Coinbase Institutional Files With CFTC To Launch XRP Futures

Coinbase Institutional has officially announced that it has filed with the United States Commodity Futures Trading Commission (CFTC) to self-certify futures contracts for XRP through its subsidiary, Coinbase Derivatives.

This strategic move aims to introduce XRP futures to the market on April 21, 2025, providing institutional and retail investors with a regulated and capital-efficient method of gaining exposure to one of the most liquid digital assets.

“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,” the firm states.

Coinbase Files With CFTC to Offer XRP Futures

Coinbase’s choice to get approval from the CFTC shows that it wants to follow the rules. This lets Coinbase offer XRP futures without asking the agency first, as long as they follow all rules carefully. Exchanges often do this when they launch new assets.

The proposed XRP futures contract, trading under the symbol XRL, is a monthly cash-settled and margined contract. Each contract represents 10,000 XRP. For $2 per token, these contracts currently hold an approximate value of $20,000. The contract tracks XRP’s price and settles in U.S. dollars.

Trading is available for the current month and the two subsequent months. To mitigate excessive volatility, the exchange will temporarily suspend trading if spot XRP prices fluctuate by more than 10% within one hour.

Coinbase has engaged with Futures Commission Merchants (FCMs) and other market participants who have expressed support for the launch of an XRP contract, signaling a favorable reception from the industry.

Funding Rates and Investor Sentiment

Coinbase is not the pioneer in launching XRP futures within the United States. In March, Bitnomial, a Chicago-based crypto exchange, introduced the “first-ever CFTC-regulated XRP futures in the US.”

XRP futures trading is offered on major global crypto exchanges like Binance, OKX, Bybit, and BitMEX. Recent information shows that XRP futures funding rates are now negative, which points to a more negative feeling among investors.

Notably, CoinGlass data as of April 4 shows that XRP funding rates are still negative on big future exchanges, supporting this pessimistic view.

Additionally, funding rates are regular payments between futures traders that keep the futures price close to the regular price. Negative rates mean those betting against the price are willing to pay extra to hold their positions, showing they firmly believe the price will fall.