Crypto News- On November 13, Coinbase International Exchange made a groundbreaking announcement, revealing plans to introduce support for perpetual futures contracts linked to Solana (SOL) and Avalanche (AVAX) on both the standard exchange and Coinbase Advanced. Pending favorable liquidity conditions, the highly-anticipated SOL-PERP and AVAX-PERP markets are set to go live at 4 PM UTC on November 14.
This move comes on the heels of regulatory approval granted to Coinbase on October 19, allowing retail perpetual futures trading for eligible non-US customers. The significance of this approval was expounded upon by Linda P. Jones, author of ‘3 Steps to Quantum Wealth,’ in a post on X (formerly Twitter). Jones highlighted three key implications, with a particular emphasis on the positive impact on XRP futures trading.
Coinbase Welcomes SOL and AVAX with Perpetual Futures Support
According to Jones, the approval signaled a bullish season for XRP, attributing this optimism to the entry of institutional money, predominantly from Wall Street firms such as hedge funds. She underscored that this development was geared towards accommodating institutional traders seeking exposure to market volatility.
The crypto market’s appetite for perpetual futures contracts has been on the rise, evident from the data provided by Laevitas as of November 10. The global volume for perpetual contracts on centralized exchanges (CEX) reached an impressive $195.3 billion. Binance, Coinbase’s competitor, secured the highest volume, closely trailed by the OKX exchange.
Conor Ryder, a research analyst at Kaiko, shared insights with Bloomberg, noting that the ratio of Bitcoin perpetual to spot volume is presently at its highest level in almost two years. Ryder highlighted the popularity of perpetual contracts, commonly referred to as ‘perps’ in industry jargon, emphasizing their appeal due to their absence of expiration dates. This surge in popularity among traders is indicative of the dynamic nature and growing significance of perpetual contracts in the cryptocurrency market.