Coinbase’s Strategic Position in the $1 Trillion Onchain Perpetuals Revolution
The cryptocurrency derivatives landscape underwent a seismic transformation in 2025, marked by the unprecedented milestone of onchain perpetual futures volumes exceeding $1 trillion monthly. This surge was fueled by a strategic pivot among crypto traders towards leverage-driven strategies, a shift largely facilitated by the rapid maturation of decentralized finance (DeFi) platforms. Notably, the traditional 'altcoin season' dynamic was absent, redirecting sophisticated capital and speculative interest towards perpetual contracts—leveraged derivative instruments with no expiry dates. This environment presents both a challenge and a monumental opportunity for established centralized exchanges like Coinbase. As decentralized platforms spearhead this volume explosion and erode market share from their centralized counterparts, the pressure is on for legacy institutions to adapt. For Coinbase, this means strategically navigating the convergence of decentralized trading infrastructure with compliant, user-friendly access. The exchange's potential to integrate or bridge to onchain perpetual liquidity, offer secure custodial solutions for leveraged positions, and provide institutional-grade risk management tools will be critical. The $1 trillion monthly volume figure is not just a metric; it's a clarion call signaling where the future of crypto trading is headed. Coinbase's ability to innovate within its regulatory framework, potentially through layer-2 solutions or strategic partnerships with leading DeFi protocols, will determine its role in this new, high-stakes era of leverage and onchain finance.
Onchain Perpetuals Surpass $1T Monthly Volume as Crypto Traders Embrace Leverage
Crypto derivatives trading surged in 2025, with onchain perpetual futures volumes eclipsing $1 trillion monthly as traders pivoted to leverage-driven strategies. Decentralized platforms spearheaded this shift, eroding market share from centralized counterparts.
The absence of a traditional altcoin season redirected trader focus. Perpetual futures—leveraged instruments without expiry dates—became the vehicle of choice for amplifying returns in subdued spot markets. "The unprecedented degree of leverage available has rewritten risk-reward calculus," observed Coinbase researcher David Duong.
Equity perpetuals loom as the next frontier for onchain derivatives. By late 2025, decentralized exchanges processed volumes rivaling top-tier centralized venues, signaling a structural shift in crypto market dynamics.
ZachXBT Exposes Canadian Scammer Behind $2M Coinbase Impersonation Scheme
Blockchain investigator ZachXBT has unmasked a Canada-based fraudster accused of stealing over $2 million in cryptocurrency through fake Coinbase support channels. The scammer, operating under aliases "Haby" or "Havard," allegedly spent a year posing as a Coinbase help desk agent, using social engineering tactics to drain victims' funds.
On-chain data reveals the stolen assets—including 21,000 XRP ($44,000 at the time)—were funneled into luxury expenditures like rare social media handles, nightlife indulgences, and gambling platforms. ZachXBT's investigation pieced together Telegram screenshots, wallet transactions, and boastful social media posts to trace the operation.
The case highlights escalating security concerns for exchange users as impersonation scams grow increasingly sophisticated. Coinbase, one of crypto's most trusted brands, becomes the latest exchange exploited for social engineering attacks.
