Coinbase has launched Pulse Mode for mobile perpetual futures trading shortly after renaming its Base App as Coinbase Wallet.
Summary
- Coinbase has added Pulse Mode to its renamed Wallet app for mobile perpetual futures trading.
- Brian Armstrong announced the feature shortly after Coinbase restored its Wallet product name publicly online.
- Pulse Mode presents a simplified interface for opening and managing leveraged long or short positions.
- Coinbase Wallet remains self-custodial and supports crypto, tokenized assets, predictions, commodities and perpetual markets together.
- Coinbase has not published detailed Pulse Mode fees, leverage limits or regional eligibility publicly yet.
Coinbase CEO Brian Armstrong revealed the feature in a Sept. 12 post, sharing an image of the new interface and inviting users to download the updated application. His post did not provide technical specifications, fee schedules or a complete list of supported markets.
The company describes Pulse Mode as a simplified interface for perpetual contracts, commonly called perps. Available inside Coinbase Wallet, the feature gives eligible users a route to leveraged long and short positions without leaving the application.
Coinbase’s public Wallet page confirms that the self-custodial product supports perpetual futures alongside spot crypto, tokenized stocks, commodities and prediction markets. The company has not published a separate Pulse Mode documentation page explaining whether the feature changes execution, order types or risk controls.
Coinbase Pulse Mode simplifies the mobile interface
Pulse Mode appears to reorganize Coinbase Wallet’s existing perpetual futures function around a faster trading screen. The available interface emphasizes market direction, position size and execution instead of presenting every advanced setting at once.
Armstrong described the product only as “Pulse mode on Coinbase Wallet.” Other public descriptions characterize it as a simplified trading experience, but Coinbase has not confirmed that Pulse Mode constitutes a new derivatives product or execution venue.
The current Google Play listing says Coinbase Wallet’s perpetual markets are powered by Hyperliquid. Users can take long or short positions in crypto, stocks, commodities and other referenced markets through the mobile application.
Perpetual contracts have no scheduled expiration date. Traders keep positions open while meeting margin requirements and paying or receiving funding charges determined by the market’s mechanism.
Coinbase has not stated whether Pulse Mode changes Hyperliquid’s normal order processing, margin rules or funding calculations. Its available material presents the mode as an interface inside the wallet, leaving the underlying perpetual infrastructure unchanged unless the company provides different terms.
Perpetual trading remains unavailable to U.S. users
Coinbase Wallet’s application listing states that perpetual futures are available only to non-U.S. users in selected jurisdictions. The company warns that trading the products carries substantial risk and may not suit every user.
U.S. users therefore cannot assume that downloading the renamed wallet provides access to Pulse Mode. Eligibility depends on location and any compliance checks Coinbase or the connected trading provider applies.
The geographic restriction separates the wallet’s offshore perpetual offering from regulated futures products available through Coinbase’s U.S. derivatives operations. Coinbase did not announce a U.S. Pulse Mode launch or file a related product notice with the Commodity Futures Trading Commission.
Leveraged perpetual contracts can generate losses when market prices move against a trader. A position may be liquidated once its remaining collateral falls below the platform’s maintenance requirement.
Coinbase has not published a Pulse Mode-specific maximum leverage level. The company has not disclosed whether users can adjust leverage manually, select isolated or cross margin, or place stop-loss and take-profit orders through the simplified screen.
The Wallet website says users can access candlestick charts, position-management tools and limit orders. It does not state which of those controls are available while Pulse Mode is active.
Base App has returned to the Coinbase Wallet name
Pulse Mode arrived after Coinbase restored the Coinbase Wallet name to the application previously called Base App. The company’s official account announced that “Base App is now Coinbase Wallet,” describing the product as a tool for trading assets across blockchain networks.
Coinbase had introduced the Base App identity while developing a multipurpose platform covering trading, payments, social features and applications. The return to Coinbase Wallet places the product’s self-custodial trading function at the center of its public presentation.
The updated website calls Coinbase Wallet an application for trading crypto, stocks, commodities, prediction markets and perps. It supports Bitcoin, Ethereum, Solana and assets across dozens of other blockchain networks, according to Coinbase.
Despite using the Coinbase name, the wallet remains separate from a standard custodial Coinbase exchange account. Coinbase describes it as self-custodial, meaning users control the credentials needed to authorize transactions.
The product uses third-party decentralized exchange aggregators for spot-token swaps. Its Google Play disclosure states that Coinbase Wallet does not itself exchange the digital assets involved in those transactions.
Coinbase has retained the Base network within the wallet’s multichain structure. The product can connect with assets and applications on Base while supporting other networks through the same interface.
Coinbase Wallet moves toward an all-market trading app
The Wallet website presents perps as one part of a growing set of tradable markets. Its current menu includes tokenized versions of companies such as Nvidia, Meta, Apple and Alphabet, alongside prediction contracts and crypto assets.
Coinbase describes this product strategy as becoming an “everything exchange.” The phrase represents the company’s stated product direction and does not mean every listed service is available in each jurisdiction.
Pulse Mode gives the wallet another mobile interface for active traders. Coinbase’s public materials do not disclose how many users have received access, whether deployment is complete or if the feature remains in a staged rollout.
Coinbase’s wallet expansion follows increased competition among platforms combining asset discovery, swaps and leveraged trading. As crypto.news previously reported, Coinbase added decentralized exchange trading inside its main application to give eligible users access to more onchain assets.
The company has not reported user numbers, perpetual volume or revenue tied specifically to Pulse Mode. No verified market reaction could be separated from other developments affecting Coinbase shares or crypto prices following Armstrong’s post.
Coinbase has not released full Pulse Mode terms
Coinbase’s next procedural step is expected to involve expanded documentation inside its Wallet support pages or application disclosures. Users still need details covering available collateral, funding rates, liquidation methods, fees, leverage and dispute handling.
The company’s Wallet support portal contains general information on self-custody and trading, but it did not display a dedicated Pulse Mode support article when this report was prepared.
Coinbase’s mobile listing says perpetual trading is powered by Hyperliquid and limited to non-U.S. users in selected jurisdictions. It does not identify every eligible country or explain whether Pulse Mode availability matches the full geographic reach of existing perps.
App-store disclosures show Coinbase Wallet operates in more than 170 countries and supports 20 languages. Perpetual access covers a smaller, unspecified group because derivatives restrictions continue to apply separately.
Coinbase had not announced a date for completing the rollout, adding U.S. access or publishing Pulse Mode-specific trading statistics as of Sept. 13.
