Offshore perpetuals come with counterparty risk, custody concerns, and regulatory uncertainty. Coinbase’s new U.S.-based alternative offers leverage without the baggage, bringing a potential game-changer for cautious but yield-hungry traders.

In an announcement on June 26, crypto exchange Coinbase revealed plans to launch U.S. Perpetual-Style Futures on its derivatives platform—marking one of the first regulated attempts to replicate the functionality of offshore perpetual contracts.

Slated for a July 21 rollout, the products will feature nano-sized Bitcoin (BTC) and Ethereum (ETH) futures with an unusually long five-year expiration, coupled with a funding rate mechanism to maintain alignment with spot…