Coinbase Institutional Files for XRP Futures Trading with CFTC

TLDR

• Coinbase Institutional filed with CFTC to self-certify XRP futures contracts
• Contracts expected to go live on April 21, 2025, trading under symbol XRL
• Each contract represents 10,000 XRP (approximately $20,000 at current prices)
• This will be the second CFTC-regulated XRP futures after Bitnomial’s March launch
• Current XRP funding rates remain negative, indicating bearish sentiment

Coinbase Institutional has filed with the U.S. Commodity Futures Trading Commission (CFTC) to launch futures contracts for Ripple’s XRP token. The cryptocurrency exchange announced its plans on April 3, with the contracts expected to go live on April 21.

“We’re excited to announce that Coinbase Derivatives has filed with the CFTC to self-certify XRP futures — bringing a regulated, capital-efficient way to gain exposure to one of the most liquid digital assets,” stated Coinbase Institutional in their announcement.

We’re excited to announce that Coinbase Derivatives has filed with the CFTC to self-certify $XRP futures – bringing a regulated, capital-efficient way to gain exposure to one of the most liquid digital assets.

We anticipate the contract going live on April 21, 2025.

Stay tuned… pic.twitter.com/nKUPjjnMKW

— Coinbase Institutional 🛡️ (@CoinbaseInsto) April 3, 2025

According to the certification filing, the XRP futures will be monthly cash-settled and margined contracts trading under the symbol XRL. The contracts will track XRP’s price and be settled in US dollars.

Each contract will represent 10,000 XRP tokens. At the current price of around $2 per token, this would value each contract at approximately $20,000.

The trading structure allows for contracts to be traded for the current month and two months ahead. As a safety measure, trading will pause if spot XRP prices move more than 10% in a single hour.

Market Context and Competition

Coinbase is not breaking entirely new ground with this move. Chicago-based crypto exchange Bitnomial already launched what it called the “first-ever CFTC-regulated XRP futures in the US” in March 2025.

XRP futures trading is also widely available on many major centralized crypto exchanges globally. These include platforms like Binance, OKX, Bybit, and BitMEX.

The expansion into XRP futures aligns with Coinbase’s recent derivatives strategy. The exchange has lately launched futures contracts for Solana (SOL) and Hedera (HBAR) as well.

Coinbase is reportedly also awaiting CFTC approval for Cardano (ADA) and Natural Gas (NGS) futures contracts. These are planned for launch by the end of the month.

Current Market Sentiment

Despite the upcoming launch, market sentiment around XRP appears bearish at present. In late March, XRP derivatives’ funding rates flipped negative, indicating a shift toward bearish sentiment among traders.

Funding rates serve as periodic payments between traders in perpetual futures markets. They help keep futures prices aligned with spot prices.

When funding rates turn negative, it means short traders (sellers) pay long traders. This indicates that short traders are willing to pay a premium to maintain their positions.

As of April 4, XRP funding rates remained negative on major derivatives exchanges according to data from CoinGlass. This suggests strong conviction among bearish derivatives traders.

Regulatory Background

XRP has a complex regulatory history in the United States. The SEC initiated a lawsuit against Ripple Labs, XRP’s developer, in 2020. The regulator alleged that XRP was an unregistered security.

After a four-year legal battle, Ripple CEO Brad Garlinghouse recently announced that the SEC withdrew its appeal against the company. As part of the settlement, Ripple agreed to pay a reduced fine of $50 million, down from the original $125 million penalty.

The resolution of this case could have broader implications for XRP in the US market. Some experts believe it might lead to the approval of spot XRP ETFs.

Several fund managers have already filed with the SEC for XRP ETFs. These include Bitwise, Canary Capital, 21Shares, WisdomTree, CoinShares, Grayscale, and Franklin Templeton.

ProShares and Volatility Shares are also pursuing approval for XRP-related investment products. Nate Geraci, ETF Store President, has suggested that major financial institutions like BlackRock and Fidelity might now consider developing XRP ETFs.

The current price of XRP remains around $2, with minimal price fluctuation reported in recent trading. The cryptocurrency is known for enabling fast, low-cost cross-border payments.

Through these futures contracts, traders will gain exposure to XRP’s price movements without needing to hold the underlying asset. This provides new ways for institutional investors to participate in the XRP market.