Crypto Exchanges
By Sydney TheCMO
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Why Hyperliquid, and Why Now. The relationship between Coinbase and Hyperliquid isn't new.
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Base App's Messy Pivot Away from Social. Base App has had a complicated few years. The original pitch was crypto-native social — Farcaster…
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Derivatives Push Fits a Bigger Coinbase Pattern. The Base App move fits neatly into something Coinbase has been building toward for a while.
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Coinbase just plugged Hyperliquid's perpetual futures engine directly into Base App. Eligible self-custody users now get access to more than 290 markets — Bitcoin, Ethereum,…
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The integration doesn't use Coinbase's own matching engine. Hyperliquid handles trade execution while the interface stays inside Base App.
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Across the broader crypto market, perpetual futures now account for roughly three-quarters of all trading volume. That's a massive slice.
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The relationship between Coinbase and Hyperliquid isn't new. Back in May, Hyperliquid tapped Coinbase as its official treasury deployer for USDC — meaning Coinbase manages dollar…
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What Coinbase hasn't said: the fee structure. No detailed contract terms beyond the leverage limit have been made public. The full list of supported markets isn't confirmed either.
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Base App has had a complicated few years. The original pitch was crypto-native social — Farcaster integration, Zora, creator coins, community features.
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Related: MoonPay Brings Ethereum and Solana to Cash Apps 50 Million Users
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So Coinbase relaunched Base App as an "everything app." That was last year. The relaunch kept some social elements but leaned harder into financial features — prediction markets,…
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It's a candid admission. Not many companies publicly say their original thesis was wrong. But Coinbase seems to have moved fast once the signal was clear.
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And the signal from users was pretty unambiguous — they wanted leverage, they wanted derivatives, and they weren't showing up for social feeds.
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The Base App move fits neatly into something Coinbase has been building toward for a while. In May, Coinbase Financial Markets — a subsidiary — became the first CFTC-registered…
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The retail side, through Base App, targets self-custody users who want to trade perps without leaving the app.
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