Could Coinbase Perpetuals Spell Doom for Hyperliquid?

U.S. regulators’ 180-degree pivot from scrutinizing crypto to embracing it has resulted in a flurry of new activations in 2025, and now Coinbase, the largest centralized exchange (CEX) in the country, has entered the perpetual futures market, leaving onchain natives wondering if it will impact Hyperliquid, the DeFi darling of this market cycle.

Coinbase Perpetuals, which launched on July 21, marks a major milestone for perpetual futures trading in the United States and comes less than a week after Kraken launched its own perpetuals offering in select U.S. territories.

Prior to Commodity Futures Trading Commission (CFTC) chair Mersinger’s unofficial endorsement of perpetual trading in the United States, most activity was conducted offshore, or on decentralized exchanges (DEXs) such as Hyperliquid. While Hyperliquid is technically not available to U.S. residents, it is presumed that most users circumvent the geoblock through a VPN, as the DEX does not require know-your-customer (KYC) verification.

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