Coinbase has become the first U.S. exchange permitted to offer customers access to the global crypto perpetual futures market, after the Commodity Futures Trading Commission granted listing approval on Friday.

The move brings perpetual futures — derivatives with no expiration date that allow traders to hold leveraged positions indefinitely — out of a regulatory gray area and into a formal onshore framework for the first time.

What the CFTC approved

Coinbase will connect U.S. customers to the global crypto perps market through Deribit, the offshore options exchange it acquired for $2.9 billion last year.

A source familiar with the matter said Coinbase has not yet decided which assets it will enable for…