Coinbase Wallet Launches Pulse Mode for Perpetual Futures Trading

The notable shift here is distribution rather than product: perpetuals, long the domain of dedicated derivatives venues, are being pushed through a self-custody wallet with an explicitly simplified, playful interface. That framing targets retail users who may not have traded perps before, which matters more for Coinbase's onchain ambitions than the feature itself. The open question is whether a lighter entry point can hold users once leverage and liquidation mechanics become real, and how that sits alongside scrutiny of retail derivatives access.