Derivatives are now live in the UK

Coinbase provides access to futures contracts with no expiry (Perpetual futures, or “perps”) and US-listed expiry futures.  Trading is arranged by CB Payments Ltd (CBPL), which is authorised and regulated by the FCA for investment services (FRN: 1045733).  Derivative contracts are available to eligible professional clients — across crypto, equities, commodities and FX, spanning more than 170 contracts. Options are planned as a product to follow later in 2026.

Derivatives are only available to users who qualify as professional clients. To qualify, you must meet at least 2 of the following 3 criteria, and pass a Coinbase assessment of your relevant knowledge and experience:

1. Trading frequency —  Have traded leveraged products at least 40 times in the past 12 months with at least 5 trades per quarter, minimum GBP 5,000 per trade.

2. Portfolio size — Have a portfolio (comprising financial instruments, cash, and/or crypto) exceeding €500,000.

3. Professional experience — Have at least one year’s experience working in a professional role requiring knowledge of leveraged derivative transactions.

Learn more here 


What happens after I qualify?

You'll complete a formal opt‑up process, including a risk warning and written acknowledgement that you are waiving certain retail protections.

Perpetual futures track the spot price of an asset and have no expiry date — positions stay open until you close them, subject to a periodic funding rate that aims to keep the contract price anchored to the underlying asset. They're available 24/7, with leverage of up to 50x, subject to eligibility.

Dated futures settle automatically on a fixed future date at an agreed price. There's no funding rate — the cost of carry is priced in when you open the position. Leverage is available up to 20x, subject to eligibility.

Derivatives are complex instruments that carry a high risk of losing money quickly, because of leverage. A small adverse price move can trigger liquidation of your entire position. Only eligible professional clients — who have acknowledged these risks in writing — can access these products on Coinbase.

CB Payments Ltd (CBPL) is authorised and regulated by the Financial Conduct Authority (register number 1045733, for investment services), and is also authorised as an electronic money institution under the Electronic Money Regulations 2011 and registered under the Money Laundering Regulations 2017 to carry out specified cryptoasset activities (register number 900635) . CBPL transmits your orders to affiliates for execution: Coinbase Bermuda Ltd (regulated by the Bermuda Monetary Authority) for perpetuals, or Coinbase Financial Markets, Inc. (a CFTC‑registered futures commission merchant) for dated futures.

Coinbase assesses your eligibility against the FCA’s elective professional client criteria, and on supporting documentation you provide during onboarding. We aim to complete the process within 2-days. The process may differ slightly depending on which product you're accessing.

Getting started with Perpetual Futures

When you choose to trade perpetual futures, you'll complete a four-step onboarding: a knowledge quiz assessing your understanding of derivatives, confirmation of your professional client status, a formal acknowledgement of the risks involved and loss of retail protections, and finally review and acceptance of our derivatives trading agreement. Once the assessment is complete, you'll have immediate access to start trading.

Getting started with Dated Futures

Dated futures require a more comprehensive onboarding due to regulatory requirements from our futures commission merchant partner. The process involves eight steps: a knowledge quiz, W8-BEN form completion (for beneficial ownership and tax residency), enhanced due diligence verification, updated identity and KYC checks, acceptance of our FCM trading terms, professional trader confirmation, risk acknowledgement, and the derivatives trading agreement. Once you complete dated futures onboarding, you automatically unlock access to perpetual futures as well — no separate onboarding needed.

What documentation do I need?

To verify you meet at least two of the three professional criteria, you'll need supporting documentation such as broker statements or trade confirmations showing 40+ leveraged trades over the past 12 months (for trading frequency), bank or brokerage statements showing a portfolio exceeding €500,000 (for portfolio size), or employment contracts, payslips, or LinkedIn profiles confirming at least one year in a financial-sector role (for professional experience).

Margin is the collateral you post to open and maintain a leveraged derivatives position. Leverage lets you control a larger position with a smaller amount of capital — but it amplifies both profits and losses.

Initial margin is the collateral required to open a new position, while maintenance margin is the minimum balance required to keep it open. If your account falls below the maintenance threshold, your position may be automatically (and potentially partially) liquidated.

Leverage limits vary by product and asset class: perpetual futures offer up to 50x on crypto, up to 25x on commodities, and up to 10x on equities, while dated futures offer up to 20x on commodities and up to 10x on crypto and FX. The higher the leverage used, the smaller the adverse price move needed to trigger a liquidation — so leverage should always be sized to your risk tolerance.

A funding rate is a small periodic payment exchanged directly between long and short traders on a perpetual futures position, designed to keep the contract price aligned with the underlying spot price. It is not a fee paid to Coinbase — it flows peer-to-peer between traders holding opposite positions.

When the perpetual price trades above spot, the funding rate is positive and longs pay shorts. When it trades below spot, the funding rate is negative and shorts pay longs. Funding payments are calculated and exchanged at fixed intervals throughout the day, and can meaningfully affect profitability over time — particularly for long-held or highly leveraged positions.

Dated futures work differently: there is no funding rate. Instead, the cost of carry is priced directly into the contract at the point you open your position, and the contract settles automatically on its fixed expiry date with no ongoing payments required.