Coinbase Routes Base App Users to Hyperliquid's Perps. No US Access Yet

Coinbase has integrated Hyperliquid’s perpetual futures trading into its Base App, giving eligible self-custody users access to more than 290 markets including Bitcoin, Ethereum, tokenised stocks and commodities. The platform offers leverage up to 50x and warns that positions can be liquidated if losses exceed set thresholds.

Hyperliquid, one of the largest onchain derivatives venues, handles trade execution while the interface remains inside Base App. The product is not available to users in the US, UK or Canada.

Perpetuals are “the single most requested feature from our power users,” said Coinbase Head of Engineering Chintan Turakhia. According to Coinbase, perpetuals now account for roughly three-quarters of all crypto trading volume, far exceeding spot trading.

Rather than building its own onchain perpetuals engine, Coinbase is routing trades to Hyperliquid’s existing liquidity and matching infrastructure. The arrangement mirrors Coinbase’s move on 29 May, when its regulated subsidiary Coinbase Financial Markets became the first CFTC-registered futures commission merchant to offer US institutional clients access to global crypto derivatives. Options on Deribit are already live, with perpetual futures and retail access described as forthcoming.

Separately, Coinbase became Hyperliquid’s official treasury deployer for USDC on 14 May, managing the dollar liquidity underpinning Hyperliquid’s markets. The Base App integration adds a retail distribution layer on top of that existing relationship.

Base App was relaunched last year as an “everything app” built around crypto-native social features, including Farcaster, Zora and creator coins. In a July post on X, Coinbase’s Jesse Pollak acknowledged that bet had not paid off, stating the company “made the right bet on builders, but obviously the wrong bet on social.” He noted that builders drove the next wave through prediction markets, perpetuals and stablecoins, but the social side of the market collapsed entirely.

Coinbase has not disclosed further contract specifications for the integration beyond the leverage cap, including fee structure or a full list of supported markets.