Coinbase don launch SpaceX pre-IPO perpetual futures wit 5x leverage (USDC)

Coinbase Advanced don launch SpaceX-linked pre-IPO perpetual futures for eligible traders, wey dey offer up to 5x leverage. The SpaceX contract dey trade 24/7 and e settle for USDC, e no get expiry. One main thing: if SpaceX do IPO, open positions go automatically convert into standard SpaceX perpetual futures without any action from user. Coinbase talk say the product only give price exposure—no equity ownership, voting rights, or direct claim on shares—while traders fit open and close positions anytime. Coinbase also signal say dem go expand, planning more pre-IPO perpetual futures tied to tech, AI, energy, and space companies. Dem warn say, compared to standard perpetuals, risks include valuation-based index pricing, IPO conversion mechanics, and possibly lower liquidity wey fit make volatility and liquidations worse. The launch follow one Ventuals SpaceX-linked contract incident wey wrong oracle pricing cause about 45% drop in value and liquidations, and dem compensate later. The product dey restricted for many jurisdictions, including U.S., UK, Canada, Singapore, India, and Australia. For traders, this add one new USDC-settled pre-IPO perpetual futures wrapper—more sensitive to oracle/index assumptions and liquidity conditions than typical majors trading.