perpetual futures have arrived in the US (July 21, 2025) (read 2026-09-25).
On Coinbase International Exchange, the entry tier (Public Tier 10) pays 0.020% maker and 0.040% taker.
Source: Coinbase help: International Exchange fees (read 2026-09-25).
The Advanced Trade perpetuals guide lists promotional retail rates of 0.00% maker and 0.03% taker.
Source: Coinbase developer docs: Advanced Trade perpetuals guide (read 2026-09-25).
Funding mechanics
US funding payments occur every hour, on the hour. Each new rate is 0.75 times the premium plus 0.25 times the previous rate.
Source: Coinbase help: US perpetual futures overview, Coinbase help: perpetual-style futures funding rate (read 2026-09-25).
On 2026-09-25, the International instruments API showed a 1-hour funding interval for every trading perp.
Source: Coinbase International Exchange API: instruments (read 2026-09-25).
After the migration, funding accrues all the time and settles once a day at 08:00 UTC. The cap per 8 hours is ±0.5% for BTC and ±1.0% for ETH.
Source: Coinbase help: International Exchange and Deribit FAQ (read 2026-09-25).
Leverage and margin
The US launch post states up to 10x intraday leverage on crypto perps.
Source: Coinbase blog: perpetual futures have arrived in the US (July 21, 2025) (read 2026-09-25).
The International help center states up to 50x on select contracts and up to 25x on others. The Advanced Trade guide states a maximum of 10x.
Source: Coinbase help: International Exchange leverage, Coinbase developer docs: Advanced Trade perpetuals guide (read 2026-09-25).
Available markets
The Coinbase Derivatives product list showed four crypto perps on 2026-09-25: nano BTC, ETH, XRP and SOL.
Source: Coinbase Derivatives exchange page (read 2026-09-25).
The exchange fee schedule, effective August 17, 2026, has 30 perp and perp-style rows, including COIN50 and PAXG.
Source: Coinbase Derivatives fee schedule (effective August 17, 2026) (read 2026-09-25).
On 2026-09-25, the International instruments API listed 131 perps in the state TRADING and 133 delisted perps.
Source: Coinbase International Exchange API: instruments (read 2026-09-25).
API and documentation
The derivatives changelog added US perp-style futures market data APIs on July 1, 2025. Retail traders use the Advanced Trade perpetuals guide.
Source: Coinbase developer docs: derivatives changelog, Coinbase developer docs: Advanced Trade perpetuals guide (read 2026-09-25).
The International Exchange API has its own docs. After the migration, the REST base changes to drb.coinbase.com/api/v2.
Source: Coinbase International Exchange API docs, Coinbase developer docs: derivatives overview (read 2026-09-25).
Measured cost
The PerpFinder cost engine reads the Coinbase International Exchange book (BTC-PERP-INTX). It does not read the US perpetual-style futures book. The table shows one BTC taker market order, measured at 2026-09-25 12:55 UTC.
| Order | Venue | Fee (bps) | Half-spread (bps) | Impact (bps) | Total (bps) | Cost |
|---|---|---|---|---|---|---|
| $10,000 BTC | Coinbase | 4.00 | 0.01 | 0.00 | 4.01 | $4.01 |
| $10,000 BTC | Hyperliquid | 4.50 | 0.06 | 0.00 | 4.56 | $4.56 |
| $10,000 BTC | Binance | 5.00 | 0.01 | 0.12 | 5.13 | $5.13 |
| $100,000 BTC | Coinbase | 4.00 | 0.01 | 0.00 | 4.01 | $40.06 |
| $100,000 BTC | Hyperliquid | 4.50 | 0.06 | 0.00 | 4.56 | $45.59 |
| $100,000 BTC | Binance | 5.00 | 0.01 | 0.83 | 5.84 | $58.37 |
The fee column uses the entry-tier taker fee of each venue. Read the cost ranking for all venues and sizes.
Coinbase against Hyperliquid and Binance
| Term | Coinbase | Hyperliquid | Binance |
|---|---|---|---|
| Entry-tier fee | 0.040% taker, 0.020% maker (International, entry tier) source | 0.045% taker, 0.015% maker (tier 0) source | 0.050% taker, 0.020% maker (regular user) source |
| Maximum leverage | 50x on select International contracts; 10x intraday in the US source | 40x on BTC source | 150x on BTCUSDT (smallest bracket) source |
| Funding | Every hour (US and International, before the migration) source | Every hour source | Every 8 hours on BTCUSDT source |
| Custody | Custodial; US accounts at a CFTC-registered FCM source | Not in the sources read | Not in the sources read |
| Access | US, Canada, most of the EEA (US product); select non-US regions (International) source | Not for the US, Ontario or sanctioned regions source | Not in the sources read |
Each cell links its own source. A cell without a source shows that the pages PerpFinder read do not state the value.
Risks and open questions
Leverage increases losses as well as gains. A small price move against a leveraged position can cause liquidation and the loss of the margin.
- Two Coinbase pages give different answers on whether the US contract expires.
- PerpFinder found no funding cap for the US perpetual-style futures.
- PerpFinder found no full country list for Coinbase International perps.
- The measured book can change when the International perps move to the new platform on October 1, 2026.
Terms used on this page
- Funding rate
- A funding rate is the periodic payment between long and short positions that keeps a perpetual futures price near its index price. When the rate is positive, longs pay shorts.
- Total trading cost (all-in cost)
- Total trading cost (all-in cost) is the selected-side cost of one order at a given size: the fee plus half of the spread plus the price impact, in bps and USD.
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Risk Warning: Trading perpetual futures involves substantial risk of loss and is not suitable for all investors. Past performance does not guarantee future results. Only trade with funds you can afford to lose.