Coinbase International has officially launched perpetual futures trading for MINA, LAYER, and CGLD, broadening trading options for non-U.S. institutional and sophisticated retail traders and signaling increased market activity and potential volatility for these assets.

The Event in Detail

Coinbase International, Coinbase's offshore derivatives platform, commenced perpetual futures trading for MINA, LAYER, and CGLD on September 11, 2025. Markets for CGLD-PERP, MINA-PERP, and LAYER-PERP opened at 9:30 AM UTC or later, contingent on liquidity conditions. This development expands the trading options and accessibility for these specific cryptocurrencies on a major global exchange.

Deconstructing Financial Mechanics

Perpetual futures contracts are derivatives instruments characterized by the absence of an expiration date, allowing traders to hold positions indefinitely. Their pricing is structured to track the underlying asset's spot price through a funding rate mechanism. This design provides continuous exposure without the necessity of periodic rollovers common in traditional futures contracts. For instance, Cboe Global Markets is also introducing "continuous futures" for Bitcoin and Ether with a 10-year expiration, illustrating a wider industry trend toward long-dated or perpetual-style contracts aimed at simplifying position management and facilitating long-term digital asset exposure within regulated frameworks. Research indicates that perpetual contracts generally contribute to increased trading activity due to their 24/7 leveraged trading capabilities, though they can also be associated with higher trading costs for market participants due to the funding rates and leverage involved.

Business Strategy and Market Positioning

The launch of these new perpetual futures contracts reinforces Coinbase International's strategic objective to solidify its position as a leader in the global crypto derivatives market. The platform primarily caters to eligible non-U.S. institutional and sophisticated retail traders. This expansion aligns with the exchange's reported growth trajectory, which includes an increase in perpetual futures listings from 15 to 106 and a 6200% surge in average daily trading volume between January and December. Additionally, the platform recorded all-time highs in total open interest and 24-hour trading volumes in December. Coinbase International has articulated plans to list an additional 50-80 new tokens in the first half of the upcoming year, with a focus on enhancing liquidity, expanding asset coverage, and improving capital efficiency. Operational initiatives include a revamped quoting program designed to deepen liquidity pools and the introduction of a Request for Quote (RFQ) feature to facilitate the seamless execution of larger orders.

Broader Market Implications

The introduction of MINA, LAYER, and CGLD perpetual futures is anticipated to increase liquidity and trading volume for these specific cryptocurrencies. Analysis suggests that the availability of perpetual contracts typically leads to a notable boost in overall market participation and can enhance market efficiency through more informed trading, as these instruments offer sophisticated tools such as leverage and short-selling. While perpetual contracts contribute to heightened market liquidity, they are also associated with increased transaction expenses for traders. The expansion by a prominent exchange like Coinbase International contributes to the ongoing maturation and institutionalization of the crypto derivatives market. This development could potentially influence investor sentiment and corporate adoption trends within the broader Web3 ecosystem by providing a broader array of sophisticated hedging and speculative tools. The prevailing market sentiment surrounding this development indicates an expectation of high volatility, yet it is generally viewed as bullish for the listed assets due to increased accessibility and trading opportunities.