By Keel Research Team · Updated May 9, 2026
Trade Coinbase (COIN) as a perpetual contract on Hyperliquid — TradeXYZ (USDC) or Felix (USDH), up to 20x leverage.
Also live: Felix (USDH) — Felix offers a dual-listed COIN perpetual settled in USDH with lower taker fees and higher maker rebates. Same underlying, different fee economics.
COIN perpetual on Hyperliquid tracks Coinbase Global common stock — the publicly-traded centralized crypto exchange. Dual-listed on HL: TradeXYZ (xyz:COIN, USDC settled) and Felix (flx:COIN, USDH settled). TradeXYZ runs the dominant book; Felix offers a stablecoin-alternative settlement with different fee economics. Both tracks Coinbase via oracle during US market hours and float on the HL order book otherwise. Hourly funding; max leverage 20x. COIN is unique among the equity-perp set in that its underlying business is crypto exposure itself — making the perp a higher-beta crypto play that also responds to traditional-equity-market sentiment. Traders use COIN perp for paired trades against BTC/ETH, as a crypto-equity beta hedge, or around earnings and regulatory news cycles.
Keel is a Strategy OS for AI-assisted systematic trading on Hyperliquid. Backtest a strategy that trades COIN against funding, momentum, or rotation signals, optimize parameters across thousands of variants, then deploy live with funding-aware execution and full risk controls.
Free to start — connect a Hyperliquid wallet when you’re ready to go live.
| Venue | Product | Hours | Leverage | Custody |
|---|---|---|---|---|
| Hyperliquid (TradeXYZ) | Perpetual (USDC) | 24/7 | Up to 20x | Self-custody |
| Hyperliquid (Felix) | Perpetual (USDH) | 24/7 | Up to 20x | Self-custody |
| Robinhood / brokerage | Spot stock | US market hours | Margin (limited) | Custodial |
| CFD broker | CFD | Extended hours | Varies | Custodial |
Comparison shown for orientation. Not legal, tax, or investment advice. Confirm current product terms with each venue directly. See Hyperliquid vs Robinhood for a deeper side-by-side breakdown.
COIN is operational leverage on crypto exposure — its revenue scales with trading volume + custody balances + staking, all crypto-correlated. In bull markets COIN typically outperforms BTC; in bears it can underperform meaningfully. The perp adds 24/7 trading and HL leverage on top of that natural beta.
Dual-builder listing: TradeXYZ (xyz:COIN) settles in USDC, dominant book; Felix (flx:COIN) settles in USDH with different fee economics. Same underlying Coinbase stock, independent markets — different funding, different liquidity, different fees. Traders pick based on stablecoin preference and fee structure.
Funding is computed hourly from the gap between perpetual price and an oracle reference. When the perp trades above the oracle, longs pay shorts; below, shorts pay longs. The rate is small per hour (typically ±0.01% range) but compounds over a 24-hour period. The exact mechanics match Hyperliquid’s standard perpetual funding model.
Hyperliquid perpetuals trade 24/7. Off-hours (overnight, weekends, holidays), the perp may diverge from the underlying spot price since traditional markets are closed and price discovery happens here. Funding pulls the perp back toward the oracle over time.
Yes. You connect a wallet (e.g. via Hyperliquid’s native UI or a builder app); keys never leave your control. Hyperliquid is a non-custodial exchange.
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