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.

Aerodrome captured most Base tokenized stock trading

Aerodrome’s $557.1 million total was approximately four times the volume handled by Uniswap v4. The figures measure the value of completed swaps, not the value of stocks held in custody or revenue received by either decentralized exchange.

Every trade contributes to volume, meaning the same token can be counted repeatedly as it changes hands. Token Terminal did not publish a breakdown showing the number of participating wallets, average transaction size or volume generated by each stock token.

Aerodrome uses liquidity pools to execute trades on Base. Users and professional market makers deposit paired assets into the pools, allowing traders to exchange tokens without sending orders through a centralized exchange.

Uniswap v4 offers a separate source of liquidity. The protocol’s programmable hooks let pool developers customize fees, liquidity management and access conditions. Uniswap v4’s $139.3 million represented close to 19% of the reported monthly market.

Neither dataset established how much trading occurred during regular U.S. equity-market hours. The tokens can trade outside the operating hours of Nasdaq and the New York Stock Exchange, creating periods when their onchain prices move without an active primary-market price for the referenced shares.

Base tokenized stocks grew from four to ten products

Coinbase launched the initial tokenized-stock group on Aug. 24 for eligible investors outside the U.S. The first products referenced Apple, Nvidia, Alphabet and Meta through the AAPLc, NVDAc, GOOGLc and METAc tickers.

Coinbase later introduced tokens connected to Amazon, Microsoft, Strategy, SanDisk, Tesla and SpaceX. Base announced the six-product expansion in September. SpaceX is privately held and does not have shares listed on a public exchange. Its inclusion means the Base product group covers both listed equities and a private-company asset. Separate issuance, transfer and valuation rules may apply to a private-share token.

The products use the B20 standard developed for Base. B20 is compatible with the network’s smart-contract applications and can support identity checks, compliance controls and restrictions established by an issuer.

Coinbase describes its tokenization infrastructure as a system for issuing, trading and managing assets with compliance functions. Its dedicated platform connects token issuance with Base and Coinbase’s other trading and custody products.

Availability remains subject to location and eligibility rules. The initial launch targeted customers outside the U.S., although the tokens reference shares in U.S. companies and trade on a blockchain developed by Coinbase.

Underlying shares back the public stock tokens

Coinbase says its listed-equity tokens are backed one-for-one by underlying shares held through Alpaca, a U.S. brokerage infrastructure provider. The product structure is designed to connect every issued token with a corresponding share in custody.

As crypto.news previously reported, the initial four products gave holders beneficial ownership connected to underlying shares. They were not described as synthetic contracts supported only by a general collateral pool.

One-for-one backing does not mean a token is legally identical to a conventional share held directly in a brokerage account. The governing agreements determine voting rights, dividend treatment, redemption procedures and claims against the issuer or custodian.

Custody arrangements create their own operational considerations. Token holders rely on the issuer and broker to maintain accurate records, hold sufficient shares and process corporate actions affecting the underlying securities.

Traditional corporate actions can include dividends, stock splits, mergers and tender offers. Each product’s terms determine how those events reach token holders and whether any payment is distributed in cash, stablecoins or additional tokens.

The legal position of a holder may depend on whether the blockchain record represents direct registered ownership, beneficial ownership through an intermediary or a separate contractual claim. Investors must review the documentation for each product before treating a stock token as equivalent to a conventional share.

SEC guidance separates different token structures

The Securities and Exchange Commission addressed the legal structure of tokenized securities in a January statement. The agency said securities may be tokenized by their original issuers or by unaffiliated third parties. An issuer-sponsored token can place ownership records directly on distributed-ledger technology. A third-party structure may provide beneficial ownership, a security entitlement or only economic exposure linked to another asset.

The SEC said tokenization does not remove an instrument from federal securities law. Legal treatment depends on the rights represented by the token and the relationships among the investor, issuer, broker, custodian and underlying company.

Federal banking agencies have expressed a similar distinction when discussing tokenized assets. The Federal Reserve’s guidance separates tokens representing ownership in an underlying security from instruments that merely reference another asset.

Neither statement specifically approved Coinbase’s Base products. The guidance provides a framework for determining whether a token represents the share itself, an indirect ownership interest or a debt-style claim against a third party.

Base stock tokens were initially offered outside the U.S., but their connection to U.S. securities gives the project a direct American market angle. Alpaca’s role as broker and custodian introduces another link to U.S. financial rules.

Monthly volume will depend on continued liquidity

Token Terminal’s $730.9 million figure uses a rolling 30-day period. The total will change as daily trading activity enters and leaves the measurement window.

Aerodrome’s 76% share could move if liquidity providers transfer assets to Uniswap v4 or another Base exchange. New token listings may create separate pools and distribute activity across more venues.

The current data does not show whether the $100 million daily record resulted from sustained participation or a short burst of trading. Wallet counts, trade sizes and daily volume following the record would provide more information about the source of the activity.

Crypto.news reported that Robinhood Chain reached $945 million in daily DEX volume in August, with tokenized assets contributing to activity on that network. Robinhood’s products use a different legal and issuance structure from the beneficial-ownership model described for Coinbase’s Base stock tokens. Token Terminal had not announced a revised Base record or a new 30-day figure after its Sept. 12 post at the time of publication.

