On January 31, 2025, Coinbase announced its intention to launch cash-settled Solana futures contracts on its regulated derivatives exchange. This move aims to expand its offerings and enhance competitiveness against established firms like CME Group, which currently only offers Bitcoin and Ethereum futures.
Coinbase is collaborating with the Commodity Futures Trading Commission (CFTC) to file and list these futures. If approved, contracts representing 100 SOL tokens, valued at approximately $25,000, will be available for trading, tentatively set to begin on or after February 18.
In Q3 2024, Coinbase reported total transaction revenue of $573 million, a 27% decrease from the previous quarter. In contrast, CME Group's crypto products saw record performance with an average daily volume of 116,000 contracts, reflecting a 203% year-over-year increase.
Coinbase's Solana futures will feature a sophisticated settlement mechanism designed to mitigate market manipulation risks, utilizing multiple three-minute intervals for pricing. The exchange will impose position limits at 3,500 contracts, about 30% lower than Bitcoin futures, alongside 10% hourly price fluctuation limits and various risk controls.
MarketVector Indexes GmbH will provide the benchmark rate for settlement prices, ensuring regulatory oversight through supervision by Germany's BaFin.