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Coinbase Unveils Futures for Solana and Hedera

Coin WorldFriday, Jan 31, 2025 8:00 am ET

1min read

Coinbase, a leading cryptocurrency exchange, has filed for self-certification with the U.S. Commodity Futures Trading Commission (CFTC) to launch futures contracts for Solana (SOL) and Hedera (HBAR). The move, announced on January 30, is set to introduce cash-settled futures contracts for both cryptocurrencies, with monthly settlement periods.

The introduction of these new contracts is subject to regulatory approval and is expected to occur on or after February 18, 2025. Coinbase Derivatives, a subsidiary of Coinbase, is behind the initiative, which comes amidst a flurry of regulatory filings for new assets such as crypto ETFs and derivatives.

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 approximately $84 million in notional value, representing about 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, the prices of SOL and HBAR have been struggling. 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.

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

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