Coinbase Wallet rolls out pulse mode for simpler perp trading

Coinbase Wallet just made perpetual futures trading look a lot more like scrolling through a social feed than staring at a Bloomberg terminal. The self-custodial wallet launched “pulse mode” on September 11, a redesigned trading interface aimed at making perps, those never-expiring futures contracts that dominate crypto volume, more approachable for everyday users.

The timing is deliberate. Pulse mode arrived exactly one day after Coinbase rebranded its Base App back to Coinbase Wallet, signaling a broader strategic return to trading as the wallet’s core identity.

What pulse mode actually does

At its core, pulse mode is a simplified trading layer sitting on top of Coinbase Wallet’s existing perpetual futures infrastructure. Users outside the US can access more than 290 markets spanning crypto assets, tokenized stocks, and commodities, all with leverage options up to 50x.

The trades are powered by Hyperliquid, the on-chain order book protocol that Coinbase Wallet integrated back in August 2026. Every transaction remains self-custodial, meaning the wallet never takes possession of user funds. USDC serves as the primary settlement and collateral asset across the board.

Coinbase Wallet engineer Kerem Gurel, who announced the feature, described it as “a simpler, more fun way to trade perps.” CEO Brian Armstrong amplified the launch, encouraging users to download the app and try the new interface.

The strategic calculus behind the rebrand

Pulse mode doesn’t exist in a vacuum. It’s part of a larger repositioning that started when Coinbase quietly renamed Base App back to Coinbase Wallet on September 10. The wallet had previously rebranded as Base App in July 2025, emphasizing social networking and integrated features that did not resonate with its user base.

This isn’t Coinbase’s first attempt at simplifying trading UX in the wallet. Back in December 2023, the team rolled out a “simple mode” designed to lower the barrier to entry for on-chain transactions. Pulse mode is the next evolution of that philosophy, now applied to leveraged derivatives.

The wallet currently supports trading across more than 10 networks, including Ethereum and Solana. The geographic restriction is worth noting. Pulse mode’s leverage features are available to eligible non-US users only, a predictable limitation given the regulatory environment around derivatives in the United States.

Why perps matter this much

Perpetual futures have become the single largest volume driver in crypto trading. Unlike traditional futures that expire on a set date, perps let traders hold positions indefinitely, paying or receiving a funding rate to keep the contract price tethered to the underlying asset.

A 50x leverage option means a trader can control a $50,000 position with just $1,000 in collateral.

Rather than building its own order book from scratch, Coinbase Wallet plugs into Hyperliquid’s existing liquidity and matching engine. Circle’s USDC, already Coinbase’s preferred stablecoin partner, benefits from being the default settlement asset in every pulse mode trade.

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