Coinbase has launched 24/7 gold and silver perpetual futures for eligible traders outside the United States. The move lets users get metals exposure through the same derivatives rails they already use for crypto.
How Coinbase’s Gold and Silver Perps Work
The exchange has listed two contracts, GOLD‑PERP and SILVER‑PERP, which each track one troy ounce of spot gold or silver. Both are linear perpetual futures, so they do not expire and do not need rollovers into new contracts. Coinbase settles all profits and losses in USDC instead of the underlying metals.
GOLD‑PERP supports leverage of up to 25x, while SILVER‑PERP offers up to 20x. Trading runs around the clock, except for planned maintenance, which brings metals in line with crypto’s constant market hours. The contracts also use smaller minimum order sizes so both retail and institutional traders can adjust position size more easily.
Retail traders in supported non‑U.S. regions can access the products through coinbase.com and the Coinbase app. Institutional clients can trade the contracts on Coinbase International Exchange. Coinbase says this structure lets existing derivatives users add metals exposure without changing their usual tools.
Who Can Use the New Products and What Is Next
Right now, the new perps are only available to eligible traders outside the U.S., subject to local rules and onboarding checks. Users still need to meet Coinbase’s regional requirements before they can trade the contracts. The launch extends Coinbase’s broader push to link traditional commodities with crypto‑style derivatives markets.
In the U.S., Coinbase already lists gold and silver futures through Coinbase Derivatives, a CFTC‑regulated exchange. Those U.S. contracts trade during standard market hours via approved futures commission merchants and broker platforms. However, Coinbase says it is working with the CFTC to move U.S. metals futures toward 24/7 trading as well.
Coinbase reports that its derivatives arm processed billions of dollars in commodity futures volume in early 2026, including gold and silver. The company argues that using USDC settlement, higher leverage, and continuous access can reduce barriers that exist in traditional metals markets. As a result, more traders may test gold and silver as part of the same toolbox they use for bitcoin and other digital assets.
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