Coinbase has rolled out decentralized exchange (DEX) trading directly within its mobile app for U.S. users, marking a major expansion of the platform’s on-chain capabilities, though New York residents remain excluded.
Key Takeaways:
- Coinbase has launched in-app DEX trading for US users (excluding New York).
- Trading begins with Base-native assets from projects like Virtuals AI, Reserve Protocol, and SoSo Value.
- The rollout follows Coinbase’s integration with 1inch, enabling direct non-custodial swaps.
The feature, which allows users to trade tokens before they’re formally listed on Coinbase, was first introduced to select users in August.
The full rollout was confirmed Wednesday in a company blog post and on X, with Coinbase touting access to “millions of assets, moments after they launch.”
Coinbase DEX Debuts With Base-Native Tokens
At launch, trading will focus on Base-native tokens, including assets from projects such as Virtuals AI Agents, Reserve Protocol DTFs, SoSo Value Indices, Auki Labs, and Super Champs.
The integration positions Coinbase’s in-app DEX as a bridge between centralized and decentralized finance, leveraging its Base network to streamline token discovery and execution.
The timing comes as Coinbase seeks to offset declining exchange activity. The company reported $237 billion in trading volume in Q2 2025, down slightly from $226 billion a year earlier.
Earlier this month, 1inch, a decentralized exchange (DEX) aggregator, integrated its Swap API into the Coinbase app, marking the DEX aggregator’s most significant US client to date.
Coinbase recently rolled out its DEX feature, allowing customers to engage with onchain assets through a self-custodial wallet built into the app.
By deploying the 1inch Swap API, Coinbase said it provides users with direct non-custodial token swaps, lowering barriers to DeFi while expanding access to liquidity.
“This integration with 1inch is a significant step forward in bringing onchain trading to our users,” said Scott Shapiro, head of trading at Coinbase.
“Together we’re enabling seamless access to DEXes within the Coinbase app, which will bring millions of our users onchain.”
Perp DEX Volumes Hit $1.2 Trillion as Traders Shift From Centralized Exchanges
As reported, perpetual decentralized exchanges (perp DEXs) have hit a record $1.226 trillion in trading volume over the past 30 days, according to DeFiLlama, marking the first time the sector has crossed the trillion-dollar threshold.
The surge represents a 48% increase from August’s $707.6 billion, signaling accelerating demand for decentralized derivatives trading.
The rally was led by Aster DEX, which captured nearly half the market with $493.6 billion in volume, followed by Hyperliquid, which generated more than $280 billion.
Other notable contributors include Lighter DEX, EdgeX, Pacifica, and Bybit’s Apex Protocol, together accounting for over $280 billion in additional trading activity.
New entrants are also gaining traction, with SunPerp, the first perpetual DEX on TRON, reaching $30 million in total value locked soon after launch, while Lighter DEX on Ethereum Layer 2 drew $164 billion in activity despite still being in beta.
The growing popularity of perp DEXs underscores traders’ shift from centralized exchanges to decentralized platforms offering transparency, self-custody, and 24/7 global access.
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