Coinbase International Exchange, the overseas arm of the U.S.-based Coinbase crypto exchange, has achieved a significant milestone. On February 20, 2024, the exchange announced that it had surpassed $1 billion in notional contract volume traded within a 24-hour period for its perpetual futures offerings.
Perpetual futures are derivative contracts that allow traders to speculate on the price movements of cryptocurrencies without a fixed expiry date or physical delivery of the underlying asset.
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The Coinbase International Exchange, available to non-U.S. consumers in select jurisdictions, was launched in Bermuda in May 2023, initially offering BTC and ETH perpetual futures. Since then, the exchange has expanded its listing to include major cryptocurrencies such as Cardano (ADA), Solana (SOL), XRP, optimism (OP), Arbitrum (ARB), Ethereum Classic (ETC), Polygon (MATIC), Bitcoin Cash (BCH), Dogecoin (DOGE), Chainlink (LINK), Stellar (XLM), Avalanche (AVAX), and Litecoin (LTC).
In January, the exchange added support for Celestia, Injective, and Sei’s perpetual future contracts. At the beginning of February, it announced support for Aptos, Filecoin, and Sui perpetual future contracts.
Coinbase International Exchange has plans to list Polkadot, Internet Computer, and NEAR Protocol perpetual future contracts in the near future. The markets for DOT-PERP, ICP-PERP, and NEAR-PERP are expected to open on February 22, 2024, at or after 10:00 a.m. UTC.
In addition to expanding its range of crypto assets, Coinbase International Exchange has experienced significant growth in trading volume. In Q4, over $16 billion in notional contract volume was traded on the exchange’s perpetual futures, as reported during the Coinbase Q4 Earnings Call.
In December 2023, Coinbase announced the next phase of its International Exchange expansion, introducing non-U.S. spot markets for eligible customers. This began with the BTC-USDC and ETH-USDC trading pairs.