Coinbase has launched crypto derivatives trading in Canada, providing eligible users access to perpetual and dated futures contracts tied to Bitcoin, Ether, Solana, and other assets.
The offerings are provided through Coinbase Financial Markets, a futures commission merchant registered with the U.S. Commodity Futures Trading Commission, which operates in Canada under foreign dealer and futures commission merchant exemptions. The platform is the first major crypto-native exchange to offer direct native crypto futures in Canada.
The derivatives suite includes 23 crypto perpetual and dated futures contracts, five commodity futures, and the Coinbase 50 Index. Access is restricted to eligible Canadian customers, defined as those with at least $5 million in net financial assets or registered investment advisers and dealers. Contracts feature nano-sized positions with leverage of up to 10x.
Broader U.S. Expansion in Canada
Coinbase's launch reflects a broader push by U.S. trading platforms into the Canadian market. Online brokerage Webull expanded crypto trading to Canadian customers this week using Coinbase's infrastructure for trading and custody. Webull cited rising crypto adoption as motivation, noting that crypto ownership in Canada climbed to 25% in 2024 from 10% in 2023, according to Ontario Securities Commission research.
Robinhood entered the Canadian market in June through its $180 million acquisition of local crypto company WonderFi, gaining control of Canadian exchanges Bitbuy and Coinsquare along with approximately 300,000 funded customers and WonderFi's Canadian regulatory licenses and approvals.
Regulatory Tightening
The influx of trading platforms comes as Canada strengthens oversight of other crypto market segments. In April, the government proposed banning crypto ATMs due to concerns about scams and money laundering. Lawmakers have also advanced legislation that would prohibit cryptocurrency donations to political parties and candidates.
