Coinbase International Exchange Launches XRP and LTC Perpetual Futures Contracts
– Coinbase International Exchange, the international version of Coinbase, has launched futures contracts on the price of XRP and LTC.
– In the first seven trading days, the exchange recorded over $43.7 million in trading volume.
– The international version of Coinbase is separate from the US version and was created in response to regulatory issues.
– The exchange currently only hosts four perpetual futures contracts, including BTC-PERP and ETH-PRP.
– Daily trading volumes on the exchange show that Bitcoin dominates the market, with over $127 million in trading volume in the past 24 hours.
Low Volumes and Comparison to Other Exchanges
– XRP futures have a trading volume of $7.3 million, while LTC futures have a volume of $3.3 million.
– Monthly volumes on Coinbase International Exchange for Bitcoin futures are nearly $1.4 billion, compared to below $900 million for ETH futures.
– The trading volumes on Coinbase International Exchange are lower compared to other major exchanges such as Binance.
– Binance recorded over $1.8 billion in trading volume for Bitcoin perpetual futures in the past 24 hours.
Futures Contracts in Crypto Markets
– Futures contracts in crypto allow buying or selling of assets at a future date without an expiration date.
– They are used for speculation on future asset prices and hedging against unexpected movements.
– Futures allow betting on price declines (shorting) and leveraged trading.
– Coinbase is not a preferred exchange for futures trading, but if it expands the service to the US, increased volumes can be expected.
Hot Take
The launch of XRP and LTC perpetual futures contracts on Coinbase International Exchange shows the exchange’s expansion into the international market. However, the trading volumes on the exchange are still relatively low compared to other major exchanges. Coinbase has the potential to attract more traders if it opens the futures trading service to the US market in the future.
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