Coinbase Derivatives Set to Launch Margined Futures Contracts for Top Cryptocurrencies
Coinbase Derivatives has announced plans to introduce margined futures contracts for popular cryptocurrencies Avalanche (AVAX), Chainlink (LINK), Polkadot (DOT), Stellar (XLM), and Shiba Inu (SHIB). The service made the announcement on June 28 and has submitted filings to the CFTC for approval to list each contract under a self-certification model. The launch of these new products is expected to take place on July 15.
According to Coinbase Derivatives, it will be the first US futures exchange to offer margined futures contracts for each of these tokens, demonstrating excitement to lead market accessibility. The company stated, “We look forward to seeing the maturation of these derivatives contracts in a regulated market.”
These contracts will enable participants to manage risk, speculate on price movements, and invest with lower upfront capital requirements. Coinbase Derivatives will work with the clearing house Nodal Clear, third-party futures commission merchants (FCMs), and retail brokers to facilitate the trading of these contracts.
Despite the announcement, the prices of the five tokens did not experience significant movements and mostly followed the general downtrend in the market. As of the latest data available, LINK was trading at $13.7, SHIB at $0.00002 per token, and DOT at $6.19 per token. XLM fell 0.3% and AVAX gained 0.3%, trading at $0.09 and $27.98, respectively.
CoinGecko data shows that Coinbase Derivatives saw $34.1 million in 24-hour open interest and $971.8 million in 24-hour volume on June 28. The service already offers various contracts for cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH), as well as commodities like crude oil and gold.
It’s worth noting that Coinbase’s derivatives service is separate from its international exchange based in Bermuda, which initially focused on derivatives in 2023 and has since expanded into other trading options.
