Coinbase Suspends 25 Perpetual Futures Contracts Including ENS, ORDI and RAY

Coinbase has suspended trading on 25 perpetual futures contracts and automatically settled all remaining open positions, citing an effort to maintain higher standards across its derivatives marketplace.

The affected contracts span a wide range of tokens including ENS, ORDI, RAY, STX, SNX, TRB, XTZ, 1000FLOKI and others. Each position was settled at a final price calculated as the average index price over the 60 minutes prior to suspension.

Selected settlement prices include ENS at $6.03 USDC, ORDI at $4.663 USDC, RAY at $0.665 USDC, STX at $0.2248 USDC and SNX at $0.29246 USDC. Smaller cap tokens settled at significantly lower values, with NEIRO settling at $0.0000827 USDC and BEAM at $0.001987 USDC.

Why Coinbase Is Cutting These Markets

Coinbase framed the suspensions as part of an ongoing quality control effort rather than a reaction to any specific market event.

“These suspensions reflect our ongoing effort to maintain high-quality derivatives markets by focusing on products that consistently meet our liquidity and market-quality standards,” the exchange said in a statement.

The platform added that streamlining the perpetual futures lineup allows it to focus resources on the contracts that see the most genuine usage while also accelerating its ability to bring new, higher-quality derivatives to market. Coinbase said it would be improving its listing speed over coming months by streamlining internal processes and using advanced evaluation frameworks.

“By maintaining these standards, we ensure our listings maintain price integrity, and provide users with deeper liquidity and better trading experiences,” they said.

The suspensions affect traders who held open positions across these contracts, all of which were closed automatically at the final settlement prices. Traders with positions in any of the 25 affected contracts should verify their settlement prices directly through their Coinbase account history.