Key Takeaways
- • Futures commission merchants (FCMs) owned by Coinbase and Robinhood held $581.4 million of segregated client money at the end of August 2026, exceeding the $470 million owed by all six US retail forex dealers in the same month, according to FM Intelligence analysis of CFTC data.
- • Coinbase Financial Markets held $346.9 million and Robinhood Derivatives held $234.5 million in August; together they first surpassed the retail forex total in January 2026.
- • The two firms' FCM balances rose from $40.3 million two years earlier, while retail forex balances have fallen about 15% below their August 2015 level.
- • The CFTC's October 5 advance notice on a retail crypto framework contemplates retail crypto loans only through FCMs or banks they sponsor, and sets no leverage ratio; comments close December 14.
- • US retail crypto leverage already exceeds European levels, with Coinbase and Robinhood offering perpetual-style bitcoin futures at up to 10x, versus the EU's 2:1 CFD cap on crypto.
Summary
The futures brokers of Coinbase and Robinhood held $581.4 million of segregated client money at the end of August 2026, according to a new FM Intelligence analysis of monthly FCM filings with the Commodity Futures Trading Commission (CFTC), covering the 24 months to August 2026. That figure exceeds the $470 million all six US retail forex dealers owed their clients in the same month. Two years earlier, the two firms' FCMs held $40.3 million.
Coinbase Financial Markets held $346.9 million in August and Robinhood Derivatives held $234.5 million. Together they crossed the retail forex total in January 2026. Kraken also owns FCMs: NinjaTrader Clearing, acquired with NinjaTrader for $1.5 billion in 2025, held $586.5 million and clears Kraken's US perpetual futures. NinjaTrader already held $281.5 million in September 2024, before Kraken's ownership. The analysis notes that FCM balances cover all futures clients at those firms, not only crypto traders, whereas the forex figure is retail only.
The forex segment has contracted. As FinanceMagnates.com reported in August, balances owed to clients at registered dealers continued to fall through the first half of 2026. Gain Capital and OANDA hold 71% of the total.
The comparison bears on the CFTC's regulatory direction. Its advance notice on a retail crypto framework, published October 5, proposes two parts, Regulation Crypto Asset Transactions and Regulation Crypto Asset Markets, and contemplates retail crypto loans only through FCMs or banks they sponsor. The notice sets no leverage ratio and asks whether margin should be left to clearing houses or delegated to the National Futures Association, as with forex dealers, whose 50:1 cap on major currency pairs dates from 2010. CFTC Chairman Michael Selig said the agency wants rules that "prevent, rather than only prosecute after the fact" fraudulent schemes such as FTX. In June, the CFTC fined two firms $2.5 million for a white-label service that let offshore brands offer leveraged trades to US retail clients.
Retail crypto leverage in the US already exceeds European levels, a gap FM Intelligence also found for single-stock perpetuals in September. Coinbase lists perpetual-style bitcoin futures at up to 10x leverage, and Robinhood has announced the same ceiling. The European Securities and Markets Authority told firms in February that perpetual futures likely fall under EU CFD rules, which cap crypto leverage at 2:1. Comments on the CFTC notice close December 14.
Coinbase Financial Markets held $346.9 million in August and Robinhood Derivatives held $234.5 million. Together they crossed the retail forex total in January 2026. Kraken also owns FCMs: NinjaTrader Clearing, acquired with NinjaTrader for $1.5 billion in 2025, held $586.5 million and clears Kraken's US perpetual futures. NinjaTrader already held $281.5 million in September 2024, before Kraken's ownership. The analysis notes that FCM balances cover all futures clients at those firms, not only crypto traders, whereas the forex figure is retail only.
The forex segment has contracted. As FinanceMagnates.com reported in August, balances owed to clients at registered dealers continued to fall through the first half of 2026. Gain Capital and OANDA hold 71% of the total.
The comparison bears on the CFTC's regulatory direction. Its advance notice on a retail crypto framework, published October 5, proposes two parts, Regulation Crypto Asset Transactions and Regulation Crypto Asset Markets, and contemplates retail crypto loans only through FCMs or banks they sponsor. The notice sets no leverage ratio and asks whether margin should be left to clearing houses or delegated to the National Futures Association, as with forex dealers, whose 50:1 cap on major currency pairs dates from 2010. CFTC Chairman Michael Selig said the agency wants rules that "prevent, rather than only prosecute after the fact" fraudulent schemes such as FTX. In June, the CFTC fined two firms $2.5 million for a white-label service that let offshore brands offer leveraged trades to US retail clients.
Retail crypto leverage in the US already exceeds European levels, a gap FM Intelligence also found for single-stock perpetuals in September. Coinbase lists perpetual-style bitcoin futures at up to 10x leverage, and Robinhood has announced the same ceiling. The European Securities and Markets Authority told firms in February that perpetual futures likely fall under EU CFD rules, which cap crypto leverage at 2:1. Comments on the CFTC notice close December 14.
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