Coinbase Institutional Files with CFTC to Launch XRP Futures
Coinbase Institutional is preparing to expand its regulated derivatives suite with the introduction of XRP futures, according to a recent filing with the Commodity Futures Trading Commission (CFTC).
The filing, submitted by Coinbase Derivatives, seeks approval to self-certify a monthly, cash-settled, margined futures contract under the ticker XRL. Each contract will be denominated in USD and represent 10,000 XRP — equivalent to approximately $20,000 at current market prices.
According to Coinbase’s statement on X:
“We’re excited to announce that Coinbase Derivatives has filed with the CFTC to self-certify $XRP futures — bringing a regulated, capital-efficient way to gain exposure to one of the most liquid digital assets. We anticipate the contract going live on April 21, 2025.”
The contracts will support three listed maturities (current month and two forward months) and include built-in volatility controls. Specifically, trading will pause if XRP’s spot price moves more than 10% within an hour, helping mitigate extreme price swings.
Once launched, XRL will become the second CFTC-compliant XRP futures product in the U.S., following Bitnomial’s March debut. The development reflects a growing institutional appetite for access to regulated crypto derivatives beyond Bitcoin and Ethereum.
As of this writing, XRP is down 2% on the day, trading in line with broader market weakness.
