- Coinbase Derivatives seeks CFTC approval for Solana and Hedera futures contracts with cash-settled options.
- The exchange plans to expand its offerings and introduce up to 80 new tokens in the first half of the year.
- Coinbase aims to improve liquidity and enhance trade execution with a new Request for Quote feature.
Coinbase Derivatives has submitted an application to the Commodity Futures Trading Commission to list new futures contracts for Solana and Hedera. The U.S.-based exchange plans to introduce these cash-settled contracts in February or later, pending regulatory approval.
Details of the Proposed Contracts
The proposed Solana futures will have a contract size of 100 SOL, with an estimated notional value of $24,000. Trading will close at 4:00 PM London time on the last Friday of the contract month. Additionally, Coinbase Derivatives is seeking approval for a “nano” Solana contract, sized at five SOL, and a Hedera contract tracking 5,000 HBAR tokens.
Nodal Clear, a registered derivatives clearing organization, will oversee the clearing process. To prevent market manipulation, Coinbase has developed a settlement system that gathers data from its spot trading platform. This system will use 20 three-minute intervals over one hour to ensure price fairness.
Market Expansion and Regulatory Outlook
The filing comes as Coinbase looks to expand its offerings amid growing interest in crypto futures. The company aims to strengthen its position in the derivatives market as competitors, including CME, prepare to launch SOL and XRP futures. Major asset managers such as VanEck and ProShares have also submitted ETF applications for Litecoin, XRP, and Solana.
Regulatory Developments and Future Plans
Following President Donald Trump’s inauguration, Caroline Pham was appointed as Chair of the CFTC. She has taken steps to support crypto regulation, and the outcome of the Solana futures application could signal the agency’s stance under her leadership.
Coinbase International Exchange, which manages the Derivatives platform, has outlined plans to improve liquidity for Solana futures and other products. The company introduced the Request for Quote feature to facilitate large trade executions. Additionally, it intends to expand its asset offerings, targeting the launch of 50 to 80 new tokens in the first half of the year.
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