GMGN has launched the public beta of its perpetual trading product, expanding the multi-chain trading terminal beyond its established focus on meme coins. The rollout currently includes BTC/USDC, ETH/USDC, SOL/USDC, ZEC/USDC and other markets, with liquidity supplied by third-party market makers.
GMGN Perpetuals Open With BTC, ETH, SOL and ZEC Markets
GMGN co-founder Haze announced on September 21 that the platform’s perpetual contracts had entered public beta, inviting users to test the product and provide feedback. The launch gives traders access to derivatives from the same broader trading environment that GMGN uses for token discovery, wallet analysis and spot trading.
The initial markets include major assets such as Bitcoin, Ethereum and Solana, alongside Zcash and other pairs. The expansion is significant for GMGN because perpetual contracts allow traders to take leveraged long or short positions without directly holding the underlying asset. GMGN’s existing platform supports multiple chains and tools including token monitoring, holder analysis, smart-money tracking and automated execution.
Also Read: Coinbase Targets US Stock Perpetuals With 2 SEC Filings
GMGN Sets 0.045% Taker Fee for New Perpetual Markets
Haze said liquidity for the new perpetual markets will come from third-party market makers. The announced trading fees are 0.045% for takers and 0.015% for makers. GMGN also plans to introduce promotional trading credits as the public beta develops, potentially giving users additional incentives to test the derivatives product.
The platform is also displaying a mechanism offering an annualized 3.5% return on account funds, according to the launch information.
GMGN has said it has invested in servers, personnel, security and infrastructure for the derivatives rollout, although it has not disclosed the total amount spent. The beta period should provide data on trading activity, liquidity and user demand before a broader rollout.
GMGN Enters Perps as Onchain Derivatives Activity Grows
The expansion comes as perpetual trading remains one of the largest segments of onchain crypto markets. DefiLlama data showed Hyperliquid recording $10.45 billion in USD perpetual volume, with $8.08 billion in open interest, in data updated September 18.
That market activity provides important context for GMGN’s move. Rather than competing only for meme-coin spot traders, the platform is entering a derivatives market where traders already use leverage, funding mechanisms and market-making liquidity as core parts of their strategies.
The trading platform’s existing focus on fast token discovery could also connect speculative spot activity with perpetual trading within one interface.
CFTC Perpetual Rules Add Context for Crypto Derivatives
The launch also arrives during a period of regulatory development around crypto derivatives infrastructure. In June, the CFTC issued no-action relief allowing designated contract markets to convert existing perpetual-style digital commodity futures into true digital commodity perpetual futures, subject to conditions.
Separately, the CFTC issued a September 17 no-action position for certain passive software providers facilitating users’ trading with registered derivatives intermediaries.
The position does not automatically authorize every perpetual trading platform, but it illustrates the regulator’s evolving approach to software involved in derivatives access. The trading platform’s public beta will therefore be watched alongside the wider development of onchain derivatives infrastructure and the regulatory frameworks governing it.
Also Read: Hyperliquid Urges SEC, CFTC to Harmonize Perpetuals 2026
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