Beginning July 15, the service will offer new margined futures contracts for AVAX, LINK, DOT, XLM, and SHIB.
Coinbase Derivatives intends to offer margined futures contracts for Avalanche (AVAX), Chainlink (LINK), Polkadot (DOT), Stellar (XLM), and Shiba Inu (SHIB).
On June 28, the service issued a statement and filed with the CFTC to list each contract under the self-certification method.
It plans to debut the items on July 15.
Coinbase Derivatives stated that it is the first US futures exchange to provide margined futures contracts for each token and is “excited to lead market accessibility.”
The company added:
We look forward to seeing the maturation of these derivatives contracts in a regulated market.
-Coinbase
Coinbase Derivatives stated that the contracts will enable players to manage risk, speculate on price swings, and invest with reduced initial capital needs.
The exchange also stated that it will work with clearing house Nodal Clear, third-party futures commission merchants (FCMs), and retail brokers.
The price is unchanged.
The five tokens did not undergo a substantial price movement in response to the news and have largely followed the overall market decline.
As of press time, LINK was trading at $13.7, down 4.3% in the past 24 hours. SHIB was down 3.7%, trading at $0.00002 per token, while DOT was down 1.9% to $6.19 per token.
Two assets had near-zero changes: XLM declined 0.3% and AVAX increased 0.3%. As of press time, the two tokens traded at $0.09 and $27.98, respectively.
Coinbase Derivatives traded $34 million
CoinGecko data show that Coinbase Derivatives had $34.1 million in 24-hour open interest and $971.8 million in 24-hour volume on June 28.
The business already provides a variety of contracts, including Bitcoin (BTC) and Ethereum (ETH) futures, BTC nano futures, and ETH nano futures. In April, it added futures for Dogecoin (DOGE), Litcoin (LTC), and Bitcoin Cash (BCH). It also provides crude oil and gold contracts.
The US-focused derivatives business differs from Coinbase’s international exchange. Coinbase launched the latter business, based in Bermuda, in 2023 with an initial focus on futures but has since expanded it to include other types of trading.
