Coinbase Wallet launches perpetual contract pulse model

Coinbase launches Pulse Mode mobile perpetual contract trading function, and the Base App is officially renamed Coinbase Wallet

Coinbase Not long after renamed its Base App to Coinbase Wallet, it launched a new perpetual contract trading function for mobile terminals-Pulse Mode.

Pulse Mode has been added to its renamed wallet application to provide perpetual contract trading services for mobile users. Coinbase CEO Brian Armstrong announced the feature shortly after Coinbase publicly restored its "Wallet" product name online. Pulse Mode provides a simplified interface for users to open and manage leveraged long or short positions.

Coinbase Wallet continues to maintain self-custody features, supporting cryptocurrencies, tokenized assets, forecast markets, commodities and perpetual contract markets. As of now, Coinbase has not publicly released specific information about Pulse Mode's detailed rates, leverage limits or regional eligibility access.

Feature release and interface simplification

Coinbase CEO Brian Armstrong released relevant news on September 12, sharing pictures of the new interface and inviting users to download the updated application. However, his post did not provide technical specifications, fee schedules or a complete list of support markets.

The company describes Pulse Mode as a simplified interface for perpetual contracts (often called Perps). This feature is integrated within Coinbase Wallet and provides eligible users with a way to leverage long and short without leaving the app.

Coinbase's public Wallet page confirms that in addition to supporting spot cryptocurrencies, this self-managed product also covers perpetual contracts, tokenized stocks, commodities and forecast markets. Currently, the company has not released a separate Pulse Mode documentation page to explain whether the feature has changed execution methods, order types or risk control mechanisms.

Pulse mode on Coinbase Wallet
Download the app to try it
- Brian Armstrong (@brian_strong) September 12, 2026

Interface reengineering and underlying infrastructure

Pulse Mode seems to reorganize Coinbase Wallet's existing perpetual contract capabilities around a faster trading screen. The available interfaces emphasize market direction, position size and execution efficiency, rather than displaying all advanced settings at once.

Armstrong only described the product as "Pulse Mode on Coinbase Wallet." Other public descriptions define it as a simplified trading experience, but Coinbase has not confirmed whether Pulse Mode constitutes a new derivatives product or execution venue.

Current Google Play listings show that Coinbase Wallet's sustainable market is supported by Hyperliquid. Users can take long or short positions in cryptocurrencies, stocks, commodities and other reference markets through the mobile application.

Perpetual contracts have no predetermined expiration date. As long as traders meet margin requirements and pay or collect funding fees determined by market mechanisms, positions can be kept open. Coinbase has not stated whether Pulse Mode will change Hyperliquid's normal order processing, margin rules or funding calculations. Its existing data presents the model as an interface within the wallet, and unless the company provides different terms, the underlying sustainable infrastructure remains unchanged.

U.S. users still cannot use

Coinbase Wallet's application listing states that perpetual contracts are limited to non-U.S. users in certain jurisdictions. The company warned that trading these products carries significant risks and may not be suitable for all users.

Therefore, U.S. users should not assume that they can gain access to Pulse Mode by downloading a renamed wallet. Eligibility depends on geographical location and any compliance checks applied by Coinbase or associated transaction providers.

This geographical limit distinguishes Wallet's offshore sustainability products from the regulated futures products offered through Coinbase's U.S. derivatives business. Coinbase has not announced the launch of Pulse Mode in the United States, nor has it submitted a product notification with the U.S. Commodity Futures Trading Commission (CFTC).

Leveraged perpetual contracts can cause losses when market prices are unfavorable to traders. Once the remaining collateral falls below the platform's maintenance margin requirements, positions may be forcibly closed. Coinbase has not announced a specific maximum leverage level for Pulse Mode. The company also did not disclose whether users can manually adjust leverage, select isolation or cross-margin, or place stop loss and take profit orders through a simplified screen.

The Wallet website states that users can access candle charts, position management tools, and limit orders, but does not say which controls are available when Pulse Mode is activated.

Base App returns to the Coinbase Wallet brand

The arrival of Pulse Mode comes as Coinbase restores the name of the application previously called Base App to Coinbase Wallet. The company's official account announced that "Base App has now been renamed Coinbase Wallet" and described the product as a tool for trading assets across blockchain networks.

Coinbase introduced the Base App identity during the development of a multifunctional platform covering transactions, payments, social features and applications. Returning to the name Coinbase Wallet puts the product's self-managed trading capabilities at the heart of its public display.

The updated website describes Coinbase Wallet as an application for trading cryptocurrencies, stocks, commodities, forecasting markets and perpetual contracts. According to Coinbase, it supports Bitcoin, Ethereum, Solana and dozens of other assets on the blockchain network.

Despite using the Coinbase brand name, the wallet is separate from the standard managed Coinbase exchange account. Coinbase describes it as self-escrow, meaning that users control the credentials needed to authorize transactions.

This product uses a third-party decentralized exchange aggregator for spot token redemption. Its Google Play disclosure statement stated that Coinbase Wallet itself does not participate in the digital asset exchange involved in these transactions.

Coinbase retains the Base network in the wallet multi-chain structure. The product can connect assets and applications on Base through the same interface while supporting other networks.

Towards a market-wide trading application

The Wallet website presents perpetual contracts as part of a growing tradable market. Its current menu includes tokenized versions of companies such as Nvidia, Meta, Apple and Alphabet, as well as forecast contracts and cryptocurrency assets.

Coinbase describes this product strategy as becoming a "universal exchange." This sentence represents the company's stated product direction and does not mean that every listed service is available in every jurisdiction.

Pulse Mode provides another mobile interface for active traders. Coinbase's public materials do not disclose how many users have gained access, whether deployment has been completed or whether the feature is still in a phased roll-out stage.

The expansion of Coinbase Wallet comes on the heels of intensified competition among major platforms to combine asset discovery, redemption and leveraged trading. As previously reported, Coinbase has added decentralized exchange trading capabilities to its main app so that eligible users can access more assets on the chain.

The company has not reported the number of users, perpetual transaction volume, or revenue directly related to Pulse Mode. After Armstrong posted, there was no verified market reaction that could be isolated from other developments that affected Coinbase's share price or crypto prices.

Full terms have not yet been released

Coinbase's next expected action will involve expanding documentation on its wallet support page or application disclosures. Users still need to understand detailed information about available collateral, funding rates, clearing methods, fees, leverage and dispute handling.

The company's Wallet support portal contains general information about self-custody and transactions, but no dedicated Pulse Mode support article was displayed at the time of preparation of this report.

Coinbase's mobile listing points out that perpetual trading is supported by Hyperliquid and is limited to non-U.S. users in specific jurisdictions. It does not list all eligible countries and does not explain whether the availability of Pulse Mode matches the entire geographical range of existing perpetual contracts.

App store disclosures show that Coinbase Wallet operates in more than 170 countries and supports 20 languages. Because derivative restrictions continue to apply individually, persistent access covers a small and unclear group.

As of September 13, Coinbase has not announced a date for the completion of the launch, plans to increase U.S. access, or released Pulse Mode specific transaction statistics.