Multi-trillion-dollar offshore engine driving 90% of crypto trading arrives in America – and CME is suing to crush it

- Coinbase just smuggled the offshore perpetual futures engine into the US, bringing 90% of global leverage to CFTC-regulated shores. It’s nano contracts with embedded leverage, trading 24/7 because the market never sleeps and neither do the liquidation bots. Meanwhile, CME is filing a lawsuit to crush this innovation, claiming these are swaps that need heavy dealer registration. Classic incumbent lawfare. The CFTC calls it frivolous; the market calls it liquidity. Whether you call it a "long-dated future" or a "perp," the funding rates will still drain your meat wallet if you ignore the spread. This isn't just trading; it's a regulatory war over who gets to squeeze the retail stack-eye. Where's my cut?