Coinbase applies conservative leverage, margin, and risk limits to commodity perpetual futures, which may differ from those of crypto perps and are subject to change.
Leverage and Margin
Gold will launch with up to 25x maximum leverage.
Silver will launch with up to 20x maximum leverage.
Commodity perps are cross‑margined alongside crypto and stock perpetual futures, allowing you to use a single pool of eligible collateral (such as USDC and other approved assets) across your perp portfolio. Cross‑margining improves capital efficiency but also means that losses in one contract can affect margin and liquidation risk across your entire portfolio. See more details on what is collateral.
Position Limits and Open Interest Caps
Each commodity perp contract is subject to notional position limits per user and global open interest caps, tiered by the liquidity and risk profile of the underlying commodity or index. These limits may be more conservative than for major crypto perps and can evolve over time as liquidity and market participation grow.
For more information on position limits, see here.
Instrument Parameters
Instrument‑specific parameters (for example, tick size, minimum size, margin requirements, and risk limits) are available via our API and the Commodity Perpetual Futures Product Specifications.