Coinbase Adjusts Derivatives Lineup: 10 Perpetual Contracts Set for Removal

Cryptocurrency exchange Coinbase has notified users of an upcoming change to its derivatives offerings. The platform is scheduled to suspend trading for perpetual contracts tied to ten specific digital assets around 21:00 UTC on August 26.

List of Affected Trading Pairs

The move impacts perpetual contracts for several well-known tokens within the ecosystem. The full list includes:

  • Memecoin (MEME-PERP)
  • The Sandbox (SAND-PERP)
  • Moonbirds (BIRB-PERP)
  • Blur (BLUR-PERP)
  • Katana (KAT-PERP)
  • SPX6900 (SPX-PERP)
  • ZORA (ZORA-PERP)
  • Axie Infinity (AXS-PERP)
  • Gensyn (AI-PERP)
  • LayerZero (ZRO-PERP)

Settlement Process and User Actions

For users holding positions in these contracts, an automatic settlement process will be initiated. All open positions remaining at the time of suspension will be closed by the system.

The final settlement price will not be a single spot price. Instead, it will be calculated as the average index price observed during the 60-minute period immediately before trading halts. This methodology aims to mitigate the impact of potential last-minute volatility. Additionally, the funding rate for the final cycle before suspension will be set to zero, meaning no final funding payment will occur between long and short position holders.

Traders are advised to manage their exposure to these contracts before the deadline on August 26. They can choose to close their positions actively in the market or allow the platform to execute the automatic settlement.

Market Implications and Next Steps

Perpetual contracts are a key product in the crypto derivatives landscape, offering leveraged exposure. Coinbase's decision to delist these specific contracts may relate to factors such as trading volume, liquidity management, or ongoing project evaluations.

While spot trading for these assets is unaffected, the removal of their perpetual contracts could influence short-term price discovery and liquidity in the derivatives market for these tokens. Active traders and investors should monitor for further updates from the exchange and adjust their strategies accordingly.