Coinbase is making a big move into the XRP derivatives market. Its institutional arm, Coinbase Derivatives, has officially filed with the U.S. Commodity Futures Trading Commission (CFTC) to roll out XRP futures trading starting April 21, 2025. This marks a major step toward expanding institutional access to XRP in a regulated environment.
What to Expect From Coinbase’s XRP Futures Contracts
The new futures contracts will trade under the ticker XRL and are designed to provide both retail and institutional investors with a compliant way to gain exposure to XRP price movements.
Each contract will represent 10,000 XRP tokens, settled in U.S. dollars and cash-settled with margin requirements. Initially, trading will cover the current month and two following months. Coinbase has added volatility safeguards—if XRP’s spot price fluctuates more than 10% within one hour, trading will be paused temporarily.
XRP Liquidity Set to Improve With Institutional Entry
Coinbase has already engaged with Futures Commission Merchants (FCMs) and other liquidity providers, who have expressed strong support for the product. Thanks to self-certification, Coinbase can proceed with the launch without waiting for direct CFTC approval— a common route for futures listings.
This move is expected to boost XRP liquidity, drive higher trading volumes, and increase institutional participation in the token’s ecosystem.
Bearish Derivatives Sentiment Lingers Despite Launch News
Even with the upcoming8 futures debut, XRP funding rates in derivatives markets remain negative. This trend, seen since late March, indicates that short-sellers are dominating, betting on further price declines.
As of April 4, funding rates across several exchanges remain in the red—showing that bearish sentiment has yet to fade, despite growing institutional interest.
Coinbase Clarifies Mistake Between Ripple and XRP
Coinbase stirred some confusion when it referred to the new product as a “Ripple futures” contract in a now-deleted tweet. For clarity: Ripple is the company behind the XRP Ledger, while XRP is the actual digital asset being traded.
A user named Adam on X (formerly Twitter) pointed out the mix-up. Coinbase has since corrected the messaging, confirming that they are launching XRP futures, not Ripple-based contracts.
Other Exchanges Are Also Jumping Into XRP Futures
Coinbase isn’t the only player betting big on XRP derivatives. In late March, Kraken added Ripple USD (RLUSD) to its trading pairs—after it had been available only on Bitstamp. This expansion has helped push trading volume higher for the asset.
Meanwhile, Bitnomial, a U.S.-regulatedz derivatives platform, has also announced plans to introduce XRP futures, a project that’s been in the works since October 2024. With multiple platforms entering the XRP futures space, institutional demand and liquidity are expected to increase significantly.
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