Coinbase has expanded its derivatives lineup with the launch of gold and silver perpetual futures for eligible traders outside the United States, offering exposure to precious metals through crypto-native market infrastructure. The contracts are settled in USDC and support up to 25x leverage, the company said on May 6.
Gold and Silver Perpetual Futures Go Live
The new listings add commodities exposure to Coinbase’s growing derivatives suite, which has centered on perpetual futures settled in the USDC stablecoin. Perpetual futures are margin-based derivatives with no expiry; they track the underlying price via a funding-rate mechanism paid between long and short positions.
According to Coinbase (Nasdaq: COIN), the gold and silver perps:
- Are margined and settled in USDC, a U.S. dollar–pegged stablecoin.
- Offer maximum leverage of up to 25x, subject to account eligibility, risk limits, and market conditions.
- Are available to non-U.S. traders in select jurisdictions where Coinbase is authorized to offer derivatives.
Eligibility and Regional Availability
The products are not available to customers in the United States. Coinbase continues to roll out derivatives through its international venues, which operate under region-specific permissions and restrictions. Access, leverage limits, and margin requirements may vary by jurisdiction and customer profile.
Why It Matters
The addition of gold and silver perpetuals brings traditional commodities into a familiar crypto-derivatives format, allowing eligible traders to express macro views or hedge exposure using stablecoin collateral. USDC settlement can streamline funding and P&L for firms that already hold stablecoins, reducing reliance on bank rails and FX conversions.
Perpetual Futures 101
Perpetual futures are derivatives that do not expire. Instead, they use a funding-rate mechanism—periodic payments exchanged between longs and shorts—to keep contract prices aligned with spot markets. They enable directional and hedging strategies with margin and leverage, but carry heightened risk, including the potential for rapid losses and liquidation during volatile markets.