Coinbase Routes Base App Users to Hyperliquid's Perps. No US Access Yet

Base App was built around Coinbase's bet on crypto-native social features, but in reality, most users just need leverage.

Coinbase has integrated Hyperliquid's perpetual futures trading into Base App. Eligible self-custody users now have access to more than 290 markets, including Bitcoin, Ethereum, tokenised stocks and commodities.

The platform announced leverage of up to 50x and clarified that positions can be liquidated if losses cross set thresholds.

Base App perps are live powered by Hyperliquid.Long or short anything from your phone. pic.twitter.com/onH40YxlNf

Hyperliquid, one of the largest onchain derivatives venues, handles trade execution while the interface stays inside Base App. The product is not available to users in the US, UK or Canada.

Perps are "the single most requested feature from our power users," said Coinbase Head of Engineering Chintan Turakhia. This demand is shaped by the fact that perpetuals, rather than spot trading, now account for roughly three-quarters of all crypto trading volume, according to Coinbase.

Hyperliquid for Execution, Base App for User Engagement

Coinbase is routing trades to Hyperliquid's existing liquidity and matching infrastructure, instead of building its own onchain perpetuals engine.

The arrangement mirrors a similar move Coinbase made on 29 May, when its regulated subsidiary Coinbase Financial Markets became the first CFTC-registered futures commission merchant to give US institutional clients access to global crypto derivatives.

Options on Deribit are already live, with perpetual futures and retail access described as forthcoming.

Separately, Coinbase became Hyperliquid's official treasury deployer for USDC on 14 May, taking on a role in managing the dollar liquidity underpinning Hyperliquid's markets.

The Base App integration adds a retail distribution layer on top of that existing relationship.

The Social Bet That Didn't Pay off

Base App was relaunched last year as an "everything app" built around crypto-native social features, including Farcaster, Zora and creator coins, meant to drive crypto's next wave of adoption.

In a July post on X, Coinbase's Jesse Pollak said that bet hadn't paid off: the company "made the right bet on builders, but obviously the wrong bet on social."

lots of conversations about base over the last week. wanted to share my candid take after a week of listening and a lot of reflection over the last 6 months.first off - in case it’s not obvious, the first quarter of 2026 was a punch in the face. I spent 2024 and 2025 making a…

Builders did drive the next wave, he wrote - through prediction markets, perpetuals and stablecoins - but the social side of the market he had been building toward collapsed entirely.

Coinbase has not disclosed further contract specifications for the integration beyond the leverage cap, including fee structure or a full list of supported markets.