Today, Base App, Coinbase's consumer "everything app," went live with perpetual futures trading powered by Hyperliquid, giving eligible users in-app leverage of up to 50x across more than 290 markets spanning crypto, tokenized stocks, and commodities.
• The product: Trades happen natively inside Base App's interface, but Hyperliquid handles matching, execution, and settlement on its onchain order book behind the scenes. The feature isn't available to users in the U.S., U.K., Canada, or other jurisdictions that restrict leveraged crypto derivatives.
• Why now: Coinbase Head of Engineering Chintan Turakhia told Decrypt that perps account for roughly 75% of all crypto trading volume, and that the feature was the single most-requested ask from Base App's power users.
• Deepening ties: This move builds on an existing relationship rather than starting one. Coinbase became Hyperliquid's official USDC treasury deployer under its Aligned Quote Asset framework back in May, as USDC balances on Hyperliquid approached $5B, roughly double where they stood a year earlier.
• The bigger pivot: The launch lands squarely inside Base App's broader strategy reset. In July, Base creator Jesse Pollak stepped back from leading the app after admitting its bet on social features and creator coins had "disintegrated completely," handing the app's stewardship to crypto legend Cobie, who joined Coinbase when it acquired his fundraising platform Echo for $375M last year.