Coinbase, one of the largest cryptocurrency exchanges in the United States, has recently announced plans to list Shiba Inu (SHIB) for futures contracts, along with several other altcoins. This development marks a significant expansion of Coinbase’s derivatives offerings and could potentially impact the cryptocurrency market. Here are the key details:
- Coinbase Derivatives Exchange, formerly known as FairX, has submitted an application to the U.S. Commodity Futures Trading Commission (CFTC) to list regulated futures contracts for Shiba Inu (SHIB)[1][2][3].
- The proposed product is called “1k Shib Futures (SHB)” and is planned to be listed under a self-certification model[5].
- Coinbase Derivatives intends to launch trading for this product on July 15, 2024[5].
- The SHB Futures contract specifications include:
- Contract size: 10 million SHIB
- Minimum tick size: $0.00001 per token
- Minimum tick value: $0.10 per contract
- Position limit: 30,000 SHB Futures (equivalent to 300 billion SHIB tokens)[5]
- The contracts will be monthly cash-settled and margined[5].
- Final settlement prices will be based on the Market Vector Coinbase 1k Shib benchmark reference rate at 4:00 PM London time[5].
- Trading hours for the SHIB contract will be from 5:00 PM to 4:00 PM (CT), Sunday through Friday, with a trading break scheduled for Monday through Thursday from 04:00 PM to 05:00 PM (CT)[5].
In addition to Shiba Inu, Coinbase Derivatives has also submitted applications for futures contracts on four other altcoins:
- Stellar Lumen (XLM)
- Polkadot (DOT)
- Chainlink (LINK)
- Avalanche (AVAX)[5][6]
These new futures contracts are also expected to launch on July 15, 2024, alongside the SHIB futures[5][6].
The introduction of these new futures contracts is seen as a significant move by Coinbase to expand its derivatives offerings and provide more options for traders to manage risk, speculate on price movements, and invest with lower upfront capital requirements[6].
It’s worth noting that while this news has generated interest in the cryptocurrency community, it has not significantly impacted the prices of the involved tokens as of the announcement date[6]. As always, investors should conduct thorough research and consider the risks before making any investment decisions in the cryptocurrency market.
Citations:
[1] https://coinstats.app/news/ea03911b06851725854e637c60c0af5f0a43a561cdcd6f1c13f9945f5eb84e87_Shiba-Inu-Coinbase-Listing-Could-Spark-Frenzy-Towards-101-Gains
[2] https://coinmarketcap.com/community/articles/66804cb9d7ae9a73218766f7/
[3] https://bitcoinist.com/shiba-inu-gets-major-boost-from-coinbase-with-latest-cftc-filing/
[4] https://ground.news/article/coinbase-us-plans-to-list-shiba-inu-futures-and-4-other-altcoin-futures
[5] https://thecryptobasic.com/2024/06/29/regulated-futures-for-shiba-inu-filed-with-us-cftc-details/
[6] https://cryptoslate.com/coinbase-to-launch-cftc-regulated-futures-trading-for-5-altcoins/
[7] https://cryptoadventure.com/coinbase-reveals-futures-on-shib-ava-to-deepen-crypto-market-access/
Life's Adventure 