Digital Exchange Introduces Precious Metals Derivatives, Offering High-Leverage Trading with Stablecoin Payouts

In a significant expansion of its derivatives offerings, Coinbase has introduced gold and silver perpetual futures contracts to its platform, catering to eligible traders outside the United States. This move enables users to gain exposure to precious metals through a crypto-based infrastructure, further bridging the gap between traditional commodity markets and digital asset trading.

The newly launched contracts are settled in $USDC, with each referencing one troy ounce of the respective metal. Notably, the gold contracts offer a maximum leverage of up to 25x, while silver contracts provide up to 20x. These linear perpetual futures are designed for continuous trading, eliminating the need for traders to roll over positions into new contracts. The contracts are available to retail traders through the Coinbase website and app, as well as to institutional clients via the Coinbase International Exchange.

Coinbase's introduction of gold and silver perpetual futures is a strategic step towards integrating traditional market products into its digital asset trading platform. The company aims to provide users with a seamless trading experience, combining the benefits of crypto-native trading tools with the accessibility of traditional finance assets. This vision, dubbed the "Everything Exchange," encompasses a wide range of assets, including crypto, equities, and commodities.

The launch of these new products is expected to increase accessibility and capital efficiency for traders, allowing them to trade commodity derivatives around the clock. As stated by Coinbase, "these derivatives are designed to make 24/7 commodity exposure as accessible and capital-efficient as trading crypto perps." The company is also working with the CFTC to extend 24/7 trading to eligible U.S. gold and silver futures, which would enable U.S. traders to access regulated metals futures on a schedule similar to crypto markets.

The global metals market is substantial, with the gold market estimated to be above $13 trillion and the silver market nearing $1.4 trillion. Coinbase notes that traditional metals futures can be difficult for some traders to access due to larger contract sizes, limited trading windows, and brokerage requirements. The company's model aims to reduce these barriers by offering smaller contracts, $USDC settlement, leverage, and around-the-clock access.

In the first quarter of 2026, Coinbase's CDE platform recorded over $52 billion in notional volume across traditional commodity futures, accounting for 7.6% of all contracts traded during the quarter. The launch of gold and silver perpetual futures creates a new venue for weekend and overnight price discovery, particularly in regions where traditional futures may be less accessible. As Coinbase notes, "the launch of gold and silver perps creates a new, always-on venue for weekend and overnight price discovery in precious metals."