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Coinbase Expands Crypto Derivatives: Solana, Hedera Futures on the Horizon

Coin WorldFriday, Jan 31, 2025 6:21 am ET

1min read

Coinbase, a leading cryptocurrency exchange, has filed with the U.S. Commodity Futures Trading Commission (CFTC) to list futures contracts for Solana (SOL) and Hedera (HBAR) on its derivatives platform. The move, if approved, will introduce these new contracts on or after February 18, 2025, pending regulatory clearance.

Coinbase Derivatives, a subsidiary of Coinbase, aims to introduce cash-settled futures contracts for Solana and Hedera, with monthly settlement periods. This expansion into new assets comes amidst a flurry of regulatory filings to list new assets like crypto ETFs and derivatives, as issuers test the limits of what the current leadership will allow.

For Solana, Coinbase is introducing two futures contracts: the Standard Solana Futures (SLC) with a contract size of 100 SOL, and the Nano Solana Futures (SOL) with a contract size of 5 SOL. The position limit for Solana futures is set at 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.

The proposed Hedera Futures contract (HED) has a contract size and position limit set at 5,000, totaling 25 million HBAR. Assuming a price of $0.3 per HBAR, the contracts would have a notional value of $7.5 million, representing about 0.06% of Hedera’s market cap.

Meanwhile, Solana (SOL) and Hedera (HBAR) continue to face price challenges. At press time, Solana was trading at $236.11, down 9.09% over the past week and 0.70% in the last 24 hours. Hedera was trading at $0.31, with a decline of 5.34% over the past week and 0.67% in the last day.

Coinbase’s latest filing follows a recent incident where CME Group briefly displayed details about potential XRP and Solana futures on its beta website. The information was quickly removed

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