Coinbase expands into perpetual DEX market amid rising demand
Starting October 9, 2025, Coinbase, the largest U.S. cryptocurrency exchange, officially launched decentralized exchange (DEX) trading for American users — a feature previously available only to select participants.
This new functionality gives Coinbase users access to a wide range of tokens before they are listed on the traditional exchange, directly within the Coinbase mobile app — without needing to switch platforms or manage external wallets. However, DEX trading will initially remain unavailable to residents of New York.
To streamline the service, Coinbase integrated with liquidity pools supported by 1inch and 0x, providing users with only “secure, non-custodial token swaps” executed directly on the blockchain.
Users can immediately trade various Base-chain tokens, including assets from projects like Virtuals AI Agents, Reserve Protocol DTFs, SoSo Value Indices, Auki Labs, and eSuper Champs.
Perpetuals — the season’s hottest trend
The decentralized Coinbase DEX feature was first announced in August, and its official launch coincides with a surge in the popularity of perpetual DEX trading — which hit a record $1.226 trillion in the past 30 days.
According to DefiLlama, that figure is 48% higher than August’s $707.6 billion, signaling accelerating demand for decentralized derivatives.
Currently, Aster DEX leads the rally with $493.6 billion in trading volume, followed by Hyperliquid with over $280 billion. Other key players include Lighter DEX, EdgeX, Pacifica, and Bybit Apex Protocol, collectively contributing more than $280 billion in additional activity.
New entrants have also appeared, such as SunPerp, the first perpetual DEX built on the TRON blockchain, which reached a $30 million TVL shortly after launch.
For Coinbase, the timing of the DEX rollout is no coincidence — the exchange is seeking to offset slowing centralized-platform activity by capturing part of the booming perpetual derivatives market.
As we wrote, Coinbase error triggers $300K exploit via 0xProject swapper contract
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