Source: Cointelegraph Original: "{title}"

The American cryptocurrency exchange Coinbase has submitted an application to the U.S. Commodity Futures Trading Commission (CFTC) to launch futures contracts for the Ripple (XRP) token.

Coinbase's institutional division stated on April 3: "We are pleased to announce that Coinbase Derivatives has submitted a self-certification application to the CFTC, planning to launch XRP futures contracts—providing investors with a regulated and more capital-efficient way to access this highly liquid digital asset."

The company added that the contract is expected to officially launch on April 21.

According to the certification documents, the XRP futures contract will be a monthly cash-settled and margin contract, with the trading code XRL. The contract will track the price of XRP and settle in U.S. dollars. Each contract represents 10,000 XRP, estimated to be worth about $20,000 at the current price of $2 per XRP.

Contracts can be traded for the current month and the next two months, and if the spot price of Ripple fluctuates more than 10% within an hour, trading will be paused as a safety measure.

Coinbase stated: "The exchange has communicated with futures commission merchants (FCMs) and market participants and has received their support for the launch of XRP futures contracts."

It is worth noting that Coinbase is not the first U.S. platform to launch XRP futures. In March of this year, the Chicago-based crypto exchange Bitnomial announced the launch of the first CFTC-regulated XRP futures product in the U.S.

Currently, XRP futures trading is available on several major global centralized cryptocurrency exchanges, including Binance, OKX, Bybit, and BitMEX.

XRP Funding Rate Remains Negative

At the end of March, Cointelegraph reported that as investor sentiment turned bearish, the funding rate for XRP derivatives had turned negative.

The funding rate is a fee mechanism for periodic settlements between long and short traders in the perpetual contract market, used to keep futures prices aligned with spot prices. A positive funding rate means that longs (buyers) must pay fees to shorts (sellers); a negative funding rate indicates that shorts must pay fees to longs.

When the funding rate is negative, it indicates that shorts are willing to pay a premium to maintain their positions, which typically reflects strong bearish sentiment in the market.

According to CoinGlass data, as of April 4, the funding rate for XRP on major derivatives trading platforms remains in the negative range.

XRP Open Interest Weighted Funding Rate. Source: CoinGlass

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