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LINK $9.86 +4.19%
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ZEC $545.21 +7.94%

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Coinbase introduces perpetual contracts to the Base App through Hyperliquid, supporting up to 50x leverage

Coinbase announced the introduction of perpetual contract trading to the Base App through Hyperliquid, allowing eligible users to trade over 290 perpetual contract markets with a maximum leverage of 50 times, covering Bitcoin, Ethereum, and markets related to stocks and commodities. Coinbase's engineering lead Chintan Turakhia stated that perpetual contracts currently account for about 75% of the total trading volume in the crypto market and are the feature that high-frequency users of the Base App most want to see added.Related trades will be executed within the Base App, but Hyperliquid will be responsible for the actual execution, allowing users to stay within their existing wallets. Coinbase stated that the maximum leverage ratio available for different assets varies, and positions may be liquidated when losses exceed a certain threshold. This product is currently not available to jurisdictions such as the United States, the United Kingdom, Canada, and other areas that restrict leveraged crypto derivatives trading. This launch also reflects a shift in the product focus of the Base App from previously emphasizing social and creator features to trading, payments, and AI Agents. Base founder Jesse Pollak previously acknowledged that social and creator tokens did not bring the expected user growth, while prediction markets, perpetual contracts, and stablecoins have become stronger drivers of adoption.

Analysis: The "crack spread" in the energy market has reached a record expansion, and Bitcoin may face new pressures

According to CoinDesk, as crude oil prices retreat, refined oil prices continue to rise, with the "crack spread" between U.S. diesel and crude oil reaching $102.2 per barrel, a record high.Due to disruptions in global energy supply from the Iran and Ukraine conflicts, diesel supply is tightening, and with the current agricultural harvest season, the demand for fuel for agricultural equipment such as tractors is strong, further pushing up diesel prices, which may transmit inflation through food, transportation, and heating costs.Meanwhile, WTI crude oil prices have broken through the downward trend line formed since the peak in April, indicating that the four-month downward trend may be coming to an end. If oil prices continue to rise, market inflation expectations may heat up again. The combination of energy prices and inflation risks, along with concerns about government debt, is driving up U.S. Treasury yields and the yields of other developed economy bonds, increasing the opportunity cost of holding risk assets like Bitcoin, which may limit further upside for BTC.However, the weakening dollar still provides some support for Bitcoin. The dollar index fell to 99.29 on Monday, a two-and-a-half-month low, and broke below the previous upward trend line. Currently, Bitcoin is being influenced by multiple factors including oil prices, bond yields, and dollar trends, with the macro environment showing clear divergence.
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