Coinbase has expanded the Base App into leveraged derivatives by integrating more than 290 perpetual contract markets powered by Hyperliquid.
The new product gives eligible users access to perpetual contracts tied to Bitcoin, Ethereum, equities and commodities without requiring them to leave their existing wallets. Hyperliquid handles trade execution, while Coinbase keeps the user experience inside the Base App.
The integration also introduces leverage of up to 50 times on supported markets, although the actual maximum varies by asset.
The move represents another step in Coinbase’s broader effort to turn Base App into a financial platform built around trading, payments, stablecoins, derivatives and other market products.
Hyperliquid Handles Execution Behind the Base App Interface
Coinbase is not operating a separate perpetual exchange directly inside Base App.
Instead, orders are routed to Hyperliquid.
Users can open and manage positions through Coinbase’s interface while relying on Hyperliquid’s underlying trading infrastructure.
Coinbase Head of Engineering Chintan Turakhia said the company selected Hyperliquid because of its liquidity and execution performance.
The structure allows Base App users to access the protocol without opening Hyperliquid’s native interface separately.
More Than 290 Markets Are Available
The integration covers more than 290 perpetual contract markets.
Bitcoin and Ethereum are included, but the offering also extends beyond conventional cryptocurrency contracts.
Coinbase said the available products include derivatives linked to equities and commodities.
The company did not publish a complete list of every supported contract in the announcement.
It also made clear that the maximum leverage available will depend on the market.
Perpetual Contracts Do Not Have an Expiry Date
Perpetuals differ from conventional dated futures because they have no fixed expiration.
Traders can maintain long or short exposure for as long as margin requirements and market conditions allow.
Funding payments between long and short participants are used to keep perpetual prices relatively close to their reference markets.
That structure has made perpetuals one of the most heavily used trading products in crypto markets.
Equity-Linked Products Do Not Represent Stock Ownership
Some of the available contracts provide exposure to the price movements of equities.
However, those instruments do not grant ownership of the underlying company shares.
Traders do not receive voting rights.
They also do not receive dividends or other shareholder rights normally attached to the underlying stock.
The product therefore offers price exposure through a derivative rather than direct equity ownership.
Private-Company Contracts Require Constructed Reference Prices
Coinbase has previously offered perpetual products tied to private companies such as SpaceX, OpenAI and Anthropic.
Those instruments present an additional challenge because privately held companies do not have continuously traded public share prices.
As a result, their reference values must be constructed rather than taken directly from a liquid public exchange.
That distinction is important when evaluating how closely the derivative may track the perceived value of the underlying company.
Leverage Can Reach 50x
The most aggressive feature of the integration is leverage of up to 50 times.
At 50x leverage, a trader can control a position worth 50 times the capital committed as margin.
That greatly magnifies potential gains.
It also increases liquidation risk substantially.
A relatively small move against the position can exhaust the collateral supporting it.
Liquidations Can Happen Quickly at High Leverage
Coinbase said positions may be liquidated when losses push them beyond the applicable maintenance requirement.
Hyperliquid can automatically close positions when available collateral is no longer sufficient.
The exact liquidation level varies depending on the market, position size and leverage selected.
That means the headline 50x maximum does not describe the risk profile of every position equally.
Perpetuals Account for a Large Share of Crypto Trading
Turakhia described perpetuals as the most requested product among frequent Base App users.
He also said roughly 75% of current cryptocurrency trading volume comes from perpetual contracts rather than spot markets.
Coinbase did not identify the underlying dataset or measurement period for that estimate.
Reported market-share figures can vary depending on whether calculations include centralized exchanges, decentralized protocols, dated futures, options and venues with differing reporting standards.
Hyperliquid Has Become a Major Onchain Venue
Hyperliquid has developed into one of the largest decentralized venues for perpetual trading.
A May review cited industry trackers indicating that the protocol processed more monthly perpetual volume than several competing decentralized platforms combined.
That scale helps explain why Coinbase chose it as the execution layer for the Base App integration.
For Coinbase, the arrangement provides immediate access to an established derivatives liquidity pool rather than requiring the company to build a new venue from scratch.
Coinbase Has Not Disclosed the Commercial Terms
The financial arrangement between Coinbase and Hyperliquid remains unclear.
Coinbase has not disclosed whether it receives part of the trading fees.
