Coinbase Launches Stock Perps for the World, US Degens Left Swiping on Robinhood

Coinbase has just dropped cash-settled, leveraged stock perpetual futures for its non-US users, adding another shiny toy to its "everything exchange" playground. The contracts—live on Coinbase Advanced for the retail crowd and Coinbase International Exchange for the suits—offer up to 20x leverage on blue-chip US names like Apple, Microsoft, Nvidia, and S&P 500 ETFs. It's like giving the global degen community a credit card for the Fortune 500.

This play arrives as perpetual futures continue to eat the financial world, with DEXs chewing through over US$1.2 trillion in monthly volume last year as traders used them to hedge in sideways spot markets. The catch? US persons are explicitly not invited to this party, though Coinbase is giving its best "we're working on it" nod, promising to expand the offering later. For now, American traders get to watch through the regulatory glass, noses pressed against the window.

The launch is just the latest in Coinbase's expansion spree, a buffet that now includes regulated crypto futures, 24/5 cash equities stateside, and Kalshi-powered prediction markets in all 50 states. The company is essentially building a financial casino where you can bounce from shitcoins to stocks to betting on politics without ever changing apps. Convenience is key, even if your portfolio whiplash isn't.

Stock perps are a central pillar of Coinbase's 2026 game plan, which is betting big on stablecoins, its Base L2 network, and becoming your one-stop-shop for every asset class under the sun. CEO Brian Armstrong made it clear back in January that the mission is to grow this "everything exchange" globally, covering everything from crypto to commodities across spot, futures, and options. They're not just building an exchange; they're building a financial universe, with a very familiar gas giant at the center.

Over in Europe, Coinbase already flicked the switch for perpetual futures on Coinbase Advanced for users in 26 countries back in March, via its MiFID-compliant arm. A tweet from BSCN pointed out the 24/7, up-to-20x leveraged access to tech giants and indices now available to anyone not filing taxes with the IRS. The Old World gets new toys, while the "land of the free" waits for permission.

So, while US customers are stuck in regulatory purgatory, the rest of the planet can now trade stock perps 24/7, effectively turning the stodgy equity market into a never-closing crypto-esque casino. The traditional finance day-traders are about to get a masterclass in what a real leverage-induced sweat feels like.