Crypto Exchanges
By Pankaj K
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Why Hyperliquid, and Why Now. Coinbase didn't build its own onchain perpetuals engine for this.
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The Social Experiment That Didn't Work. Here's the part Coinbase probably didn't love writing in its internal post-mortems.
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What's Still Unclear. Some details are murky. Coinbase hasn't released a full fee structure for the integration.
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Coinbase just plugged Hyperliquid's perpetual futures engine directly into the Base App. Self-custody users now get access to more than 290 markets, with leverage running as high…
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The integration hands retail traders something they've been asking for a long time. Chintan Turakhia, Coinbase's Head of Engineering, said perpetuals are the single most…
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The geographic carve-out is pretty hard to miss. US users can't touch it. Neither can people in the UK or Canada.
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Coinbase didn't build its own onchain perpetuals engine for this. That's actually the interesting part.
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The relationship between the two companies goes deeper than a simple API handshake. Coinbase has been acting as Hyperliquid's official USDC treasury deployer since May.
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So there's a thread running through all of this. Coinbase isn't just plugging in a feature. It's building out a broader position in crypto derivatives, one piece at a time.
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Here's the part Coinbase probably didn't love writing in its internal post-mortems. The Base App was originally relaunched as something much bigger than a trading terminal.
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See also: MoonPay Brings Ethereum and Solana to Cash Apps 50 Million Users
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It didn't work. Coinbase admitted it. Jesse Pollak from Coinbase said directly that while builders pushed growth through prediction markets and perpetuals, the social element…
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Perpetuals, it turns out, are what people wanted. Not a crypto Twitter alternative.
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And that's probably fine, honestly. The market for high-leverage derivatives products is enormous, and Coinbase now has a self-custody interface for retail users to access it.
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Some details are murky. Coinbase hasn't released a full fee structure for the integration. No comprehensive list of all supported markets beyond the 290-plus figure.
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