Coinbase Adds Hyperliquid Perpetual Futures To Base App With Up To 50x Leverage

Coinbase has integrated Hyperliquid perpetual futures into Base App, giving eligible users access to more than 290 leveraged markets without leaving their self-custody wallet.

The new product covers Bitcoin, Ethereum, equity-linked markets and commodities, with leverage reaching 50x on supported contracts. Hyperliquid handles trade execution and liquidity while Base App provides the user-facing trading interface.

Coinbase Head of Engineering Chintan Turakhia called perpetuals the “single most requested feature from our power users”, with the company increasingly building Base App around trading alongside payments and AI-powered services.

Hyperliquid Brings More Than 290 Markets Into Base App

Users can open long or short positions directly from Base App while retaining their existing wallet setup. Available leverage varies by market and can reach 50x, increasing both capital efficiency and liquidation risk when positions move against the trader.

The integration deepens an existing relationship between the two companies. Coinbase became Hyperliquid’s official USDC treasury deployer in May as the network shifted more of its collateral and settlement infrastructure toward USDC.

That rollout continued when Coinbase activated Hyperliquid’s USDC treasury wallet under the AQAv2 framework in June, connecting Coinbase more directly to the liquidity infrastructure supporting Hyperliquid’s trading markets.

Hyperliquid has expanded far beyond crypto-only contracts. Its 24/7 markets now provide exposure to assets including equities, commodities and private-market names, helping the platform develop into an after-hours trading venue for Wall Street-linked markets.

Perpetuals Dominate Crypto Trading Volume

Coinbase has estimated that derivatives account for roughly 75% of global crypto trading volume, giving the company a strong incentive to place perpetual futures deeper inside its consumer products.

The exchange has already been expanding aggressively into non-crypto derivatives. Coinbase launched SpaceX pre-IPO perpetual futures in June, adding synthetic exposure to private companies, while separate gold and silver perpetuals brought 24/7 commodity trading into its international derivatives lineup.

Hyperliquid provides Base App with a much broader onchain market catalogue without Coinbase having to operate the underlying execution venue itself.

Base App Shifts Further Toward Trading

Coinbase originally positioned Base App as an onchain everything app combining social feeds, creator tools, messaging, payments and trading. Its latest product direction is putting more emphasis on markets, stablecoin payments and AI agents after social features failed to generate the adoption originally expected.

The Hyperliquid integration is unavailable to users in the United States, United Kingdom, Canada and other jurisdictions where leveraged crypto derivatives are restricted.

Coinbase operates separate regulated derivatives products in several of those markets, including U.S. perpetual futures and a newly expanded derivatives offering for eligible professional investors in the UK.