On Aug. 19, Coinbase Global (COIN -6.33%) launched perpetual futures trading inside its Base App, giving eligible users up to 50x leverage across the platform’s crypto and tokenized equity markets. The backend of that new feature will be handled by Hyperliquid, a popular and rising decentralized crypto derivatives exchange. That same day, nearly $3 billion in leveraged crypto positions were liquidated, the biggest single-day wipeout since the flash crash of early October 2025.

Those two events are connected. In fact, Coinbase’s rollout of perpetuals guarantees that the market will see even more volatility than before — here’s what you should know if you’re a crypto holder trying to make sense of what the impact will be.

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