Coinbase Surpasses $211B in Crypto Perpetual Volume as Kraken Enters the Fray

Crypto perpetual-style futures have taken off in the US since their launch last year. Coinbase's U.S. crypto perpetual market has reached $211 billion in cumulative volume, according to recent figures.

The product allows long-dated exposure with no monthly rollover and up to 10x intraday leverage. It was first rolled out by Coinbase in July 2025 for Bitcoin and Ethereum, but has since expanded to include more major crypto assets like SOL, XRP, and others.

Kraken has now entered the market, offering CFTC-regulated crypto perps through its Pro platform across several assets. This marks a significant development in the US derivatives market, which had long been dominated by offshore exchanges.