Coinbase Adds Gold and Silver Perps With USDC Settlement and up to 25x Leverage

Crypto Exchange Adds Gold and Silver Perpetual Futures

Crypto exchange Coinbase (Nasdaq: COIN) announced on May 6 that it began offering gold and silver perpetual futures for eligible non-U.S. traders, marking another step in its push to bring traditional market products onto digital asset trading platforms. The contracts provide exposure to spot gold and silver prices through perpetual futures that settle in USDC and reference one troy ounce of each metal.

Retail traders in supported jurisdictions can access the products through the Coinbase website and the Coinbase app. Institutions can use Coinbase International Exchange. GOLD-PERP tracks spot gold, while SILVER-PERP tracks spot silver. The exchange said gold contracts will support maximum leverage of up to 25x, while silver contracts will support up to 20x. Both products are linear perpetual futures, meaning they do not expire and do not require traders to roll positions into a new contract. Coinbase said the contracts are designed for continuous trading throughout the year, apart from scheduled maintenance periods.

The products also include small order-size options and risk-management controls aimed at both retail and institutional users. The launch fits into Coinbase’s broader plan to combine crypto-native trading tools with assets more commonly associated with traditional finance. That strategy has also included stock perpetual futures. With metals now included, Coinbase is placing crypto assets, equities-related products, and commodities under its “Everything Exchange” vision. The crypto firm stated:

“These derivatives are designed to make 24/7 commodity exposure as accessible and capital‑efficient as trading crypto perps.”

US Metals Futures Could Move to 24/7 Trading Soon

Eligible U.S. traders already have access to gold and silver futures through Coinbase Derivatives, known as CDE. Those products sit beside crypto and equity index futures. Coinbase said it is working with the CFTC to move eligible U.S. gold and silver futures to 24/7 trading. If approved, the change would make regulated U.S. metals futures available on a schedule closer to crypto markets, rather than the more limited hours common in traditional futures trading. It would allow weekend hedging, continuous price discovery, and cross-asset strategies through one regulated venue. CDE is a CFTC-regulated Designated Contract Market. U.S. traders will continue accessing its products through approved futures commission merchants and broker platforms, subject to maintenance windows and eligibility rules.

Metals remain a major part of global markets. Coinbase cited a gold market estimated above $13 trillion and a silver market near $1.4 trillion. It also pointed to rising demand during periods of economic and geopolitical uncertainty. The company argued that traditional metals futures can be difficult for some traders to access because of larger contract sizes, limited trading windows, and brokerage requirements. Coinbase says its model could reduce some of those barriers by using smaller contracts, USDC settlement, leverage, and around-the-clock access. In Q1 2026, CDE recorded more than $52 billion in notional volume across traditional commodity futures. That accounted for 7.6% of all contracts traded during the quarter. The company stressed that the metals launch creates another venue for weekend and overnight price discovery.

The announcement notes:

“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.”