Coinbase officially launches gold and silver perpetual futures on April 22, 2026, extending 24/7 derivatives access to eligible non-US traders through its international exchange, with all settlements processed in USDC at leverage up to 25x.
TLDR
- Coinbase International Exchange listed GOLD-PERP and SILVER-PERP on April 22, 2026, for eligible non-US retail and institutional traders.
- Each contract tracks the spot price of one troy ounce, carries no expiry date, and eliminates rollover requirements entirely.
- Leverage reaches 25x. Maker fees are zero. Taker fees are 0.01%. All gains and losses settle in USDC.
- US traders remain excluded. Coinbase is coordinating with the CFTC on a separate 24/7 US-facing product.
- Coinbase Derivatives cleared $52 billion in notional commodity futures volume during Q1 2026.
- Gold carries a total market valuation of $13 trillion. Silver stands at $1.4 trillion.
Contract Structure
GOLD-PERP tracks the spot price of one troy ounce of gold. SILVER-PERP does the same for silver. Both contracts are cash-settled in USDC with no fixed expiration date, meaning positions stay open until a trader chooses to close them.
Leverage is set at a maximum of 25x. Coinbase charges zero for makers and 0.01% per contract for takers on Coinbase Advanced. Order size minimums are calibrated to support both retail accounts and institutional desk allocations.
Funding payments run continuously and keep the contract price aligned with the spot index. Traders carry no rollover obligation, which reduces administrative friction relative to standard dated futures listed on venues like the CME.
Access and Eligibility
Retail traders in supported jurisdictions access the products through coinbase.com and the Coinbase mobile application. Institutional participants route orders through Coinbase International Exchange, which operates under Bermudan regulatory oversight.
Access is jurisdiction-restricted. Coinbase has not published a full list of eligible countries. Traders must confirm eligibility directly within the platform before positions can be opened.
US Market: Not Yet
US traders do not have access to GOLD-PERP or SILVER-PERP. Coinbase Derivatives, a CFTC-registered Designated Contract Market, currently offers gold and silver futures to US clients through approved Futures Commission Merchants during standard market hours only.
Coinbase has confirmed active coordination with the CFTC to enable 24/7 gold and silver futures for US clients. No approval date has been set. The firm received CFTC clearance for crypto perpetual-style futures in the US on July 21, 2025, which established the regulatory precedent now being applied to metals.
Volume and Platform Context
Coinbase Derivatives processed $52 billion in notional volume across traditional commodity futures in Q1 2026, accounting for 7.6% of all contracts traded on the platform that quarter. The addition of GOLD-PERP and SILVER-PERP extends a product expansion that previously included stock perpetuals and equity index futures.
The exchange is consolidating crypto and traditional asset derivatives into a single infrastructure. Precious metals represent the latest asset class added to that unified product stack.
Why This Structure Matters
Gold and silver have historically required CME access, brokerage accounts, or physically-backed funds to trade, and only during standard market hours. USDC settlement removes foreign exchange exposure and allows traders to deploy the same capital pool across crypto and commodity positions without platform transfers.
The global gold market is valued at $13 trillion. Silver stands at $1.4 trillion. Wrapping both in perpetual contracts on a crypto-native venue gives non-US participants continuous price exposure through infrastructure they already use for digital asset trading.
Correction on Scope
Initial reports described this launch as available to “global users.” That characterization is inaccurate. The products are restricted to eligible jurisdictions, and US traders are explicitly excluded from the perpetual contracts at this stage. Jurisdiction-based access controls, not open global availability, govern who can trade GOLD-PERP and SILVER-PERP today.
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Disclaimer: This article is only for informational purposes and does not constitute investment advice. Cryptocurrency markets are volatile, and readers should conduct their own research before making financial decisions.