Coinbase International Exchange: Q1 Momentum and What’s Ahead in Q2 2025

Q1 2025 Highlights

Expanding Access: New Listings & Innovative Markets In Q1, we added 36 new perpetual futures and now offer over 150 listed assets. This includes the EURC-USDC perpetual future, unlocking crypto-native FX trading with 24/7 Euro price exposure and up to 20x leverage—a unique product that demonstrates our commitment to innovation.

We also launched two new pre-launch markets, both of which seamlessly transitioned into full perpetual futures listings, offering traders early access to emerging tokens.

Record Volume and Market Participation Q1 notional trading volume reached nearly $800 billion, setting an all-time quarterly high and matching total volume of 2024. This surge reflects our product-market fit, uptake in our rebates and incentives, and the increasing depth and resilience of our order books.

Deepening Liquidity and Enhancing Capital Flexibility

• Average order book depth increased nearly 3x from Q4'24 to Q1'25 across BTC, ETH, and altcoins, improving execution quality for all traders.

• We introduced 5 new collateral assets, giving clients more flexibility in capital allocation and unlocking new ways to optimize portfolio margin.

• We increased position limits and risk tiers for 25 assets, supporting larger trades and institutional strategies.

Strengthening Connectivity & On-Platform Efficiency The launch of Coinbase Transfer Network withdrawals now allows clients to use excess margin loan liquidity from International Exchange for spot trading on Coinbase Exchange—a major step toward unifying cross-platform capital efficiency.

Looking Ahead

We will continue to build on the strong foundation laid in Q1, with a focus on accelerating product innovation and giving traders even more tools to engage with global crypto markets. Here’s an inside look at what you can expect.

Driving Capital Efficiency Further

• Expanding the range of collateral-eligible assets to give clients more flexibility and capital optimization strategies.

• Launching a new margin calls feature, giving traders increased flexibility to manage their margin requirements, improving risk management without compromising safety.

• Automating USDC rewards for all clients using USDC as collateral—seamlessly combining trading utility with passive rewards.

Enhancing Institutional Connectivity & Custody We’re actively working on a strategic integration with Copper, enabling a custom ClearLoop solution that provides enhanced settlement and custody workflows for institutional clients.

Growing Asset Coverage & Liquidity

• Continuing to list high-demand and emerging assets - including non-crypto assets - based on market trends and client feedback.

• Launching new features to improve order book liquidity and reduce spreads across more markets.

• Introducing Request for Quote (RFQ) feature to ensure seamless execution for larger orders with lower slippage.

Q1 showcased what’s possible when product momentum, institutional-grade infrastructure, and deep market liquidity come together. As we look toward Q2 and beyond, Coinbase International Exchange will continue delivering the innovation and reliability traders expect as we cement our role as the global leader in crypto derivatives trading.