Coinbase Institutional files for XRP futures trading with CFTC 📈
Coinbase Institutional has applied to the US Commodity Futures Trading Commission (CFTC) seeking approval to self-certify XRP futures trading contracts. The platform aims to introduce a regulated and capital-efficient channel for investors to gain exposure to Ripple's XRP token, a highly liquid digital asset.
The anticipated contract, slated to launch on April 21, will be a monthly cash-settled and margined contract under the symbol XRL. Each contract will represent 10,000 XRP, worth about $20,000 given the current token rate. To ensure market stability, trading pauses occur if XRP prices fluctuate by more than 10% hourly.
Although Coinbase is joining the trend, Chicago's Bitnomial preceding their move in March with the first-ever CFTC-regulated XRP futures. Meanwhile, funding rates for XRP derivatives remain negative as investor sentiment exhibits bearish tendencies, a point regularly observed by exchanges like Binance and Bybit.
This development underscores the competitive growth of XRP futures trading globally, with platforms like Binance, OKX, and BitMEX offering similar derivatives trading services.
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