Hyperliquid has emerged as a leading decentralized exchange specializing in perpetual futures, enabling traders to access high leverage without extensive verification. The platform has generated significant trading volumes and revenue, attracting both casual and advanced users, while also raising concerns about the risks associated with leveraged trading. Critics warn it reflects a troubling trend of financial nihilism in the crypto space.

Coinbase is launching perpetual futures, allowing retail investors to utilize leverage in trading. This move aims to democratize access to advanced trading tools, previously available mainly to institutional investors. The introduction of these products reflects the growing trend of integrating sophisticated financial instruments into the cryptocurrency market.

U.S. traders can now access perpetual futures contracts through Coinbase Financial Markets, starting July 21, 2025. These CFTC-regulated derivatives allow for up to 10x leverage and have no monthly expiration dates, providing a new trading opportunity for the American crypto market.