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Coinbase Derivatives Seeks CFTC Approval for Solana, Hedera Futures

Coin WorldFriday, Jan 31, 2025 6:20 am ET

1min read

Coinbase Derivatives has filed with the US Commodity Futures Trading Commission (CFTC) to list futures contracts for Solana (SOL) and Hedera (HBAR). The subsidiary of Coinbase aims to introduce these new contracts on or after February 18, 2025, pending regulatory approval.

According to the January 30 filings, Coinbase Derivatives plans to introduce cash-settled futures contracts for Solana and Hedera, with monthly settlement periods. The move comes amid a flurry of regulatory filings to list new assets like crypto ETFs and derivatives.

For Solana, Coinbase is introducing two futures contracts. The Standard Solana Futures (SLC) will have a contract size of 100 SOL, resulting in a notional value of about $25,000 per contract. The Nano Solana Futures (SOL) will represent 5 SOL per unit, giving a notional value of approximately $1,250.

The position limit for Solana futures is 3,500 SLC contracts, totaling 350,000 SOL. At an assumed price of $240 per SOL, this would amount to $84 million in notional value, or roughly 0.07% of Solana’s current market capitalization.

Meanwhile, on the price front, SOL and HBAR continue to struggle. At press time, Solana was trading at $236.11, representing a decline of 9.09% over the past week and 0.70% in the last 24 hours. The altcoin traded at $0.31 after declining 5.34% over the past week and 0.67% in the last day.

Interestingly, Coinbase’s latest filing follows a recent incident when CME Group briefly displayed details about potential XRP and Solana futures on its beta website. The information was quickly removed, and a spokesperson clarified that no official decision had been made regarding those futures contracts.

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