Hyperliquid

Base

Limitless

United

<p>Coinbase has added more than 290 perpetual contract markets to the Base App through Hyperliquid, giving eligible users access to leverage of up to 50 times.</p>
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 <div class="cn-block-summary__nav tabs"><span>Summary</span>
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   <li>More than 290 perpetual markets are available through the Base App.</li>
   <li>Hyperliquid executes the trades while users remain inside their existing wallets.</li>
   <li>Leverage reaches 50x on supported markets, raising the risk of liquidation.</li>
   <li>Users in the United States, United Kingdom, and Canada cannot access the product.</li>
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<p>According to an Aug. 19 report, Coinbase <a href="https://decrypt.co/375921/coinbase-50x-crypto-perps-base-app-hyperliquid" rel="noopener noreferrer nofollow">said</a> that the integration covers Bitcoin, Ethereum, and contracts tied to stocks and commodities, although the leverage limit varies by market.</p>
<h2 class="wp-block-heading" id="coinbase-brings-hyperliquid-trading-into-base-app">Coinbase brings Hyperliquid trading into Base App</h2>
<p>Rather than operating a separate derivatives venue inside the Base App, Coinbase is routing perpetual contract orders to Hyperliquid for execution. Users can open and manage positions without leaving their existing wallets, according to the company.</p>
<p>Coinbase Head of Engineering Chintan Turakhia described Hyperliquid as one of the highest-performance on-chain perpetual trading protocols, pointing to its liquidity and execution speed as reasons for the integration.</p>
<p>“Because we support multiple chains and ecosystems, this integration lets our users tap into its deep liquidity and speed without ever leaving their existing wallet,” Turakhia said in a statement.</p>
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<p>The arrangement keeps the trading interface inside the Base App while relying on Hyperliquid’s infrastructure to process orders. Coinbase did not disclose whether it receives a share of trading fees, pays Hyperliquid for order execution, or applies additional charges to trades placed through the app.</p>
<p>Perpetual contracts let traders take long or short positions on an asset without buying the underlying instrument. Unlike dated futures, the contracts have no fixed expiry, while funding payments between long and short traders help keep their prices close to the referenced market.</p>
<p>Alongside Bitcoin and Ethereum, the available markets include contracts linked to equities and commodities. Coinbase did not provide a complete list of the supported markets in its announcement, and leverage can fall below the advertised 50x maximum depending on the asset.</p>
<p>The stock-linked products provide price exposure through derivatives rather than ownership of company shares. Traders therefore do not receive voting rights, dividends or other rights normally attached to the underlying stock.</p>
<p>A June <a href="https://crypto.news/coinbase-pre-ipo-perps-spacex-openai-anthropic/" rel="noopener noreferrer nofollow">report on pre-IPO perpetuals</a> examined Coinbase’s contracts tied to private companies, including SpaceX, OpenAI, and Anthropic. Such products rely on constructed reference prices because privately held companies do not have continuously traded public shares.</p>
<h2 class="wp-block-heading" id="up-to-50x-leverage-raises-liquidation-risk">Up to 50x leverage raises liquidation risk</h2>
<p>Using 50x leverage allows a trader to control a position worth 50 times the capital committed as margin. The same structure can amplify losses, with relatively small price changes capable of exhausting the funds supporting a position.</p>
<p>Coinbase said positions may be liquidated when losses pass the applicable maintenance threshold. Hyperliquid’s execution system can close a position if the trader no longer has enough collateral to keep it open, although the precise liquidation level depends on the market, position size, and leverage selected.</p>
<p>Turakhia said perpetual contracts account for about 75% of current cryptocurrency trading volume, describing the product as the most requested addition among frequent Base App users.</p>
<p>“Perps are where the volume is—roughly 75% of all crypto trading today is perps, not spot,” he said.</p>
<p>Coinbase did not identify the dataset or measurement period behind the 75% figure. Trading-volume estimates can differ depending on whether a calculation includes centralized exchanges, decentralized protocols, dated futures, options, and exchanges that do not publish independently verified figures.</p>
