Coinbase has launched gold and silver perpetual futures for eligible non-U.S. traders, adding two of the world’s oldest store-of-value assets to its crypto-style derivatives stack. The new products are listed as GOLD-PERP and SILVER-PERP, with both contracts settled in USDC.
The contracts are linear perpetual futures that reference the spot price of one troy ounce of gold or silver. They trade 24/7/365, excluding scheduled maintenance, and offer up to 25x maximum leverage with institutional-grade risk controls. Institutions can access the products through Coinbase International Exchange, while eligible retail traders in supported regions can use coinbase.com and the Coinbase app.
The launch moves Coinbase deeper into traditional-asset exposure on crypto rails. Traders can now use the same account structure and stablecoin settlement format for crypto assets, stock perpetuals, and precious-metal exposure in eligible jurisdictions. That creates a simpler cross-asset setup for users who already manage collateral in USDC and trade outside normal market hours.
Coinbase Derivatives is also working with the CFTC to move its regulated U.S. gold and silver futures from a traditional 23/5 schedule to 24/7 trading. Eligible U.S. traders already have access to gold and silver futures through Coinbase Derivatives, a CFTC-regulated Designated Contract Market, through approved futures commission merchants and broker partners.
A 24/7 structure would bring regulated precious-metal futures closer to the operating rhythm of crypto markets. Weekend hedging, overnight macro reactions, and continuous cross-asset risk management are especially relevant when gold, silver, Bitcoin, oil, rates, and the dollar move on geopolitical headlines outside normal exchange hours.
The shift would also give Coinbase a stronger position in the growing market for traditional finance products that trade like crypto derivatives. A recent BitMEX derivatives report showed fast growth in tokenized commodity and equity perpetuals, with precious metals helping drive early demand for always-on market access.
Gold and silver already sit inside the broader tokenized-asset expansion. Tokenized commodity products have been gaining traction as investors look for hard-asset exposure with faster settlement, smaller trade sizes, and easier global access. Recent data around tokenized gold trading showed the same demand moving through RWA markets as bullion prices, macro uncertainty, and onchain settlement converge.
The Coinbase products are not tokenized gold bars held in a wallet. They are leveraged derivatives tied to gold and silver prices, settled in USDC. That distinction is important because perps can be useful for hedging or speculation, but leverage can also liquidate traders quickly when metals move sharply.
Coinbase is building toward a wider cross-asset trading model where crypto users can access digital assets, stock exposure, commodities, and eventually more regulated derivatives through overlapping infrastructure. The gold and silver launch gives that strategy a clearer commodities leg, while the 24/7 U.S. futures plan would test whether regulated markets can adopt the always-on trading behavior that crypto users already treat as normal.
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