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Crypto exchange Coinbase (Nasdaq: COIN) said on May 6 that it began offering gold and silver perpetual futures for eligible non-U.S. traders, extending its effort to bring traditional market products into digital asset trading.
The contracts are designed to provide exposure to spot gold and silver prices through perpetual futures that settle in USDC and reference one troy ounce of each metal. Coinbase said retail traders in supported jurisdictions can access the products via the Coinbase website and Coinbase app, while institutions can trade through Coinbase International Exchange.
Coinbase said GOLD-PERP tracks spot gold and SILVER-PERP tracks spot silver. The exchange set leverage limits of up to 25x for gold contracts and up to 20x for silver contracts.
Both products are linear perpetual futures, meaning they do not expire and do not require traders to roll positions into new contracts. Coinbase added that the contracts are intended for continuous trading throughout the year, aside from scheduled maintenance periods.
The launch also includes options for smaller order sizes and risk-management controls for both retail and institutional users.
Coinbase positioned the metals launch as part of its broader strategy to combine crypto-native trading tools with assets more commonly associated with traditional finance. The company said it has also offered stock perpetual futures and is grouping crypto assets, equities-related products, and commodities under its “Everything Exchange” vision.
Coinbase said: “These derivatives are designed to make 24/7 commodity exposure as accessible and capital-efficient as trading crypto perps.”
Eligible U.S. traders already have access to gold and silver futures through Coinbase Derivatives (CDE), which sits alongside crypto and equity index futures. Coinbase said it is working with the CFTC to move eligible U.S. gold and silver futures to 24/7 trading.
If approved, Coinbase said regulated U.S. metals futures would trade on a schedule closer to crypto markets rather than the more limited hours typical of traditional futures. The exchange said the change would support weekend hedging, continuous price discovery, and cross-asset strategies through one regulated venue.
Coinbase noted that CDE is a CFTC-regulated Designated Contract Market. U.S. traders would continue accessing products through approved futures commission merchants and broker platforms, subject to maintenance windows and eligibility rules.
Coinbase said metals remain a major part of global markets, citing an estimated gold market above $13 trillion and a silver market near $1.4 trillion. The company also pointed to rising demand during periods of economic and geopolitical uncertainty.
Coinbase argued that traditional metals futures can be difficult for some traders to access due to larger contract sizes, limited trading windows, and brokerage requirements. It said its approach could reduce barriers by using smaller contracts, USDC settlement, leverage, and around-the-clock access.
For trading activity, Coinbase cited that in Q1 2026, CDE recorded more than $52 billion in notional volume across traditional commodity futures. Coinbase said this represented 7.6% of all contracts traded during the quarter.
Coinbase said the metals launch creates “another venue for weekend and overnight price discovery” in precious metals, particularly in regions where traditional futures may be less accessible.
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