<p>Hyperliquid has developed into one of the largest on-chain venues for perpetual contracts. A May <a href="https://crypto.news/hyperliquid-changed-the-rules-product-quality-matters-again/" rel="noopener noreferrer nofollow">review of the protocol</a> cited industry trackers showing that it processed more monthly perpetual volume than several competing decentralized platforms combined.</p>
<p>For Base App users, the integration removes the need to open a separate Hyperliquid interface before entering a position. Coinbase, however, has not said whether the Base App will offer every Hyperliquid order type or provide the same trading controls available through Hyperliquid’s native platform.</p>
<h2 class="wp-block-heading" id="us-users-remain-blocked-from-base-app-perpetuals">US users remain blocked from Base App perpetuals</h2>
<p>Coinbase said the new perpetual product is unavailable in the United States, the United Kingdom, Canada, and other jurisdictions that restrict leveraged cryptocurrency derivatives.</p>
<p>American customers therefore cannot use the Base App integration to trade Hyperliquid perpetuals. Coinbase offers separate futures products in the United States through Coinbase Financial Markets, a futures commission merchant registered with the Commodity Futures Trading Commission and a member of the National Futures Association.</p>
<p>According to <a href="https://help.coinbase.com/coinbase/trading-and-funding/derivatives/risk-management-and-liquidations" rel="noopener noreferrer nofollow">Coinbase’s risk disclosures</a>, its regulated U.S. futures service can liquidate positions if a customer’s margin ratio reaches 100%. The company also warns that leveraged futures may produce losses exceeding the amount initially deposited.</p>
<p>Funds placed in a U.S. Coinbase Financial Markets futures account fall under CFTC customer-protection rules, including segregation requirements. Coinbase states that ordinary spot balances held by Coinbase Inc. do not receive the same protection.</p>
<p>Hyperliquid perpetuals inside the Base App are separate from the regulated U.S. futures service. Coinbase has not announced a timetable for seeking American access to the new integration or identified a U.S.-regulated entity that would offer the contracts.</p>
<p>The geographic limits also exclude UK users from the product, even though Coinbase has recently expanded other services in the country. In August, the exchange began <a href="https://crypto.news/coinbase-brings-nearly-4000-u-s-stocks-to-uk-users/" rel="noopener noreferrer nofollow">rolling out access</a> to almost 4,000 U.S. stocks for eligible UK customers, with trading available 24 hours a day on weekdays.</p>
<h2 class="wp-block-heading" id="base-app-has-returned-its-focus-to-financial-products">Base App has returned its focus to financial products</h2>
<p>The Hyperliquid integration follows a change in Base App’s product priorities after its earlier focus on social feeds, creators, and creator tokens failed to produce the user growth its developers expected.</p>
<p>As crypto.news <a href="https://crypto.news/jesse-pollak-steps-back-from-base-app-after-social-bet-falls-short/" rel="noopener noreferrer nofollow">reported in July</a>, Base creator Jesse Pollak said the network had fallen behind in prediction markets and perpetual futures while concentrating on social products.</p>
<p>Pollak wrote that demand for the social features had “disintegrated completely” and called the creator-led approach the “wrong bet.” He subsequently stepped back from leading the Base App to concentrate on the development of the Base blockchain, while Coinbase resumed control of the application.</p>
<p>Trading, payments, stablecoins, and AI agents have since taken a more prominent role in the app’s development. Coinbase has also pursued an “Everything Exchange” model that combines crypto markets with stocks, derivatives, prediction markets, and other financial products.</p>
<p>In July, <a href="https://crypto.news/coinbase-prediction-markets-100-million-fastest-product/" rel="noopener noreferrer nofollow">coverage of prediction markets</a> showed that Coinbase had described the category as one of its fastest-growing products. The company’s first-quarter 2026 shareholder materials said retail derivatives had passed $200 million in annualized revenue, while derivatives volume over the previous 12 months had risen 169% year over year.</p>
<p>Base already offered perpetual trading through Avantis and prediction markets through Limitless, but Pollak acknowledged in July that both products trailed larger competitors. Dune Analytics data cited at the time showed that Limitless accounted for about 0.5% of monthly prediction-market notional volume.</p>
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Coinbase adds 50x Hyperliquid perpetuals to Base App

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