Coinbase began offering US perpetual-style futures on its CFTC-regulated derivatives exchange, starting with nano Bitcoin and Ethereum contracts that track spot prices, carry embedded leverage, and trade around the clock.

This is a financial product that’s responsible for most of the crypto leverage in the world, and it’s now crossed into the US market. Aside from bringing another way to bet on Bitcoin, it’s also bringing the entire machinery that essentially set offshore price discovery for years.

The US market is now importing funding payments, continuous leverage, and automatic liquidations across several exchanges, each one built to different specifications.