Coinbase Institutional Files to Launch Regulated XRP Futures
Coinbase Institutional is preparing to expand its derivatives offerings with the introduction of XRP futures, according to a new filing with the U.S. Commodity Futures Trading Commission (CFTC).
In a post shared on X (formerly Twitter), the company announced:
“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.”
The proposed product, trading under the ticker XRL, will be a monthly, cash-settled, margined contract representing 10,000 XRP, settled in U.S. dollars. At the current market rate of $2 per XRP, each contract is valued around $20,000.
Contracts will be available for the current month and two subsequent months, offering traders a rolling window of exposure. To manage volatility, trading will be temporarily paused if XRP’s spot price moves more than 10% within an hour.
If approved, Coinbase’s product will become the second CFTC-regulated XRP futures contract in the U.S., following the March launch by Bitnomial, a Chicago-based derivatives exchange.
At the time of the announcement, XRP is trading 2% lower, tracking broader declines across the crypto market.
