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Coinbase Derivatives rolled out gold and silver perpetual futures — GOLD-PERP and SILVER-PERP — for eligible non-U.S. traders, settling in USDC with up to 25x leverage.
Why it matters
The launch is the first time Coinbase's perpetual-futures engine has been used to wrap a non-crypto asset. USDC-margined commodity perps let traders express macro views in a venue native to crypto liquidity, and they give Coinbase Derivatives a new product vertical without needing a traditional futures-clearing licence in the offshore market.
Market impact
The strategic signal is the bigger story: Coinbase Derivatives is working with the CFTC to transition its regulated U.S. gold and silver futures to 24/7 trading, breaking from the traditional 23/5 commodities schedule. Pairing a 24/7 offshore product with a 24/7 onshore product — if approved — would give Coinbase a structurally different commodities book from CME and other legacy venues, and one more bridge for capital parked in stablecoins to reach traditional macro exposure.
Source: [Advanced Trade - Powerful tools that advanced traders love, with the security they deserve.](https://www.coinbase.com/advanced-trade)
Frequently asked questions
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What did Coinbase Derivatives launch?
Coinbase Derivatives rolled out gold and silver perpetual futures — GOLD-PERP and SILVER-PERP — for eligible non-U.S. traders, with USDC settlement and up to 25x leverage.
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What is the leverage on the new Coinbase perps?
GOLD-PERP and SILVER-PERP offer up to 25x leverage and are margined in USDC.
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Is Coinbase working with the CFTC on this?
Coinbase Derivatives is working with the CFTC to transition its regulated U.S. gold and silver futures to 24/7 trading, away from the traditional 23/5 commodities schedule.
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Why is this launch strategically significant?
It is the first time Coinbase's perpetual-futures engine has been used to wrap a non-crypto asset, opening a new USDC-margined product vertical for Coinbase Derivatives.
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Who can trade the new Coinbase gold and silver perps?
Eligibility is limited to non-U.S. traders; the offshore launch does not require a traditional futures-clearing licence.
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