Coinbase International Exchange

What is a pre-launch market?


Pre-launch markets allow users to trade perpetual futures contracts on tokens that have not launched yet. When the underlying token is launched on applicable spot exchanges, the instrument converts to a standard perpetual contract. Pre-launch markets on Coinbase allow users to participate in price discovery for upcoming projects on a trusted and secure platform.

Key Considerations & Risks

Pre-launch markets significantly differ from standard perpetual futures markets, carrying unique considerations and posing elevated risks. It is crucial to exercise caution and refrain from trading contracts that you are unfamiliar with or do not fully understand the associated risks.

Please note the following about these markets:

  • Pre-Launch Index Price Mechanism: Pre-launch markets have a different index price mechanism than standard perpetual futures and use a 4 hour exponential moving average (EMA) of the instrument’s mark prices for the Pre-Launch Index Price.

  • Liquidity, Volatility, & Liquidations: Given the high-risk nature of pre-launch markets, these markets are more prone to lower liquidity, higher volatility and increased liquidation risk. Please note that positions for pre-launch markets will not be assigned to participants of our Liquidity Support Program (LSP). As such, these markets will be at higher risk of Auto-Deleveraging compared to standard perpetual futures. See more details on the Liquidation Waterfall.

  • Funding Rates: These markets will employ funding rates using the same formula as standard perpetual futures. Please note that these markets might experience varying funding rates based on market dynamics.

  • Conversion Process: When the underlying token is launched on applicable spot exchanges and the market meets our requirements for a standard perpetual future, Coinbase will begin converting the pre-launch market to a standard perpetual future; during this period, the instrument will change from PRE_LAUNCH mode to PRE_LAUNCH_CONVERTING mode. The conversion process will occur linearly over a 4 hour period. Once the conversion is complete, the instrument will change from PRE_LAUNCH_CONVERTING mode to STANDARD more.

  • Conversion Risk & Delisting: Pre-launch markets allow users to trade tokens that have not launched yet. However, there is a risk — outside of Coinbase’s control — that the underlying token may never launch. If such a determination was made, the pre-launch market would not be able to convert into a standard perpetual futures market, and the market may need to be suspended and/or delisted. Coinbase, at its discretion, may temporarily or permanently suspend trading or delist markets from our platform at any time. When possible, we will notify users of updates via our Status Page and other channels. We reserve the right to take such actions without advance notice in exceptional cases.

  • Pricing: The price of the pre-launch market, as with any of our markets, is subject to supply and demand from traders. This price may not accurately reflect the price at which the underlying token actually launches.


Coinbase will enforce strict leverage, position limits, and open interest caps on these markets.

Pre-launch markets will have the following characteristics:

  • Initial Margin: 50% (Max 2x Leverage)

  • Position Limit Size: $50K notional instrument limit

Instrument specific parameters will be available via our REST API and Perpetual Futures Product Specifications.

Accessing & Trading Pre-Launch Markets

Eligible institutional users can access pre-launch markets via Coinbase International Exchange and eligible retail traders can access pre-launch markets via Coinbase Advanced. To access Coinbase Advanced, simply log on to or the Coinbase mobile app, tap the menu, and toggle on Advanced. Ensure your mobile app is up to date with the latest version for the best experience. Pre-launch markets are currently only available to users in eligible jurisdictions outside of the US, UK, and Canada.

Trading Pre-Launch Markets via Coinbase International Exchange

Check out the pre-launch tab to find pre-launch markets available for trading.

Please note that pre-launch markets can only be traded in portfolios that are enabled for pre-launch trading. 

  • Instruments in PRE_LAUNCH mode can only be traded in portfolios that are enabled for pre-launch trading (Pre-Launch Portfolio); you will not be able to trade these instruments in a Standard Portfolio.

  • Users can opt a portfolio into pre-launch trading in the Portfolios tab. There can be no existing positions in that portfolio for standard instruments.

  • While an instrument is in PRE_LAUNCH_CONVERTING mode, you can trade the instrument in either a Pre-Launch Portfolio or a Standard Portfolio.

  • While an instrument is in STANDARD mode (standard perpetual future), you can only trade the instrument in a Standard Portfolio.

Based on the above, it is recommended that users do the following once the conversion process begins:

  • Place orders in Standard Portfolio

  • Cancel all orders in Pre-Launch Portfolio

  • Initiate a position transfer from Pre-Launch Portfolio to Standard Portfolio (purely a transfer, not a trade). Position transfers can be initiated via REST API or via the UI

Trading Pre-Launch Markets via Coinbase Advanced

Look for the “PRE-LAUNCH” label next to a contract in our list of markets to find pre-launch markets available for trading.

Pre-launch markets on Coinbase Advanced can only be traded using isolated margin mode with a max leverage of 2x.