Tariff turmoil fuels Coinbase International’s BTC perpetuals to $100 billion in weekly volume

Coinbase International's perpetual futures platform has continued to grow in the derivatives market, processing nearly $100 billion in BTC perpetual futures volume over the past week. This surge has positioned Bitcoin perpetuals as the exchange's largest market segment, with all other markets making up significantly less volume. 

For context, Coinbase International operates as Coinbase's Bermuda-licensed derivatives exchange, allowing the company to offer sophisticated trading products that regulatory constraints prevent in its U.S. operations.

The recent spike in trading activity coincides with market turbulence triggered by tariff uncertainty, which initially caused a sharp 20% drop in the SP 500 before a quick rebound. During this period of heightened volatility, Bitcoin demonstrated relative resilience, reinforcing the narrative of BTC as "digital gold" and a potential safe haven during economic uncertainty. This perspective appears validated by traditional gold's concurrent performance, with prices pushing to all-time highs above $3,200, suggesting a broader flight to perceived store-of-value assets.

Regulatory considerations may be playing a significant role in Coinbase International's growing derivatives footprint. By establishing operations in Bermuda, Coinbase has created a regulatory-compliant avenue to serve global clients seeking access to leveraged crypto products that remain restricted in many jurisdictions. This offshore structure potentially provides institutional and retail traders alike with the confidence of trading on a platform backed by a public company while accessing products unavailable on Coinbase's U.S. exchange.

The relatively small representation of the "151 Others" category suggests that, despite offering a wide range of perpetual contracts, traders are not yet ready to explore further down the risk curve.

This is an excerpt from  The Block's Data Insights newsletter . Dig into the numbers making up the industry's most thought-provoking trends.