Coinbase’s in-app decentralized exchange (DEX) is finally ready for U.S. users, marking a major step forward in bridging centralized and decentralized finance (DeFi). 

With this feature, Coinbase users will have access to millions of on-chain assets directly within the Coinbase mobile app and won’t need to switch platforms or manage external wallets. 

American users get a new DEX

Even though Coinbase formally launchedits DEX trading within its app for U.S. users, customers in New York won’t have access to those services. 

Talk of an exchange first came in August, when it was available to select users. It has now been formally rolled out to the public, who will be able to trade tokens before they’re considered for traditional listing on the exchange.

To facilitate the service, Coinbase has integrated with liquidity pools supported by 1inch and 0x, which expose users to only “secure, non-custodial token swaps” directly on-chain. 

Users can trade a variety of Base-native tokens at launch, including assets from projects such as Virtuals AI Agents, Reserve Protocol DTFs, SoSo Value Indices, Auki Labs, and eSuper Champs. 

Why Coinbase is going the DEX route now 

The timing is not a mistake as it is happening at a time when Coinbase is trying to offset declining exchange activity. In the second quarter, the company recorded $237 billion in trading volume, down slightly from $226 billion a year earlier.

Aside from declining CEX activity, Coinbase is also launching a DEX because it wants a piece of the growing trading volume pie that many DEXs are now enjoying.  

According to DefiLlama, perpetual decentralized exchanges (perp DEXs) have hit a record $1.226 trillion in trading volume over the past 30 days, marking the first time the sector has crossed the trillion-dollar threshold.

The surge has pushed the values 48% higher than August’s $707.6 billion, highlighting accelerating demand for decentralized derivatives trading.

So far, Aster DEX has led the rally, with $493.6 billion in volume, followed by Hyperliquid, which has generated over $280 billion. However, there are other notable contributors, including Lighter DEX, EdgeX, Pacifica, and Bybit’s Apex Protocol, who together account for over $280 billion in additional trading activity.

Lighter and EdgeX have a confirmed airdrop campaign ongoing and have been doing considerable volume, with EdgeX pulling in revenue to rival Circle and Tether’s while Lighter DEX drew $164 billion in activity despite still being in beta.

There are also new entrants like SunPerp, the first perpetual DEX on TRON, which has amassed $30 million in total value locked after launch. 

The growing popularity of perp DEXs is proof of changing trading behavior from centralized exchanges to decentralized platforms offering transparency, self-custody, and 24/7 global access.

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