Coinbase Files with CFTC to Launch XRP Futures Trading

YEREVAN (CoinChapter.com) — Coinbase has submitted a self-certification filing to the Commodity Futures Trading Commission (CFTC) to list XRP futures on its derivatives platform. The announcement came on April 3, with the contract expected to go live by April 21.

The filing refers to a monthly cash-settled and margined contract, trading under the ticker XRL. Each futures contract will represent 10,000 XRP, valued at around $20,000 at current market prices. The contracts will track XRP’s price and be settled in U.S. dollars.

Trading availability will extend to the current month and the next two months, according to the documentation. A 10% spot price move within an hour will trigger a trading pause to manage volatility.

Coinbase said it engaged with Futures Commission Merchants (FCMs) and other market participants who support this listing. The exchange called the move a regulated and capital-efficient way to get XRP exposure.

XRP Funding Rates Stay Negative Despite Derivatives Push

Despite this step toward institutional adoption, the funding rates for XRP futures remain negative. According to CoinGlass data on April 4, major derivatives exchanges continue showing bearish sentiment.

Funding rates reflect the cost between long and short traders in perpetual contracts. A negative funding rate means short sellers are paying long holders to keep positions open. This signals conviction in a downward trend.

Previously XRP’s funding flipped negative in late March, and this condition has not changed. The persistent rates suggest sellers are still dominating the derivatives market for XRP, even as Coinbase prepares to list its product.

These dynamics contrast with broader industry expectations tied to new regulated futures products. The divergence points to cautious sentiment around XRP’s near-term direction.

XRP Futures Already Live on Bitnomial and Global Exchanges

Although Coinbase is moving to list XRP futures with CFTC certification, it is not the first U.S. exchange to do so. Bitnomial, a Chicago-based derivatives platform, launched the first CFTC-regulated XRP futures in the United States on March 20, 2025.

Bitnomial’s product is physically settled, meaning actual XRP tokens are delivered at contract expiration instead of just cash equivalents. This structure differs from Coinbase’s proposed cash-settled contract, which pays out in U.S. dollars and does not involve transfer of the underlying crypto asset.

Internationally, XRP futures are widely available. Major platforms like Binance, OKX, Bybit, and BitMEX already support perpetual contracts for XRP. These exchanges cater primarily to retail and offshore traders.

Coinbase’s move is aimed at institutional market participants seeking regulated and transparent exposure within the U.S. derivatives market. However, the token’s current funding data shows that institutional demand may not yet be strong.

What Happened After Bitcoin Futures First Launched in 2021?

On October 19, 2021, ProShares’ Bitcoin Strategy ETF (BITO) debuted on the New York Stock Exchange, marking the first U.S. Bitcoin futures ETF approved by the Securities and Exchange Commission (SEC).

Bitcoin’s price surged briefly, reaching an all-time high of around $69,000 in early November 2021, less than a month after the ETF launch. However, the rally was short-lived. By December 2021, Bitcoin began a steady decline, eventually falling below $20,000 in 2022.

The chart shows that while initial hype around futures listings can drive prices up, it does not guarantee long-term growth. After the BITO ETF went live, the momentum reversed, and Bitcoin entered a prolonged bear market.

The comparison raises questions about short-term price action following new futures product launches like XRP’s. Still, current market conditions and sentiment differ, especially with XRP’s funding rates remaining negative even before Coinbase’s product goes live.