Key Takeaways
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Coinbase has added Hyperliquid perpetual futures to Base App, covering more than 290 cryptos, tokenized stocks, and commodity markets.
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Eligible self-custody users can trade with leverage of up to 50x, although losses can trigger rapid liquidations.
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Hyperliquid provides the liquidity and execution infrastructure, while users trade through the Base App interface.
Coinbase has integrated Hyperliquid’s perpetual futures into Base App, giving eligible users access to more than 290 leveraged markets without leaving their self-custody wallet.
The new product supports leverage of up to 50x on selected markets, including Bitcoin, Ethereum, tokenized equities, and commodities. Hyperliquid provides the underlying liquidity and execution infrastructure, while Coinbase keeps the trading interface inside Base App.
However, the service will not initially be available in the US, the UK, Canada, or other jurisdictions that restrict leveraged crypto derivatives.
The launch marks a significant expansion of Coinbase’s relationship with Hyperliquid and reflects Base App’s shift away from crypto-native social features toward trading, payments and other financial services.
Coinbase Targets the Largest Segment of Crypto Trading
Perpetual futures, commonly called perps, allow traders to speculate on whether an asset’s price will rise or fall without owning it directly. Unlike conventional futures contracts, they do not have an expiry date.
Leverage lets traders control positions larger than their initial capital, potentially multiplying profits. However, it also amplifies losses, and Coinbase warned that positions could face liquidation when losses exceed specified thresholds.
According to Coinbase, perps account for roughly 75% of total cryptocurrency trading volume. Chintan Turakhia, Coinbase’s head of engineering, described them as the “single most requested feature” among Base App’s power users.
“Our most active users have been telling us clearly that leverage is what would get them to stay,” Turakhia said.
The integration allows Base App users to trade around the clock while retaining control of their assets through a self-custody wallet.
Coinbase has not yet disclosed the complete list of markets, fee structure or detailed contract specifications. The maximum leverage available will vary depending on the asset.
Hyperliquid Handles Execution and Liquidity
Rather than developing a new onchain derivatives engine, Coinbase is routing Base App orders through Hyperliquid’s existing trading infrastructure.