Coinbase International Exchange Records Over $1 Billion in Daily Trading Volume
The International Exchange of Coinbase has made a significant breakthrough by recording over $1 billion in daily trading volume, marking a major milestone for the platform catering to institutional traders outside of the United States since May 2023.
Power Surge in Futures Trading
On February 20, Coinbase’s non-U.S. exchange saw its daily trading volume surpass $1 billion.
Perpetual futures contracts in the last 24 hours surpassed $1 billion in notional contract volume traded.
Coinbase International Exchange
This accomplishment was highlighted by Coinbase CEO Brian Armstrong as the first time the non-U.S. unit has reached this mark.
Trading Volume Breakdown
Real-time data reveals that Coinbase International Exchange recorded $1.098 billion in perpetual trading volume over 24 hours. This volume includes $557.5 million in perpetual Ethereum (ETH) trading, $425.9 million in Bitcoin (BTC), and $50.6 million in Solana (SOL), with other pairs showing significantly lower trading volumes.
Spot Market and Expanded Offerings
Coinbase International Exchange also offers a Spot market, which recorded $12.4 million in volume over 24 hours, with Bitcoin and Ethereum currently the only available options.
These figures are separate from the company’s main U.S. exchange on Coinbase.com, which recorded $3.2 billion in Spot trading volume on February 20.
Focus on Derivatives Trading
Coinbase launched its international exchange in May 2023, focusing on institutional perpetual trading before expanding its offerings to include Spot trading in December.
This new volume record comes just days after Coinbase reported the results of its U.S.-based exchange. While the firm did not disclose the finances of its international exchange, it commented on the market in general, noting that crypto derivatives accounted for 75% of its total trading volume in 2023.
