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- Coinbase Derivatives has filed with the US Commodity Futures Trading Commission to list futures contracts for Solana and Hedera.
- This is the first futures product filing under CFTC Chair Caroline Pham amid a surge in crypto ETF and derivatives filings.
Coinbase Derivatives, a subsidiary of Coinbase launched in June 2021, is making a significant move to expand its offerings. On January 30, the entity filed for self-certification with the U.S. Commodity Futures Trading Commission (CFTC) to introduce futures contracts for Solana (SOL), the fifth largest cryptocurrency by market capitalization, and Hedera (HBAR).
With February 18 set as the targeted launch date, Coinbase submitted its request to CFTC’s Christopher Kirkpatrick, aiming to broaden its market presence and offer traders more diverse investment opportunities.
Solana Futures Contracts: Standard and Nano
Coinbase is expanding its derivatives offerings by introducing two types of Solana (SOL) futures contracts, designed to provide traders with more diverse opportunities to engage with Solana’s price movements. These futures will be cash-settled monthly, allowing investors to trade without directly holding SOL tokens.
The Standard Solana Futures (SLC) contract is a USD-settled index product with a contract size of 100 SOL. It will be available for trading only at specific times and on designated days. The contract’s notional value is estimated at $25,000 per contract, with a minimum tick size of $0.01 per SOL and a minimum tick value of $1 per contract.
Coinbase is also introducing the Nano Solana Futures (SOL) contract for traders seeking smaller exposure to Solana’s price movements. This futures type will represent 5 SOL per unit, resulting in a notional value of approximately $1,250 per contract. This smaller contract size makes it more accessible to a broader range of traders. The position limit for Solana futures is 3,500 SLC contracts (350,000 SOL), valued at $84 million based on a $240 SOL price, representing 0.07% of Solana’s market cap.
Hedera Futures Contracts (HED)
Coinbase is also proposing a Hedera Futures contract (HED), which will have a contract size of 5,000 and a position limit of 25 million HBAR. At an assumed price of $0.3 per HBAR, the contract would represent a notional value of approximately $7.5 million, or 0.06% of Hedera’s market capitalization. Currently trading at $0.318 after an 8.47% decline in the past week, HBAR futures contracts will be cash-settled monthly.
In addition to the futures contracts, Coinbase Exchange plans to enhance its derivatives market presence by boosting liquidity through the Request for Quote (RFQ) feature, simplifying large order execution.
Coinbase’s filing for Solana and Hedera futures comes at a time when market sentiment around crypto is improving. The CME Group, one of the world’s leading derivatives marketplace is also preparing to launch futures for SOL and Ripple (XRP) in the near future.
These moves coincide with regulatory shifts under President Donald Trump’s administration, particularly with the appointment of Caroline Pham as the new CFTC Chair. Pham has shown a pro-crypto stance, making this Coinbase Derivatives Solana futures filing a key test for her leadership and the future of cryptocurrency regulation in the U.S.
