TLDR
- Coinbase will suspend 25 perpetual markets on Coinbase Advanced and its International Exchange on March 16.
- Open positions will be auto-settled at the halt using a 60-minute average index price.
- The final funding rate at settlement will be set to zero, per the exchange notice.
- Listed markets include MET-PERP, REZ-PERP, SUSHI-PERP, GMX-PERP, GRT-PERP, and ARKM-PERP.
Coinbase Markets said it will suspend trading in 25 perpetual contract markets on March 16. The move covers Coinbase Advanced and Coinbase International Exchange.
The exchange said open positions will not remain active through the halt. It said positions will be automatically settled at the time trading stops.
Coinbase Markets announced that on March 16 at around 13:00 UTC, it will suspend 25 perpetual contract trades on Coinbase Advanced and Coinbase International Exchange, including MET-PERP, REZ-PERP, SUSHI-PERP, GMX-PERP, GRT-PERP, and ARKM-PERP. All open positions will be…
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Coinbase Markets stated the suspension will occur at around 13:00 UTC on March 16. PANews also reported the timing as around 21:00 on March 16 in UTC+8.
The notice applies to perpetual futures markets offered on Coinbase Advanced and Coinbase International Exchange. Coinbase described the action as a suspension of specific perpetual contract trades.
Contracts included and how settlement will work
The list includes MET-PERP, REZ-PERP, BABY-PERP, SUPER-PERP, SUSHI-PERP, and GMX-PERP. It also includes GRT-PERP, DRIFT-PERP, COOKIE-PERP, and ARKM-PERP.
Other contracts named are ERA-PERP, XAN-PERP, VINE-PERP, T-PERP, YB-PERP, and WCT-PERP. The list also includes HOME-PERP, NOT-PERP, MINA-PERP, CATI-PERP, and DOGS-PERP.
Coinbase said open positions will be settled automatically at the trading halt. PANews reported settlement will use “the average index price over the 60 minutes” before the halt.
PANews also reported the final funding rate will be set to zero at settlement. Coinbase posted the notice on X, according to the report.
Market trading context around the announcement
After the announcement, affected tokens showed limited price movement in available market trading. The suspension applies to perpetual futures markets, not spot markets.
Some traders noted the change may reduce available perpetual listings on Coinbase venues. The exchange did not list any change to spot trading in the notice.
The contracts are set to remain tradable until the March 16 halt time. That timeline leaves a window for position management before automatic settlement.
Coinbase financial and ownership backdrop
Separately, Coinbase reported quarterly results that included earnings of $0.66 per share. That result was below a $0.83 consensus estimate cited in market reports.
Revenue was reported at $1.78 billion for the quarter, below an expected $1.86 billion. The figure was also reported as a 21.6% decline from the prior year.
Coinbase stock has traded near $175 in recent sessions, according to the same reporting. That level implies a market value of about $46 billion in those estimates.
The shares were also described as below a 52-week high of $444.64. Institutional firms were reported to control about 68.8% of shares outstanding.
Sierra Summit Advisors disclosed a new position of about 20,302 shares valued near $6.85 million. Other asset managers also reported modest stake changes during recent periods.
