Coinbase opened derivatives trading to professional investors in the UK, launching more than 170 contracts across crypto, commodities, equities and foreign exchange with leverage of up to 50 times. The rollout follows the MiFID investment services licence the FCA granted the exchange in July and lands days after Coinbase brought US stock trading and expanded perpetuals into other markets.
Coinbase opened derivatives trading to professional investors in the UK on Tuesday, rolling out more than 170 contracts spanning crypto, commodities, equities and foreign exchange, with leverage running as high as 50 times. Only investors classified as professional clients qualify, and Coinbase said the rollout will be progressive. Access begins once clients complete Coinbase's eligibility checks and receive classification as a professional client.
Three contract types make up the offering
Perpetual contracts span the full range of assets, carry no expiry date, trade around the clock and go up to 50x leverage. Dated futures settle on fixed dates and cap out at 20x, pricing the cost of carry in at entry rather than charging ongoing funding rates. Crypto options are limited to crypto underlyings and let clients trade calls and puts across single and multi-leg strategies, with payoff diagrams and a strategy builder built into the interface. Investors can also use the contracts for delta-neutral hedging or to take long or short positions, giving professional traders tools common in traditional finance for managing risk.
A licence years in the making
The launch rests on the investment services authorization, commonly called a MiFID licence, that Coinbase secured from the FCA on July 7. The regulator has barred the sale of crypto derivatives to UK retail consumers since 2021, leaving offshore venues as the main route for individual traders. Coinbase had already taken crypto futures into 26 European countries in March under MiFID II, at leverage of up to 10 times.
Part of a rapid UK expansion
The derivatives launch lands five days after Coinbase brought 24/5 US stock trading covering nearly 4,000 stocks to UK users. It also comes six days after Coinbase opened perpetuals to wholesale clients in Australia. Grose framed the launch as part of the firm's "Everything Exchange" strategy, folding crypto, stocks and derivatives into one app. Global crypto derivatives volume routinely runs at 4.4 times that of spot markets, Coinbase said.
Sources: Decrypt, crypto.news
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