Coinbase Adds USDC-Settled Gold and Silver Perpetuals

On May 6, Coinbase began offering USDC‑settled perpetual futures tied to spot gold and silver for eligible non‑U.S. traders. The contracts trade under the tickers GOLD‑PERP and SILVER‑PERP. Retail users in supported jurisdictions can access the products on the Coinbase website and app, while institutions can trade through Coinbase International Exchange.

Each contract references one troy ounce of the metal. Gold contracts support maximum leverage of 25x and silver contracts support maximum leverage of 20x. The products are linear perpetual futures, which do not expire and settle in USDC. Coinbase intends the contracts for continuous trading year‑round except during scheduled maintenance windows. The exchange also offers smaller minimum order sizes and built‑in risk management controls for both retail and institutional participants.

Coinbase framed the launch as part of its effort to combine crypto trading tools with traditional market products and to add metals to its existing derivatives lineup. In its announcement, the company wrote, “These derivatives are designed to make 24/7 commodity exposure as accessible and capital‑efficient as trading crypto perps.”

U.S. traders already access gold and silver futures via Coinbase Derivatives (CDE), a CFTC‑regulated designated contract market. Coinbase is working with the U.S. Commodity Futures Trading Commission to permit eligible U.S. metals futures to trade 24/7, which would extend trading hours beyond standard futures windows and allow weekend hedging and overnight price discovery on a regulated venue.

Coinbase cited market size estimates of more than $13 trillion for gold and about $1.4 trillion for silver, and noted that some traders face barriers to traditional futures because of large contract sizes, limited trading windows and brokerage requirements. The company said smaller contract references, USDC settlement, leverage and extended trading hours aim to address those barriers.

In the first quarter of 2026, CDE recorded more than $52 billion in notional volume across traditional commodity futures, representing about 7.6% of all contracts traded during the quarter. The announcement added, “The launch of gold and silver perps creates a new, always‑on venue for weekend and overnight price discovery in precious metals, particularly in regions where traditional futures may be less accessible.”