Highlights
- Coinbase to launch 24/7 futures contracts for SOL, XRP, and ADA on June 13.
- This move builds on Coinbase's existing 24/7 trading for Bitcoin and Ethereum futures.
- SOL, ADA, and XRP prices trade in red despite this development.
Coinbase is expanding its futures trading offerings with the introduction of 24/7 contracts for Solana (SOL), XRP, and Cardano (ADA), set to launch on June 13. This move aims to provide US traders with compliant access to altcoin derivatives, navigating the evolving regulatory landscape.
XRP, SOL & ADA Futures to Trade 24/7 on Coinbase
In the latest development, Coinbase announced the expansion of its 24/7 futures trading to include XRP and Solana contracts. This move builds on the platform’s existing round-the-clock trading for Bitcoin and Ethereum futures contracts. In an X post, the exchange noted, “Starting June 13, we’re enabling 24×7 trading for XRP and Solana futures, unlocking real-time access to U.S. traders, reflecting the always-on nature of crypto markets.”
“The arrival of 24/7 CFTC-regulated markets is a game-changer for the industry,” said Andy Sears, CEO of Coinbase Financial Markets.
Initially, Coinbase had restricted this round-the-clock trading to only Bitcoin (BTC) and Ethereum (ETH) contracts. In the latest development, the exchange expands its trading, extending this offering to other altcoin futures contracts, including XRP, SOL, and ADA. According to the exchange, the round-the-clock trading affords customers “more opportunities to execute their strategies, as well as better manage risk and respond to market movements.”
Revealing this strategic development, Coinbase cited in an official blog post,
For the first time ever on Coinbase Advanced, BTC and ETH futures contracts are available to trade 24 hours a day, 7 days a week…Round-the-clock trading affords our customers…We are also planning to expand 24/7 trading access to additional futures contracts, starting with SOL and XRP in the coming weeks.
Altcoin Derivatives Gain Traction
Significantly, Coinbase’s XRP, Solana, and Cardano futures will offer continuous trading, joining BTC and ETH. The XRP futures contract represents 10,000 XRP per contract, cash-settled in USD, with a 10% hourly price fluctuation limit to manage risk. Each ADA futures contract is sized at 1,000 ADA, enabling traders to gain exposure to the asset while managing their capital requirements and risk exposure according to their individual strategies.
Recent trading data shows strong traction, with Solana futures leading all contracts with over 23,000 contracts traded and XRP futures recording over 13,000 contracts. This reflects growing demand for altcoin derivatives, which could help Coinbase capture more of the global derivatives flow, now representing over 75% of total cryptocurrency trading volume. It is noteworthy that the trading expansion follows Coinbase’s recent data breach and cyberattack.
Despite this Coinbase trading expansion, these tokens are currently trading in the red zone, aligning with the broader negative market trends. The crypto market has plummeted by 2.9% to $3.33 trillion. While SOL is valued at $163.80, down 5.23%, ADA and XRP experienced declines of 7% and 4%, trading at $0.7025 and $2.18, respectively.
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