Us Crypto Exchange Coinbase filed with the US Commodity Futures Trading Commission (CFTC) to launch contracts for the Ripple XRP token.
“We are delighted to announce that Coinbase Derivatives has deposited with the CFTC to self -record the XRP term contracts – providing a regulated and capital efficient means of exposure to one of the most liquid digital assets,” said institutional coinbase on April 3.
The company added that it provided that the online contract on April 21.
According to the certification file, the XRP (XRP) contract will be a monthly money and margined contract trading under the XRL symbol.
The contract follows the price of XRP and is set to US dollars. Each contract represents 10,000 XRP, worth $ 20,000 to $ 2 per token.
Contracts can be negotiated for the current month and two months in advance, and exchanges will be interrupted as a safety measure if XRP prices move more than 10% in an hour.
“The exchange spoke with the FCMS (merchants of the future commission) and market players who support the decision to launch an XRP contract,” said the company.
Coinbase is not the first to launch XRP term contracts in the United States. In March, Bitnomial, based in Chicago, announced the launch of the “very first Future XRP regulated by CFTC in the United States”.
XRP Futures Trading is available on many centralized cryptography exchanges in the world, such as Binance, OKX, Bybit and Bitmex.
Financing rates remain negative
At the end of March, Cointtelegraph indicated that the financing rates of XRP derivatives had overturned negative while the feeling of investors became lower.
In relation: Will the XRP Flips Negative Flips financing – will intelligent traders turn long or short?
Funding rates are periodic payments between traders on perpetual term markets that help maintain the long -term price with cash prices. Positive financing rates mean that long (buyers) traders pay over -he -legged traders, while negative financing rates mean that on their own (sellers) traders pay long merchants.
When financing rates become negative, this means that short traders are ready to pay a bonus to maintain their positions, indicating a strong conviction of Bearish derivative traders.
XRP financing rates have remained negative on the exchanges of major derivatives from April 4, according to Coinglass.
XRP OI weighted financing rate. Source: Coringlass
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