By Keel Research Team · Updated October 2, 2026
Trade Coinbase (COIN) as a perpetual contract on Hyperliquid — 24/7, on-chain, self-custodial.
Venue facts read from Keel’s instrument table Oct 2, 2026, 22:40 UTC (hourly sync of Hyperliquid market metadata) · last listing change observed Oct 2, 2026, 22:00 UTC.
What it references (the builder’s own market note): COIN references 1 share of Coinbase Global, Inc. Class A common stock (Nasdaq: COIN), quoted in USD. Coinbase provides digital-asset trading, custody, and infrastructure services.
The COIN perpetual on Hyperliquid tracks Coinbase Global common stock — the publicly-traded centralized crypto exchange — via oracle during US market hours and floats on the HL order book otherwise. It is a HIP-3 builder-deployed market. 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, change a parameter and re-run it, 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 (xyz dex) | Perpetual (USDC) | 24/7 | Up to 10x (isolated only) | 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.
COIN on the xyz dex offers up to 10x leverage, read from the venue’s market metadata. This market is isolated-margin only. Margin requirements scale with position size; the live cap and margin tiers are on the Hyperliquid market page.
Funding is computed from the gap between the perpetual price and an oracle reference: when the perp trades above the oracle, longs pay shorts; below, shorts pay longs. Core Hyperliquid perps settle funding hourly; a HIP-3 builder sets the schedule for its own markets, so confirm the cadence on the market page. The per-period rate is small but compounds over multi-day holds.
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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