Crypto futures brokers overtake US retail forex funds
Coinbase and Robinhood futures brokers are holding more segregated client money than the entire U.S. retail forex pool, according to recent data.
Crypto Futures Outpace Retail Forex
At the close of August, the two firms’ futures commission merchants held $581.4 million in client funds. That exceeds the $470 million owed by all six U.S. retail forex dealers combined for the same month.
Two years earlier, the same merchants managed only $40.3 million. The jump reflects rapid growth in leveraged crypto offerings.
Coinbase Financial Markets reported $346.9 million in August, while Robinhood Derivatives held $234.5 million. Their combined total surpassed the forex figure in January 2026.
Regulatory system
The regulator’s advance notice on a retail crypto framework, released on October 5, limits loan-based crypto purchases to futures commission merchants or banks they sponsor. Licenses from Cyprus, the United Kingdom or Australia are excluded.
In June, the agency fined two firms $2.5 million for a white-label service that let offshore brands offer leveraged trades to U.S. retail clients.
Read Also: CFTC Seeks Authority Over Prediction Markets
Unlike the forex sector, which caps margin at 50:1 for major currency pairs, the notice sets no leverage ratio for crypto futures. It asks whether margin should be overseen by clearing houses or the National Futures Association, as is done for forex dealers.
Chairman Michael Selig said the goal is rules that “prevent, rather than only prosecute after the fact,” referencing schemes such as FTX.
Industry Shifts and Outlook
Forex balances have been falling; at $470 million they sit 15% below the August 2015 level, with Gain Capital and OANDA accounting for 71% of that total. In contrast, futures merchants cover every client, not just crypto traders.
Kraken’s acquisition of NinjaTrader Clearing added another $586.5 million to its U.S. perpetual futures clearing, while NinjaTrader alone held $281.5 million in September 2024 before the purchase.
European regulators have capped crypto leverage at 2:1 under CFD rules, whereas U.S. platforms like Coinbase and Robinhood list perpetual-style bitcoin futures with up to 10 × leverage.
Comments on the notice close on December 14. The FM Intelligence analysis also projects platform-owned balances through August 2027 and details payments made for CFTC licenses since 2021.
