Coinbase Rolls Out Perpetual Oil Futures for Global Traders

Coinbase has launched perpetual futures contracts for WTI and Brent crude oil, allowing eligible non-US traders to speculate on crude oil prices through a crypto-native contract structure.

Unlike traditional oil futures, which expire on a set date and require traders to roll their position into a new contract, perpetual futures have no expiration at all. This design choice sets Coinbase's product apart from the monthly-rollover contracts that have defined commodity trading for decades.

The WTI and Brent contracts trade 24/7 with no expiry date, settling in USDC stablecoin to keep liquidity flowing through the order book even outside normal market hours. Traders can hold a position indefinitely, paying or receiving funding fees over time instead of closing out and reopening a new contract each month.

The launch comes as regulators and legacy exchanges fight over how these open-ended contracts should be treated under U.S. law, making Coinbase's oil futures launch as much a policy story as a product one.