Uniswap v4 and v3 account for most of the volume

DeFiLlama’s Uniswap v4 page showed close to $38 billion in trading volume over the preceding 30 days when accessed on Sept. 13. The analytics platform attributed roughly $32 billion to Uniswap v3 during a similar period.

Uniswap v2 contributed more than $1.2 billion, placing the combined figure for the three versions above the $70 billion level cited by the protocol. Smaller deployments or differences in update timing can produce slight variations between the version-level sum and Uniswap’s published figure.

Volume represents the dollar value of swaps processed by the protocol. It does not show how much profit traders made, how much liquidity providers retained or how much revenue reached UNI holders. Each trade can generate fees for liquidity providers, while selected pools direct part of their fees to the protocol under governance-approved settings.

Uniswap v3 remains active because it lets liquidity providers concentrate capital within chosen price ranges. Version 4 uses a shared contract architecture and programmable hooks, which developers can use to add customized pool functions.

Recent v4 growth has moved the newer version ahead of v3 in the current monthly snapshot. The data does not establish that every trader has migrated to v4 because the two versions continue to serve different pools, assets and integrations.

Uniswap volume spans dozens of blockchain networks

Uniswap’s total covers deployments across Ethereum and numerous scaling networks. DeFiLlama lists v3 contracts on more than 40 chains, with Ethereum representing the largest portion of the version’s locked liquidity.

Activity from Base, Arbitrum, BNB Chain, Polygon, OP Mainnet and Robinhood Chain contributes to the combined protocol figures. Each deployment processes swaps through its own pools, while analytics providers group the results under the Uniswap protocol.

Robinhood Chain has recently become one source of Uniswap activity. As crypto.news reported, the network reached approximately $945 million in daily DEX volume on Aug. 25, with Uniswap serving as its main public automated market maker.

DeFiLlama’s Sept. 13 snapshot showed Robinhood Chain processing roughly $1.35 billion in total DEX volume over 24 hours and $12.19 billion during seven days. Uniswap accounted for approximately $262 million of the chain’s daily volume and close to $4 billion of its seven-day total at the time of measurement.

Uniswap Labs launched v2, v3, v4 and UniswapX on Robinhood Chain in July. The integration placed the protocol in the Uniswap web application, wallet and API from the network’s first day of public operation.

On Ethereum, DeFiLlama recorded approximately $681 million in total DEX trading over the latest 24-hour period and $8.5 billion over seven days. Uniswap competes there with Curve, PancakeSwap, SushiSwap and other automated exchanges.

The rival comparison remains a moving snapshot

Uniswap said its monthly volume exceeded the next three DEXs combined, but the protocol did not identify the three competitors in its post. Rankings can differ depending on whether an analytics provider groups protocol versions, counts spot swaps only or combines activity across supported chains.

DeFiLlama defines DEX volume as the value of spot token swaps processed by a protocol. Perpetual futures trading is presented separately, preventing derivatives-focused venues from being mixed directly with spot exchanges in the same metric.

Competition within the DEX sector has changed over time. Raydium surpassed Uniswap in one monthly comparison during January 2025, while PancakeSwap held a higher 30-day total during parts of that year. The latest data cited by Uniswap places the protocol back at the top of the selected spot DEX ranking.

An earlier monthly record offers another comparison. Crypto.news reported in November 2024 that Uniswap reached $38 billion across Ethereum scaling networks. The latest figure is more than 80% above that total, though the two measurements cover different dates and may not include an identical set of chains and protocol versions.

Uniswap’s current competitor comparison should therefore be read as a trailing-period snapshot. It can be verified only against the methodology, protocol groupings and timestamp used for the underlying ranking.

Protocol fees connect volume with UNI supply

Uniswap governance approved a fee mechanism that directs part of the trading charges from selected pools to the protocol. The settings do not cover every pool or every dollar of reported volume, so monthly trading volume cannot be multiplied by one fee rate to calculate protocol revenue.

In July, Governance Proposal 100 expanded the mechanism to v4 pools across seven networks. Crypto.news reported that the changeaised Uniswap’s measured daily protocol revenue from approximately $114,000 to $325,000 at the time.

Captured fees are routed through TokenJar contracts and can fund UNI purchases and token burns under the governance system. Liquidity providers continue to receive the portion assigned to them under each pool’s settings.

Uniswap Labs has kept expanding the products connected to the protocol’s liquidity. A June agreement brought $150 million in Spark stablecoin liquidity to v4, with plans to move the assets into a programmable DualPool hook developed with Uniswap Labs.

Spark’s design places idle stablecoins in yield-bearing vaults between trades and moves the required capital into a v4 pool when a swap occurs. Uniswap said USDS would serve as the first quote asset, with support planned for USDT and PYUSD liquidity.

UNI traded near $6.21 during the latest market session, down roughly 2% from the previous close. The token moved between approximately $6.17 and $6.55 during the day, with no verified evidence connecting the price decline to Uniswap’s monthly volume announcement.