Coinbase Australia launches perpetuals for wholesale traders

Coinbase Australia has launched perpetual contracts for eligible wholesale customers, marking the first product introduced under its Australian Financial Services Licence.

The move expands its local offering beyond spot crypto and stablecoins into licensed derivatives trading across crypto, equities and commodities. Eligible certified wholesale investors can trade up to 150 contracts with leverage of up to 50 times, as well as advanced order types, API integration and what Coinbase described as institutional liquidity.

The launch comes as Australia tightens oversight of digital asset businesses and moves to bring crypto platforms under the same financial services licensing system as traditional providers. Coinbase's licence, granted by the Australian Securities and Investments Commission, includes a retail derivatives authorisation and places the business under the conduct, disclosure, governance and consumer protection standards that apply across mainstream financial services.

That matters because leveraged crypto trading in Australia has largely been offered through offshore or unregulated venues. By introducing perpetuals through a locally licensed platform, Coinbase is positioning itself as a regulated alternative for wholesale investors seeking exposure beyond spot markets.

Product expansion

Perpetual contracts are derivatives that let traders speculate on price movements without an expiry date. They are widely used in crypto markets for both directional trading and hedging, but they also carry significant risk because leverage can magnify losses as well as gains.

The new contracts will be available only to eligible wholesale customers, not the broader retail market. Coinbase presented the launch as a response to changing demand among more sophisticated traders seeking a wider range of tools as the domestic crypto market develops.

The release of perpetuals also marks the first major product step since Adam Judd joined as Chief Operating Officer of Coinbase Australia. Judd previously worked at CommSec, where he was Executive Manager - Product and oversaw complex product lines during a period of regulatory change.

His appointment added senior financial markets and regulatory experience as Coinbase Australia prepared to broaden its local product range. The business has served Australian customers since 2016 and established a local entity in 2022, alongside AUSTRAC registration and the launch of a domestic platform with PayID support, advanced trading and round-the-clock customer service.

Regulatory shift

The broader backdrop is a changing policy environment in Canberra. Proposed legislation would require digital asset platforms to hold an Australian Financial Services Licence, bringing crypto operators more closely into line with the framework that already governs brokers and other financial services firms.

Coinbase said its existing licence puts it ahead of those changes. It also said the approval reflected a longer-term commitment to Australia, where it has expanded local hiring across legal, compliance, marketing and operations while engaging with industry and academic groups.

For Coinbase, the perpetuals launch is also part of a broader strategy to build out its trading business in Australia. Futures, options and other traditional financial products are intended to follow, although perpetuals are the first product introduced under the licence.

Competition in Australia's crypto market has increasingly turned on regulatory standing, product breadth and local market presence. Exchanges that can offer derivatives within a domestic licensing framework may gain an advantage as regulators apply closer scrutiny to operators serving Australian clients.

In comments accompanying the launch, Judd outlined how Coinbase expects wholesale investors to use the product.

"By enabling perpetuals on Coinbase, we are allowing wholesale investors to hedge their portfolios, speculate on volatility, and access capital-efficient trading strategies. Coinbase is bridging the gap between professional-grade trading and ease of use. With 24/7 liquidity, instant settlement, and a 'one-tap' transition from spot to perps, we've made sophisticated trading accessible," said Judd.