How to Trade Coinbase Global, Inc. (COIN) on Hyperliquid

What Is Coinbase

Coinbase Global, Inc. is the largest cryptocurrency exchange in the United States and one of the biggest in the world, with over 100 million registered users and $5.2 trillion in total trading volume across 2025. Founded in 2012 by former Airbnb engineer Brian Armstrong and ex-Goldman Sachs trader Fred Ehrsam, the company went public via direct listing on NASDAQ in April 2021 at a $99.6 billion valuation — the first major crypto company to trade on a U.S. stock exchange.

Coinbase generates revenue from two main streams: transaction fees on crypto trades and a growing subscription and services business that includes stablecoin yield, staking, and custody. For full-year 2025, the company reported $7.2 billion in total revenue, with subscription and services revenue reaching $2.8 billion — up 5.5x from the 2021 bull cycle peak. USDC stablecoin operations alone generated $1.35 billion in 2025, nearly 20% of total revenue.

The company is also the builder behind Base, an Ethereum Layer 2 network designed to onboard the next billion users into the crypto economy. Base has become one of the most widely used L2 solutions and anchors Coinbase's strategy to move beyond exchange fees toward an onchain platform business.

Why COIN Matters for Traders

COIN is one of the highest-beta equities correlated to the crypto market. When Bitcoin rallies, Coinbase's transaction revenue inflates directly — and the stock tends to move with a multiplier. When crypto enters a drawdown, COIN gets hit harder than BTC itself. That reflexivity makes it a popular vehicle for traders who want amplified exposure to crypto market cycles without holding the underlying tokens.

But the story in 2026 is about diversification away from pure trading fees. CEO Brian Armstrong has outlined a three-pillar strategy: building an "everything exchange" that covers crypto, equities, and commodities; scaling stablecoins and payments globally; and driving onchain adoption through Base and developer tools.

The equity trading push is already live. Coinbase launched 24/5 commission-free stock and ETF trading for U.S. customers in March 2026, covering roughly 6,000 securities. It also rolled out futures contracts in 26 European countries with up to 10x leverage. These moves put Coinbase in direct competition with Robinhood and Interactive Brokers — not just Binance and Kraken.

The stablecoin angle is equally significant. Coinbase earns yield on USDC held on-platform and takes 50% of off-platform USDC revenue through its partnership with Circle. With USDC on-platform holdings at all-time highs and regulatory clarity improving under the GENIUS Act, this revenue stream is becoming structurally more important than trading fees in flat or bearish markets.

The HIP-3 Perpetual Contract

On Hyperliquid, COIN trades as a HIP-3 perpetual futures contract that tracks the value of one share of Coinbase common stock. HIP-3 perps are synthetic instruments — you don't hold actual COIN equity or receive dividends. Instead, you trade a contract that follows the stock's price via oracle feeds, settled in USDC.

This structure lets traders go long or short COIN with up to 10x leverage, 24/7, without needing a U.S. brokerage account or dealing with equity market hours. For non-U.S. traders who can't easily access NASDAQ-listed stocks, HIP-3 perps remove a real barrier. For U.S.-based traders, they offer continuous exposure when equity markets are closed — useful for a stock that reacts to crypto moves happening around the clock.

The COIN perp on Hyperliquid has seen over $11 million in 24-hour volume, reflecting genuine trader interest in this contract. Funding rates on stock-tracking perps tend to be more stable than pure crypto perps, since the underlying has defined trading sessions and less weekend volatility. But earnings releases and major crypto market moves can still cause sharp dislocations between the perp price and the underlying stock — something to watch around quarterly reports.

Key Trading Considerations

Crypto correlation is the dominant driver. COIN's day-to-day price action tracks Bitcoin more closely than any fundamental metric. In early March 2026, the stock ripped 15% in a single session alongside a BTC rally above $73,000 and favorable regulatory signals from the White House. If you're trading COIN, you're implicitly trading crypto sentiment with equity characteristics layered on top.

Earnings volatility is real. Q4 2025 revenue came in at $1.78 billion, missing the $1.85 billion Street estimate. EPS of $0.66 missed the $0.83 consensus. Despite the misses, the stock rallied in the weeks following as crypto markets recovered. Coinbase earnings are binary events — the perp will gap around them, and leverage amplifies that risk.

Regulatory catalysts cut both ways. The GENIUS Act established a federal stablecoin framework in 2025, and the CLARITY Act — a broader market structure bill — has Polymarket pricing it at a 72% chance of passing in 2026. Favorable regulation is a tailwind for COIN, but any stalling or weakening of these bills could trigger sharp reversals. The banking lobby, led by JPMorgan, continues to push back on stablecoin yield provisions that directly affect Coinbase's revenue.

Competition is intensifying. Coinbase's push into equities puts it against established brokerages. Its crypto market share doubled in 2025, but Binance, OKX, and Bybit are aggressive globally. The stock's premium valuation assumes Coinbase wins on multiple fronts simultaneously — any stumble on execution narrows the gap between price and fundamentals.

Trading on Hyperliquid

Trade COIN on Hyperliquid with up to 10x leverage.