Level up with derivatives

Coinbase offers perpetual futures (perps) and dated futures contracts on Coinbase Advanced, across crypto, equity indices and commodities. Futures trading through the Coinbase Advanced platform is available to eligible EEA customers through Coinbase Financial Services Europe Ltd. (CySEC License 374/19).

Perpetual futures track the spot price of an asset and have no expiry date — positions stay open until you close them, subject to a periodic funding rate that aims to keep the contract price anchored to the underlying asset. They're available 24/7 (subject to maintenance periods), with intraday leverage of up to 20x, subject to eligibility.

Dated futures settle automatically on a fixed future date at an agreed price. There's no funding rate — the cost of carry is priced in when you open the position. Intraday leverage is available up to 20x, subject to eligibility.

Derivatives are complex instruments that carry a high risk of losing money quickly, because of leverage. A small adverse price move can trigger liquidation of your entire position. They are not suitable for most investors.

Yes. Futures trading through the Coinbase Advanced platform is available to eligible EEA customers through Coinbase Financial Services Europe Ltd. (CySEC License 374/19), registered in the Republic of Cyprus (under number #HE350475). The registered office address is 1 Lampousas Street, 1095, Nicosia, Cyprus.

Margin is the collateral you post to open and maintain a leveraged derivatives position. Leverage lets you control a larger position with a smaller amount of capital — but it amplifies both profits and losses.

Initial margin is the collateral required to open a new position, while maintenance margin is the minimum balance required to keep it open. If your account falls below the maintenance threshold, your position may be automatically (and potentially partially) liquidated.

Maximum leverage varies by contract, up to 20x. See the contract table above for each contract's maximum leverage. The higher the leverage used, the smaller the adverse price move needed to trigger a liquidation — so leverage should always be sized to your risk tolerance.

A funding rate is a small periodic payment exchanged directly between long and short traders on a perpetual futures position, designed to keep the contract price aligned with the underlying spot price. It is not a fee paid to Coinbase — it flows peer-to-peer between traders holding opposite positions.

When the perpetual price trades above spot, the funding rate is positive and longs pay shorts. When it trades below spot, the funding rate is negative and shorts pay longs. Funding payments are calculated and exchanged at fixed intervals throughout the day, and can meaningfully affect profitability over time — particularly for long-held or highly leveraged positions.

Dated futures work differently: there is no funding rate. Instead, the cost of carry is priced directly into the contract at the point you open your position, and the contract settles automatically on its fixed expiry date with no ongoing payments required.