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Coinbase Adds Perpetual Gold and Silver Contracts Settled in USDC With Leverage of Up to 25x
Coinbase has expanded its derivatives lineup by adding perpetual futures contracts for gold and silver for eligible traders outside the United States, giving such users the ability to invest in precious metals through cryptocurrency-based market infrastructure.
Key Points
- Coinbase introduced perpetual gold and silver futures for eligible users outside the United States.
- The contracts are settled in USD Coin, are tied to one troy ounce, and offer maximum leverage of up to 25x.
- The launch continues Coinbase’s efforts to combine cryptocurrency infrastructure with traditional commodity markets.
Cryptocurrency Exchange Adds Perpetual Gold and Silver Futures
Cryptocurrency exchange Coinbase (Nasdaq: COIN) announced on May 6 the launch of perpetual futures contracts for gold and silver for eligible traders outside the United States, marking another step in its effort to bring traditional market products onto digital asset trading platforms.
The contracts provide exposure to spot gold and silver prices through perpetual futures settled in USD Coin and tied to one troy ounce of each metal.
Retail traders in supported jurisdictions can access these products through the Coinbase website and Coinbase app. Institutional investors can use Coinbase International Exchange.
GOLD-PERP tracks the spot price of gold, while SILVER-PERP tracks silver prices. The exchange stated that gold contracts will support maximum leverage of up to 25x, while silver contracts will support leverage of up to 20x.
Both products are linear perpetual futures, meaning they have no expiration date and do not require traders to roll positions into a new contract. Coinbase stated that the contracts are designed for continuous trading throughout the year, except during scheduled maintenance periods.
The products also include small order-size options and risk management tools intended for both retail and institutional users.
The launch fits into Coinbase’s broader plan to combine crypto-native trading tools with assets more commonly associated with traditional finance. This strategy has also included perpetual equity futures.
With the addition of metals, Coinbase is combining crypto assets, equity-linked products, and commodities within its “Everything Exchange” vision.
The crypto company stated:
“These derivatives are designed to make 24/7 commodity trading as accessible and capital-efficient as perpetual crypto futures trading.”
US Metal Futures May Soon Move to 24/7 Trading
Eligible US traders already have access to gold and silver futures through Coinbase Derivatives, known as CDE. These products are offered alongside cryptocurrency futures and stock index futures.
Coinbase stated that it is working with the Commodity Futures Trading Commission to transition eligible US gold and silver futures to 24/7 trading.
If approved, this change would make regulated US metal futures available on a schedule closer to cryptocurrency markets rather than the limited trading hours typical of traditional futures trading.
This would allow weekend hedging, continuous price discovery, and cross-asset strategies through a single regulated platform.
CDE is a regulated designated contract market under the Commodity Futures Trading Commission. US traders will continue accessing products through approved futures commission merchants and brokerage platforms, subject to maintenance periods and eligibility rules.
Metals continue to represent a significant share of global markets. Coinbase cited the gold market, valued at more than $13 trillion, and the silver market, valued at around $1.4 trillion.
The company also pointed to growing demand during periods of economic and geopolitical uncertainty.
The company argued that traditional metal futures may be inaccessible to some traders because of large contract sizes, limited trading windows, and brokerage requirements.
Coinbase stated that its model could reduce some of these barriers through the use of smaller contracts, settlement in USD Coin, leverage, and 24/7 access.
In the first quarter of 2026, CDE recorded more than $52 billion in notional volume for traditional commodity futures. This represented 7.6% of all contracts traded during the quarter.
The company emphasized that the launch of metal trading creates another venue for price discovery during weekends and overnight hours.
The announcement stated:
“The launch of perpetual gold and silver contracts creates a new, continuously accessible venue for precious metals price discovery during weekends and overnight hours, especially in regions where traditional futures may be less accessible.”
See also: "Kraken Launches Spot Margin Trading in the US With Leverage of Up to 10x"
