Binance is the largest cryptocurrency exchange by trading volume, founded in 2017 and home to the deepest perpetual futures liquidity in the market, from BTCUSDT down to long-tail altcoin pairs.

Headquartered in Dubai and led by CEO Richard Teng, it serves more than 260 million users across 180+ countries, offering perpetuals at up to 125x leverage alongside 350+ spot assets, options, and margin trading.

Binance is licensed in major hubs including the UAE, Japan, and Australia, backs users with a $1 billion SAFU insurance fund held in Bitcoin, and publishes Proof of Reserves so anyone can verify assets are backed at a minimum 1:1 ratio. EU access is restricted while it pursues MiCA authorization.

Coinbase, founded in 2012 and led by CEO Brian Armstrong, became the global leader in crypto derivatives by open interest and options volume after closing its $2.9 billion Deribit acquisition.

Perpetuals run through three regulated channels, CFTC-cleared perpetual-style futures for US traders, the Bermuda-licensed International Exchange with 180+ perps at up to 50x, and MiCA-covered access in the EEA.

International perps fees start at 0.020% maker and 0.040% taker, scaling to 0% and 0.015% at the top tier, while retail traders on Coinbase Advanced pay a promotional 0% maker and 0.03% taker.

On September 9 the international derivatives business consolidates onto Deribit's matching engine, bringing a unified order book, a larger insurance fund, and continuous funding accrual.