In a bold move to strengthen its derivatives offerings, Coinbase Derivatives has officially filed with the U.S. Commodity Futures Trading Commission (CFTC) to launch regulated XRP futures contracts. If approved, trading could begin as early as April 21, marking a significant expansion in the exchange’s institutional crypto offerings.
According to an April 3 announcement by Coinbase Institutional, the XRP futures contract will offer a capital-efficient, regulated instrument for gaining exposure to Ripple’s XRP, one of the most liquid digital assets in the market.
The new product, trading under the ticker XRL, will be a cash-settled and margined monthly contract, with each futures contract representing 10,000 XRP—currently equivalent to approximately $20,000, based on XRP’s $2 market price.
To protect market stability, trading will automatically pause if the spot price of XRP moves more than 10% within an hour, ensuring safeguards against extreme volatility. Contracts will be available for the current and two subsequent months.
“The exchange has spoken with FCMs (Futures Commission Merchants) and market participants who support the decision to launch a XRP contract,” stated Coinbase.
XRP Futures See Growing Interest Across Platforms
Coinbase isn’t the first to introduce XRP futures in the U.S. — Bitnomial, a Chicago-based crypto exchange, recently launched the first-ever CFTC-regulated XRP futures contract in March. Globally, XRP derivatives are already accessible on major exchanges like Binance, OKX, Bybit, and BitMEX.
This move by Coinbase reflects a rising institutional demand for regulated crypto derivatives, particularly for tokens like XRP that maintain high liquidity and strong market presence despite regulatory scrutiny.
Market Sentiment Remains Bearish as Funding Rates Stay Negative
Despite growing institutional interest, market sentiment around XRP remains bearish, as funding rates on perpetual futures have turned negative across major exchanges.
Negative funding rates, as reported by CoinGlass on April 4, indicate that short sellers are paying long traders to maintain bearish positions — a clear sign that professional traders are betting on further downside in XRP prices.
The shift in sentiment began in late March, with Cointelegraph highlighting increased bearish pressure in XRP derivative markets. These conditions suggest that while institutional exposure is expanding, short-term price outlooks remain cautious.
Is This the Start of Institutional Maturity for XRP?
The introduction of a CFTC-regulated XRP futures product by Coinbase could mark a turning point for Ripple’s token in the U.S. derivatives market. Even amid negative sentiment, the move reflects a growing appetite for compliant, structured crypto instruments among professional investors.
As regulatory clarity continues to evolve, XRP’s presence in the regulated futures landscape could open doors for greater mainstream adoption — provided it can overcome short-term bearish headwinds.
