This article addresses our US-regulated derivatives offering which is available to residents of the US and most countries in the European Economic Area ("EEA"). You can learn more about Coinbase's Derivatives products on the Derivatives help page. For US customers, derivatives balances are held with Coinbase Financial Markets (CFM), which is a CFTC registered futures commission merchant and a member of the National Futures Association. Spot balances are managed by Coinbase Inc. (CBI). Funds held with CBI do not benefit from the CFTC's customer protection regime.
In the EEA, this service is available only to eligible customers through Coinbase Financial Services Europe Ltd. (CBFSE). Access is subject to completion of CBFSE’s onboarding and verification requirements, including identity checks and the appropriateness and target market assessments applicable under the current CBFSE framework; if those requirements are not met, access may be refused, limited or withdrawn.. EEA Clients need to sign up for a Coinbase Luxembourg S.A. spot account in order to access CBFSE's offering.
Crypto and select commodity futures markets are open for trading 24/7, with a one-hour break on Fridays from 5 PM - 6 PM ET.
All other futures markets are open for trading from Sunday at 6 PM ET until Friday at 5 PM ET with a one-hour break each day from 5 PM - 6 PM ET, and are closed on market trading holidays.
When markets are closed, you can queue limit and stop-limit orders or requests to cancel an open order for when the market re-opens.
Queue orders during a closed market
When the market is closed, you can queue limit and stop limit orders by submitting an order as usual, which will show a status of "queued."
You can also queue cancellation requests for open orders, which will be processed during the market "pre-open" period (10 minutes before market open). Cancellations of queued orders happen immediately. Orders can’t be canceled during the 30 seconds prior to market open.
Note: Market orders can’t be queued.
Liquidation risk during a closed market
You can’t be liquidated when the market is closed as no trades occur, preventing price changes in futures contracts. However, significant price movements in the underlying spot market between market close and reopen may impact the futures price at the next market open. The first trade at open sets the latest price, affecting the PnL on your positions.
To reduce liquidation risk, consider adding cash funds to your account or queueing an order to reduce your position, though execution before auto-liquidation isn’t guaranteed.
United States: Information provided is not investment advice. Funds held with Coinbase Inc. do not benefit from the CFTC’s customer protection regime. Access to the referenced financial products requires user eligibility, and may not be available in all jurisdictions. The risk of transacting in futures can be substantial and may not be suitable for everyone, possibly resulting in a loss of funds greater than the total amount of funds you have on deposit in your CFM account, together with any funds in your Coinbase Inc. account or any other accounts held with Coinbase affiliates. Leverage in futures trading can work for you or against you. The risk of loss using leverage can exceed your initial investment amount. Please review the CFM Futures Risk Disclosure Statement for more information. Coinbase Financial Markets makes no representation on the suitability of information provided or to a particular financial product.
Coinbase Financial Markets is a member of National Futures Association (NFA) and is subject to NFA's regulatory oversight and examinations. However, NFA does not have regulatory oversight authority over underlying or spot virtual currency products or transactions or virtual currency exchanges, custodians, or markets.
Assets held in your CFM futures account will be segregated from CFM’s own assets. All customer assets held by CFM will be subject to customer protection regulations of the CFTC, including CFTC Rule 1.20. In the unlikely event of CFM’s bankruptcy, your futures account is protected under CFTC regulations, including Part 190 rules, and specific provisions of the U.S. Bankruptcy Code.
Any funds transferred to your Coinbase Inc spot account won’t receive the preferential treatment afforded to funds held in a regulated futures account pursuant to CFTC's regulations and the U.S. Bankruptcy Code.
European Economic Area: The information contained on this page does not constitute marketing material or a solicitation to trade in the products or services described here.
Derivatives trading is available to eligible EEA customers through Coinbase Financial Services Europe Ltd. (CySEC License 374/19). In order to access derivatives, customers will need to pass through our standard assessment checks to determine their eligibility and suitability for this product.
Derivatives are complex instruments and come with a high risk of losing money rapidly due to leverage. Derivatives are complex instruments and are not suitable for most investors. You should consider whether derivatives are suitable for you, and seek independent professional advice if needed. The value of your product can go up and down, and your capital is at risk. You could lose all invested capital.
The products and services offered here may however not be available in your country, or may not be offered by Coinbase Financial Services Europe Ltd.
For eligible EEA customers, negative balance protection applies. Learn more here. If your deposit is in EUR, it will first be converted to USDC, and then USDC will be converted to USD.