According to recent data released by Coinbase International Exchange, the monthly perpetual futures trading volume for July exceeded $38 billion, marking a new milestone in the cryptocurrency derivatives market. This record-breaking amount is the highest trading volume recorded since the inception of perpetual futures trading in May 2024.
The data also revealed that the 24-hour trading volume for Ether perpetual futures reached $1.5 billion, surpassing bitcoin‘s $1.3 billion. Additionally, the total open interest for Ether futures perpetual contracts was reported at $10.9 million, compared to $20.9 million for bitcoin futures perpetual contracts.
Coinbase Sets New Trading Volume Records Amid Market Downturn
Despite the significant downturn in the overall cryptocurrency market, with both bitcoin and Ether experiencing double-digit price declines, Coinbase managed to achieve exceptional trading volumes in July. The exchange’s focus on perpetual futures trading has proven to be a successful strategy, attracting traders seeking flexibility and efficiency in their derivatives trading activities.
Perpetual futures, also known as “perps,” have become the cornerstone of Coinbase’s derivatives trading platform due to their unique funding rate mechanism. This mechanism allows perps to closely track spot prices, mirroring the behavior of fixed-term futures contracts. As a result, perps have gained popularity among traders for not only speculative trading but also hedging and arbitrage strategies.
Bermuda Authority Approves Coinbase for Perpetual Futures Trading
In a significant development last year, the Bermuda Monetary Authority granted regulatory approval to Coinbase, allowing the exchange to offer perpetual futures contracts to customers outside the US. This approval expanded Coinbase’s reach in the derivatives market, enabling retail traders to access regulated perpetual futures on the Coinbase Advanced platform.
Since launching its crypto derivatives services for institutional clients in May 2023, Coinbase International has played a pivotal role in shaping the landscape of crypto derivatives trading. The approval from the Bermuda Authority further solidified Coinbase’s position in the market, providing retail traders with new opportunities to participate in the growing derivatives market.
Coinbase Introduces Pre-Launch Markets for Unreleased tokens
In a move to offer innovative trading opportunities, Coinbase unveiled pre-launch markets on its International Exchange and Coinbase Advanced platforms. These pre-launch markets allow qualified retail users to trade perpetual futures contracts on unreleased tokens, giving them early access to upcoming projects and the ability to influence their market prices.
By introducing new features such as pre-launch markets and expanding its offerings in the derivatives space, Coinbase continues to demonstrate its commitment to driving innovation and providing traders with unique trading opportunities. As the cryptocurrency market evolves, Coinbase remains at the forefront of delivering cutting-edge solutions for both retail and institutional traders.