Coinbase adds 50x Hyperliquid perpetuals to Base App

Coinbase has added more than 290 perpetual contract markets to the Base App through Hyperliquid, giving eligible users access to leverage of up to 50 times. Summary More than 290 perpetual markets are available through the Base App. Hyperliquid executes the trades while users remain inside their existing wallets. Leverage reaches 50x on supported markets, raising the risk of liquidation. Users in the United States, United Kingdom, and Canada cannot access the product. According to an Aug. 19 report, Coinbase said that the integration covers Bitcoin, Ethereum, and contracts tied to stocks and commodities, although the leverage limit varies by market. Coinbase brings Hyperliquid trading into Base App Rather than operating a separate derivatives venue inside the Base App, Coinbase is routing perpetual contract orders to Hyperliquid for execution. Users can open and manage positions without leaving their existing wallets, according to the company. Coinbase Head of Engineering Chintan Turakhia described Hyperliquid as one of the highest-performance on-chain perpetual trading protocols, pointing to its liquidity and execution speed as reasons for the integration. “Because we support multiple chains and ecosystems, this integration lets our users tap into its deep liquidity and speed without ever leaving their existing wallet,” Turakhia said in a statement. You might also like: Coinbase, Ripple to join Aug. 19 White House crypto meeting The arrangement keeps the trading interface inside the Base App while relying on Hyperliquid’s infrastructure to process orders. Coinbase did not disclose whether it receives a share of trading fees, pays Hyperliquid for order execution, or applies additional charges to trades placed through the app. Perpetual contracts let traders take long or short positions on an asset without buying the underlying instrument. Unlike dated futures, the contracts have no fixed expiry, while funding payments between long and short traders help keep their prices close to the referenced market. Alongside Bitcoin and Ethereum, the available markets include contracts linked to equities and commodities. Coinbase did not provide a complete list of the supported markets in its announcement, and leverage can fall below the advertised 50x maximum depending on the asset. The stock-linked products provide price exposure through derivatives rather than ownership of company shares. Traders therefore do not receive voting rights, dividends or other rights normally attached to the underlying stock. A June report on pre-IPO perpetuals examined Coinbase’s contracts tied to private companies, including SpaceX, OpenAI, and Anthropic. Such products rely on constructed reference prices because privately held companies do not have continuously traded public shares. Up to 50x leverage raises liquidation risk Using 50x leverage allows a trader to control a position worth 50 times the capital committed as margin. The same structure can amplify losses, with relatively small price changes capable of exhausting the funds supporting a position.