In an effort to increase its offerings and compete with established gamers, Coinbase intends to introduce cash-settled Solana futures contracts on its restricted derivatives change.
A director confirmed with late on Thursday that” we are constantly working with the Commodity Futures Trading Commission to document and record Solana prospects on the Coinbase Derivatives Exchange.”
In contrast to the instruments provided by Chicago-based CME Group, which are now limited to Bitcoin and Ethereum futures and options, the arrangements, if approved, would provide buyers with a distinctive instrument.
In the second third of 2024, Coinbase reported overall transaction profit of$ 573 million, a 27 % decrease from the previous quarter. That figure includes both place and derivatives trading as well as other types of transactions.
CME Group’s bitcoin product suite, however, achieved record efficiency in 2024, with an average daily volume of 116, 000 deals, marking a 203 % year-over-year increase, according to its own images.
Bitcoin seeks to sell contracts representing 100 Solar currencies each, with an exact price of$ 25, 000 at current rates, according to a report reviewed by .
Although a “on or after February 18″ initial list meeting for the contracts is intended to begin investing,” was informed.” However, the actual day is still cautious.
When questioned why the report was no more accessible on Coinbase’s site, the spokesperson responded that the exchanger had” since taken it down while we work with the CFTC to record Solana future.”
The move comes as Solana’s volatility metrics show more active price movement than major cryptos, with 30-day volatility at 3.9 % compared to Bitcoin’s 2.3 % and Ethereum’s 3.1 %.
Solana is the company’s fifth-largest key, featuring a marketplace cover exceeding$ 114.6 billion, CoinGecko data shows.
To guard against market adjustment, Coinbase has designed a powerful settlement system that uses 20 three-minute intervals over a one-hour glass, pulling data from its place trading venue.
” Given that the Solana token is traded on multiple exchanges both in the United States and abroad, it would be difficult, if not impossible, to manipulate the price of the underlying market,” the document reads.
The exchange sets position limits at 3, 500 contracts aggregate—approximately 30 % lower than its Bitcoin futures when measured against market capitalization—suggesting a cautious approach to risk management.
The contracts will have kill switches and exposure limits as well as sophisticated risk controls for 10 % hourly price fluctuations. Nodal Clear will handle clearing services.
According to the document, MarketVector Indexes GmbH, based in Frankfurt, will provide the benchmark rate for settlement prices, adding a layer of regulatory oversight as the business is under the supervision of BaFin, the company’s parent company.
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