TLDR
- Coinbase Institutional has filed with the CFTC to launch XRP futures trading
- The XRP futures contract will trade under symbol XRL, with each contract representing 10,000 XRP
- Expected launch date is April 21, 2025
- This follows Bitnomial’s launch of CFTC-regulated XRP futures in March
- Current funding rates for XRP derivatives remain negative, indicating bearish sentiment
Coinbase Institutional announced on April 3 that it has submitted a filing to the US Commodity Futures Trading Commission (CFTC) to self-certify XRP futures contracts. The major US crypto exchange plans to launch these products by April 21, 2025, providing traders with a regulated way to gain exposure to Ripple’s XRP token.
“We’re excited to announce that Coinbase Derivatives has filed with the CFTC to self-certify XRP futures — bringing a regulated, capital-efficient way to gain exposure to one of the most liquid digital assets,” stated Coinbase Institutional.
According to the certification filing, the XRP futures will trade under the symbol XRL. These will be monthly cash-settled and margined contracts that track XRP’s price and are settled in US dollars.
We're excited to announce that Coinbase Derivatives has filed with the CFTC to self-certify $XRP futures – bringing a regulated, capital-efficient way to gain exposure to one of the most liquid digital assets.
We anticipate the contract going live on April 21, 2025.
Stay tuned… pic.twitter.com/nKUPjjnMKW
— Coinbase Institutional 🛡️ (@CoinbaseInsto) April 3, 2025
Each contract will represent 10,000 XRP tokens. At the current price of approximately $2 per token, this equals about $20,000 per contract.
Contract Specifications and Safety Measures
The XRP futures will be available for trading for the current month and two months ahead. This gives traders flexibility in their exposure timeframes.
Coinbase has also built in safety measures to manage market volatility. Trading will be paused if spot XRP prices move more than 10% within an hour.
The exchange stated it has consulted with Futures Commission Merchants (FCMs) and market participants who support the decision to launch the XRP contract. This shows industry backing for the new derivatives product.
Coinbase isn’t pioneering these products in the US regulatory landscape. In March, Chicago-based crypto exchange Bitnomial announced the launch of what it called the “first-ever CFTC-regulated XRP futures in the US.”
Market Sentiment and Trading Outlook
While Coinbase prepares to launch its XRP futures, market sentiment for the token shows bearish signals. Funding rates for XRP derivatives have remained negative as of April 4, according to data from CoinGlass.
Funding rates are periodic payments between traders in perpetual futures markets. They help keep futures prices aligned with spot prices.
Negative funding rates indicate that short traders (sellers) are paying long traders. This suggests strong conviction from bearish derivatives traders who are willing to pay a premium to maintain their positions.
XRP futures trading is already available on many of the world’s leading centralized crypto exchanges. These include Binance, OKX, Bybit and BitMEX.
The addition of Coinbase to this list expands the options for regulated XRP futures trading in the United States. This could potentially bring more institutional traders into the XRP derivatives market.
Each XRP futures contract on Coinbase will represent 10,000 XRP tokens. This size may appeal to institutional investors looking for larger position sizes.
The contracts will be cash-settled. This means traders will receive the cash value of their positions at settlement rather than the actual XRP tokens.
Coinbase’s decision to list XRP futures comes as the token has experienced price volatility. The current negative funding rates suggest traders expect further price decreases.
The exchange has not commented on the current market sentiment. It is focusing instead on providing the trading infrastructure for both bullish and bearish positions.
When the contracts go live on April 21, traders will be able to take positions based on their outlook for XRP’s price. This adds another tool for price discovery in the XRP market.
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