Coinbase Derivatives Files to List Solana & Hedera Futures

Highlights:

• Coinbase Derivatives wants to list Solana and Hedera futures to expand its crypto offering range.
• Solana futures contract size set at 100 SOL, Hedera at 5,000 HBAR.
• Coinbase introduces a system to ensure fair settlement and avoid market manipulation.

Coinbase Derivatives, a subsidiary of the U.S.-based crypto exchange, has filed with the Commodity Futures Trading Commission (CFTC) to list new futures contracts for Solana (SOL) and Hedera (HBAR). The crypto exchange intends to introduce these monthly cash-settled contracts in February or afterward.

If approved, the new Solana futures will have a contract size of 100 SOL, with an estimated notional value of $24,000, representing the monetary worth of a futures contract at a specific price. Trading will close at 4:00 PM London time on the last Friday of the contract month.

The exchange also applied to list a “nano” Solana contract, sized at five SOL, along with a Hedera contract tracking 5,000 Hedera tokens. Nodal Clear, LLC, a derivatives clearing organization registered with the CFTC, will handle the clearing of these contracts.

🚨 BREAKING: Coinbase Derivatives just filed with CFTC to list $SOL & $HBAR futures 🚀

More liquidity = More adoption. #Solana #HBAR pic.twitter.com/F9L8roBUhJ

— Crypto Patel (@CryptoPatel) January 31, 2025

Coinbase Implements Advanced Settlement System to Prevent Market Manipulation

To protect against market manipulation, Coinbase developed a settlement system that uses 20 three-minute intervals over one hour. This system pulls data from Coinbase’s spot trading platform to ensure fairness.

The document reads:

“Given that the Solana token is traded on multiple exchanges both in the United States and abroad, it would be difficult, if not impossible, to manipulate the price of the underlying market.”

This move comes as Coinbase aims to capitalize on the increasing market sentiment and potential favorable regulatory changes under the Trump Administration. CME seems set to launch SOL and XRP futures in the next few weeks, while asset managers like VanEck and ProShares have filed multiple crypto ETF applications to trade Litecoin, XRP, and Solana ahead of Inauguration Day.

Coinbase Derivatives launched in June 2021, becoming a “designated contract market” under Commodity Futures Trading Commission regulation. This platform allows users to trade crypto derivatives, including futures contracts for digital assets like Bitcoin (BTC) and Ethereum (ETH).

After President Donald Trump’s inauguration, he appointed Caroline Pham as the Chair of the CFTC. Pham has taken several steps to demonstrate her pro-crypto stance, and the Coinbase Derivatives Solana Futures filing will be a key test of her leadership.

Coinbase International Exchange Unveils Ambitious Plans for 2025 Growth

In a separate update, Coinbase International Exchange, which manages the Derivatives platform, outlined its plans for the year. It aims to strengthen its position by improving liquidity across offerings like Solana Futures and other products. To achieve this, it introduced the Request for Quote (RFQ) feature, designed to facilitate the execution of large orders.

Additionally, Coinbase plans to increase the number of assets available and launch 50 to 80 new tokens in the first half of the year. The platform also stated that it will enhance capital efficiency and position itself for broader ecosystem growth.