TLDR
- Coinbase Derivatives is launching the first CFTC-regulated 24/7 Bitcoin and Ethereum futures trading in the US
- The company is also developing a perpetual-style futures contract without fixed expiration dates
- Currently, US crypto derivatives traders face limitations with fixed trading hours, unlike global markets
- The crypto derivatives market represents about 75% of total crypto trading volume
- This move aligns US markets with global standards and responds to demand from crypto-native traders
Coinbase Derivatives, LLC is set to launch the first CFTC-regulated 24/7 Bitcoin and Ethereum futures contracts in the United States.
This move will allow US traders to access crypto futures markets without interruption, matching the always-on nature of spot cryptocurrency markets.
Currently, US futures markets operate within fixed trading hours. This limitation forces traders to wait during key market movements, creating a gap between US and global trading capabilities.
Greg Tusar, Coinbase’s VP of Institutional Product, explained the reasoning behind the launch. “Crypto markets never sleep, and traders need the ability to manage risk and seize opportunities in real time,” he stated.
The company is responding to strong demand from US crypto-native clients. These traders have been at a disadvantage compared to international counterparts who already enjoy continuous market access.
The 24/7 futures will offer various contract sizes to accommodate different types of traders. Both retail traders and institutions will have options that align with their trading strategies.
Coinbase is partnering with Nodal Clear to ensure CFTC-regulated clearing. Coinbase Financial Markets will provide market access from the start of the program.
Perpetual Futures
Beyond the 24/7 trading capability, Coinbase is also developing a perpetual-style futures contract. Unlike traditional futures, perpetual contracts do not have fixed expiration dates.
This allows traders to maintain positions indefinitely. It removes the need to constantly roll over contracts as expiration dates approach.
The perpetual-style futures will be designed to mirror global crypto derivatives markets. At the same time, they will meet US regulatory standards.
Coinbase has been working closely with the CFTC on this product. They are collaborating with partners and market participants to finalize the design.
Derivatives Market
The crypto derivatives market represents approximately 75% of all crypto trading volume. Industry projections suggest it will grow from $1.5 billion in 2024 to $5 billion by 2032.
Until now, much of this trading has occurred on offshore platforms like Binance. These international exchanges offer products that are not available under US regulation.
Recent events have highlighted the limitations of fixed trading hours. When Donald Trump announced a proposed US Crypto Reserve on a Sunday, spot crypto traders could react immediately.
However, futures traders had to wait until Monday when markets reopened. This delay demonstrated the inefficiencies of traditional market structures.
Nasdaq Trading Hours
Other financial markets are also moving toward extended hours. Nasdaq has announced plans to introduce 24-hour stock trading by 2026, showing growing demand for always-on markets.
Nasdaq President Tal Cohen stated, “We are excited to share that Nasdaq has begun engaging with regulators, market participants and other key stakeholders, with a view of enabling 24-hour trading five days a week on the Nasdaq Stock Market.”
Robinhood CEO Vlad Tenev has pointed out how blockchain technology enables seamless trading.
“24/7 is going to be tough with traditional infrastructure, but if we think about tokenization, that’s one of the advantages… blockchains run 24/7—it’s just software,” he said.
Some global markets have already seen benefits from extended trading hours. The Taiwan Stock Exchange reportedly experienced increased trading volumes after introducing more continuous trading sessions.
Coinbase views these developments as part of a broader evolution in US markets. The company is inviting FCMs, market participants, and institutions to join in building the next generation of global crypto derivatives.
