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Highlights
- Coinbase Derivatives wants to list Solana Futures to expand its crypto offering range
- This marks the first major futures product filed under Caroline Pham as US CFTC Chair
- Crypto regulation is changing with President Trump now in power
Crypto trading venue Coinbase Derivatives has applied for self-certification with the US Commodity Futures Trading Commission (CFTC) to list the Solana Futures Contract. The exchange directed the letter to CFTC’s Christopher Kirkpatrick, highlighting February 18 as its desired launch date for the product.
Coinbase Derivatives and the Solana Futures Product
According to the self-certification, the platform said the Solana Futures is a USD-settled index product type. While it announced a contract size of 100 Solana, it pegged the contract notional at approximately $25,000.
Coinbase Derivatives pegged the minimum tick size at $0.01 per Solana with a minimum tick value pegged at $1 per contract. Unlike the offerings in its other units, Coinbase said the Solana Futures product will only trade at specific times and days.
Coinbase Derivatives recognized the relative Solana volatility in the footnotes attached to the product. The exchange noted that its embrace, drawing on its high-performance DeFi and Non-Fungible Token (NFT) ecosystem,s can impact the product. However, it reiterated that it has experience managing products within the two extreme market conditions.
This SOL Futures offering comes amid a growing push for a product that connects more with the Traditional Finance (TradFi) ecosystem. As reported earlier, Cboe has refiled the Solana ETF 19b-4 for VanEck, Canary, Bitwise, and 21Shares. This filing proves more mainstream investors are looking to gain exposure to the coin, ushering in a ready market for the Coinbase Derivatives product.
Coinbase Derivatives Outlook for 2025
In a separate update, the Coinbase International Exchange, which operates the Derivatives offering, has shared its outlook for the year. From the Solana Futures offering to the products listed, it plans to boost its lead by enhancing liquidity. It said it launched the Request for Quote (RFQ) feature to do this effectively. This will see large orders executive easily.
In addition, it plans to expand the number of assets covered. One metric it has set to do this is to launch 50 – 80 new tokens in the year’s first half. Also, Coinbase Derivatives said it will improve capital efficiency and reposition itself for general ecosystem growth.
This action plan aligns with the broader Coinbase promise to bring tier-1 infrastructure to Solana. As the biggest exchange in the United States, it has often faced backlash for maintaining poor infrastructure to handle pressure. The trading platform now looks poised to step up comprehensively.
Solana Futures as a Regulatory Litmus Test
Following the inauguration of President Donald Trump, he appointed Caroline Pham as the Chair of the CFTC. While Pham has made a series of moves to show her pro-crypto stance, this Coinbase Derivatives Solana Futures filing will serve as a litmus test for her tenure.
The US Securities and Exchange Commission (SEC) has already approved Bitwise Bitcoin and Ethereum ETF, the first under this administration. This approval is symbolic of the unique shift in the crypto regulatory landscape.
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