Coinbase has announced that as of July 21, 2025, US users can legally engage in perpetual futures trading on its Coinbase Financial Markets (CFM) platform. This development follows regulatory approval from the Commodity Futures Trading Commission (CFTC). Perpetual futures, which do not have a monthly expiration date and allow for leverage, are the most traded crypto derivatives globally, comprising approximately 90% of the market. This marks a significant shift for US users, who were previously restricted from participating in such transactions due to regulatory constraints.