Coinbase Institutional files for XRP futures trading with CFTC
Coinbase has filed with the US Commodity Futures Trading Commission (CFTC) to launch futures contracts for Ripple’s XRP token, with plans for the contract to go live on April 21. The XRP futures contract will be a monthly cash-settled and margined contract, trading under the symbol XRL, representing 10,000 XRP. Each contract is currently valued at approximately $20,000. Trading will pause if spot XRP prices fluctuate more than 10% in an hour. Coinbase has consulted with Futures Commission Merchants and market participants who support the launch. This follows Bitnomial's announcement of the first CFTC-regulated XRP futures in March. XRP futures trading is also available on major exchanges like Binance and OKX. As of early April, XRP derivatives' funding rates have turned negative, indicating bearish sentiment among traders. Negative funding rates suggest short traders are paying a premium to maintain positions, reflecting strong conviction in bearish trends.
