US-based Coinbase is the first tier-1 exchange to offer pre-market perpetuals.
Crypto exchange Coinbase has unveiled its newest offering, pre-launch markets, which will enable users to trade perpetual futures contracts on tokens that are in their pre-token generation event (TGE) stage.
Coinbase will become the first major exchange to incorporate pre-launch perpetuals, a market niche that has become increasingly popular through onchain products such as Hyperliquid and Whales Market. The new feature will be available exclusively to Coinbase Advanced users.
![tweet from Coinbase](https://thedefiant.io/_next/image?url=https%3A%2F%2Fcdn.sanity.io%2Fimages%2F6oftkxoa%2Fproduction%2Ff8f639834c50a82d8e7511539e01193b52614ad4-585x613.jpg&w=600&q=100 1x, /_next/image?url=https%3A%2F%2Fcdn.sanity.io%2Fimages%2F6oftkxoa%2Fproduction%2Ff8f639834c50a82d8e7511539e01193b52614ad4-585x613.jpg&w=828&q=100 2x)
Current iterations of pre-market trading generally have low liquidity and volume, which can lead to inaccurate valuations leading up to a project’s TGE. Operating on a centralized platform could provide a more liquid environment for users to trade tokens in their pre-launch stage.
The pre-launch trading platform differs significantly from traditional perpetual markets. It includes third-party risks such as the tokens never launching, and higher liquidation risks due to the increased volatility associated with pre-market valuations.
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