It has also not said whether it pays Hyperliquid for execution or charges additional fees on transactions placed through Base App.
Those details will matter when evaluating how much revenue the integration may eventually generate for Coinbase.
The Base App May Not Mirror Every Hyperliquid Feature
Another open question concerns functionality.
Coinbase has not said whether Base App users will receive access to every Hyperliquid order type.
It also has not confirmed whether trading controls inside the app will match those available through Hyperliquid’s native interface.
The integration clearly simplifies access, but it may not reproduce the entire underlying platform.
U.S. Users Cannot Access the New Product
The new perpetual offering is unavailable to users in the United States.
Customers in the United Kingdom and Canada are also excluded, along with other jurisdictions that restrict leveraged cryptocurrency derivatives.
For American users, this means the Hyperliquid integration cannot be used through Base App.
Coinbase operates a separate regulated futures business in the United States.
Coinbase Uses a Different Structure for U.S. Futures
Coinbase Financial Markets offers futures to U.S. customers through a futures commission merchant registered with the Commodity Futures Trading Commission and belonging to the National Futures Association.
That service is separate from the Hyperliquid-powered Base App product.
Coinbase’s U.S. risk disclosures warn that leveraged futures positions may be liquidated when a customer’s margin ratio reaches 100%.
The company also warns that losses can exceed the initial deposit.
U.S. Futures Accounts Receive Different Protections
Funds held inside a Coinbase Financial Markets futures account fall under CFTC customer-protection rules.
Those protections include segregation requirements.
Ordinary spot balances held through Coinbase Inc. do not receive the same treatment.
The distinction matters because the new Base App perpetual integration exists outside that regulated U.S. futures structure.
No U.S. Launch Timeline Has Been Announced
Coinbase has not announced when, or whether, the Hyperliquid perpetual product could become available to American customers.
It has also not identified a U.S.-regulated entity that could offer those contracts.
For now, the geographic restriction is a defining feature of the rollout.
The same limitation applies to UK and Canadian users.
Base App Is Moving Back Toward Financial Products
The Hyperliquid integration comes after a broader strategic reset inside Base App.
The application had previously devoted significant attention to social feeds, creators and creator tokens.
That strategy failed to generate the level of user growth developers expected.
Base creator Jesse Pollak later acknowledged that the network had fallen behind in areas such as prediction markets and perpetual futures.
The Social Strategy Was Reconsidered
Pollak said demand for the social features had effectively disappeared.
He described the creator-focused strategy as the wrong bet.
He subsequently stepped back from leading Base App to focus on the Base blockchain itself.
Coinbase then resumed direct control of the application.
Trading and Payments Now Play a Larger Role
Since that change, Base App has shifted toward financial functionality.
Trading, payments, stablecoins and AI agents have become more important in its roadmap.
Coinbase has also promoted an “Everything Exchange” model designed to combine crypto assets with stocks, derivatives, prediction markets and other financial products.
The Hyperliquid integration fits directly into that strategy.
Derivatives Are Already Becoming More Important for Coinbase
Coinbase’s first-quarter 2026 shareholder materials said retail derivatives had surpassed $200 million in annualized revenue.
Derivatives volume over the previous 12 months had increased 169% year over year.
Those numbers help explain why the company is placing greater strategic emphasis on leveraged products.
The market is already becoming economically significant for the exchange.
Base Had Perpetual Products Before Hyperliquid
Base was not entirely absent from perpetual trading before this integration.
The network already supported perpetual products through Avantis.
It also offered prediction markets through Limitless.
However, Pollak acknowledged in July that both products remained behind larger competitors.
The Hyperliquid partnership gives Base App access to a much larger existing perpetual market.
Conclusion
Coinbase has integrated more than 290 perpetual markets into Base App using Hyperliquid as the execution layer.
Eligible users can trade products tied to crypto assets, equities and commodities while remaining inside their existing wallets.
Leverage can reach 50x on supported markets, but that significantly increases liquidation risk.
The product is unavailable in the United States, United Kingdom and Canada.
Final Takeaway
The Hyperliquid integration is more than a new trading feature. It signals Coinbase’s continued shift away from Base App’s earlier social-media ambitions and toward a broader financial-platform strategy. By bringing a large onchain perpetual venue directly into the app, Coinbase is making leveraged derivatives easier to access for eligible users while relying on Hyperliquid for the underlying liquidity and execution.
