Coinbase Seeks Approval to List XRP Futures Amid Expanding Derivatives Push

Coinbase Institutional is making its next move in the crypto derivatives market, filing with the Commodity Futures Trading Commission (CFTC) to launch XRP futures contracts through its derivatives arm.

In an official announcement on X, the exchange stated:

“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 — ticker symbol XRL — will be a monthly, cash-settled futures contract representing 10,000 XRP, with settlement in U.S. dollars. At current prices near $2 per token, each contract would carry a notional value of approximately $20,000.

Key contract features include:

• Listings for the current month and two forward months
• A 10% price movement safeguard that halts trading if XRP’s spot price fluctuates beyond that threshold within an hour
• Cash settlement to eliminate the need for token custody

If approved, the launch will mark Coinbase’s entrance into regulated XRP derivatives, following Bitnomial’s debut offering in March — making this the second CFTC-sanctioned XRP futures product in the U.S.

Despite the announcement, XRP dipped 2% on the day, reflecting broader crypto market softness heading into the weekend.