Olivia Capozzalo and Camila Russo
July 22, 2025
GM, Defiers!
The great story of today:
- Coinbase has just launched the first perpetual future regulated by the United States-will they take a hyperliquid pie?
In other news:
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📈 Markets in the last 24 hours:
The great story of today
Coinbase has just launched Perps. Is it a threat to hyperliquid?
The most glowing exchange of regulation in Crypto now offers Degen’s taste of living for American users. This raises the question: Coinbase comes for the hyperliquid throne?
Launch is an important step for the American markets. From July 21, Coinbase users can exchange Nano BTC and ETH Perpetual Contracts via Coinbase Financial Markets, its derivative arm regulated by CFTC. These perpes are delivered with expires over 5 years, a USDC regulation and a lever effect up to 10x. According to Coinbase, these contracts will be available on its 24/7 advanced commercial platform and with manufacturer’s manufacturers’ costs from 0.02%.
Kraken opened the wayLaunching its own perpes in accordance with the United States via Kraken Pro earlier this month. This is significant because for the first time, American merchants have access to retail perpetual contracts In accordance with the CFTC.
The hyperliquid, on the other hand, is an exchange of perpetuals not regulated, not guardian, entirely onchain This dominated the degen volumes. Built on its own hyperevm, it supports more than 40 trading pairs, offers up to 40x lever and supports 10 billion dollars + in daily trading volume, without gas or KYC fees. In terms of product depth, capital efficiency and cultural resonance with CT traders, its light years to come.
And yet, Coinbase has access to compliant Fiat US rails and 100 million users. Where Coinbase wins is the integration of new Fiat world users. It can offer a fluid experience and connected to banks with the insurance, compliance and recognition of the brand.
NFT market bust
But this is not the first time that Coinbase has been trying to enter a crypto-native niche. When Coinbase announced its NFT market at the end of 2021, it promised to integrate millions into the world of digital collectibles. But when it was launched in April 2022, the NFT media threshing cycle had already culminated. Despite a waiting list of 2 million users, Coinbase NFT made less than 200 transactions on the first day.
The market has never gained ground and was actually put aside by 2023. Why? Because Coinbase approached the NFT as a web2 company: over-designed, late on the market and completely not synchronized with chaos fueled by memes and focused on the community that operates the NFT.
Crypto-native users care about speed, liquidity and cultural alignment. Coinbase can nail the regulatory part, but If it does not offer a deeper lever effect, more pairs and faster product iteration, it will not steal a significant part of the hyperliquid.
Is Coinbase a threat to hyperliquid? Not yet. But it could be.
If Coinbase accelerates to include more pairs, introduces onchain derivatives through the base and determines how to provide part of the effectiveness of hyperliquidal capital in a regulated wrapper, it could start to compete.
More likely, however, is that The two will continue to live in different universes: Coinbase for masses and institutions in accordance with crypto-lechers; Hyperliquid for onchain degens who do not ask for permission.
With love,
Cam, founder of The Dediant
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The best news in the past 24 hours
- Polymarket concludes the agreement of $ 112 million to return to the United States American residents will once again be able to use the market for the prediction market fueled by cryptocurrency, following its acquisition of $ 112 million with a small exchange of derivatives and compensation regulated by CFTC, QCEX.
- New Ethena Treasury Company collects $ 360 million, plans to register at Nasdaq A new cash company focused on Ethena, Stablecoinx Inc., has just raised a total of $ 360 million and plans to list its actions on the Nasdaq under the USDE symbol, aimed at capturing Stablecoin growth via a traditional commercial vehicle.
- Cryptopunks lead the resurgence of NFT like ETH rallies While the price of ETH increases in the last month, it fueled a gathering in the NFT based on Ethereum, led by cryptopunks. The pounded collections of NFT penguins and moon birds have also increased the price of the soil in the past two weeks.
- North Korean pirates have launched more than a billion dollars stolen from Bebit in less than six months The largest security violation of 2025, which resulted in the volley of $ 1.5 billion at the top-10 Crypto Exchange bybit, fueled one of the fastest money laundering campaigns that the industry has ever seen, with more than a billion dollars bleached in just 4 months after hacking.
- Characteristic: Trump’s cryptographic assets now include a key element of family fortune worth billions Since he launched his re-election campaign in 2024, the one that has greatly focused on the adoption of cryptocurrency, President Donald Trump and his family have been aggressively in cryptographic space with a series of companies, memecoins to ETF Crypto. The reports place the total sum of the net value of Trump derived from crypto ventures in the range of eight -digit.
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