Coinbase Markets is pulling the plug on a dozen perpetual futures contracts next week, giving traders advance notice to close or trim positions before automatic settlement kicks in. What’s happening - On May 21 at about 13:00 UTC, Coinbase will suspend trading in 12 USDC-settled linear perpetuals: KAITO-PERP, SENT-PERP, SAHARA-PERP, CAKE-PERP, TOSHI-PERP, AKT-PERP, VET-PERP, ANIME-PERP, THETA-PERP, ZK-PERP, KERNEL-PERP and BARD-PERP. - Any positions still open when trading halts will be automatically settled. The final settlement price will be calculated from the average index price during the 60 minutes leading up to the suspension. - Coinbase says the funding rate for the final funding period will be set to zero. - The exchange also reserves the right to suspend trading earlier and to adjust the final settlement price “to a reasonable level” if needed. Why it matters - Automatic settlement means traders who don’t close or reduce exposure face forced exits based on the pre-specified index window — so timing, margin levels and short-term price moves are now critical. - Setting the final funding rate to zero removes the periodic cost/benefit of holding funding into settlement, but doesn’t change the underlying exposure to price movement. Coinbase’s stated rationale - The exchange frames this round of delistings as part of an effort to “maintain high-quality derivatives markets,” prioritizing products that meet liquidity and market-quality standards and that offer price integrity and deeper liquidity for users. Market context - The affected tokens cover a range of sectors including AI, DeFi, gaming, infrastructure and older layer‑1 networks. Coinbase lists these markets as perpetual futures with no expiry, settled in USDC. - The move comes amid intensifying competition in crypto derivatives trading. Industry coverage notes players such as Kalshi are exploring crypto perpetuals as U.S. derivatives rules shift, and major venues including Binance, Hyperliquid, Coinbase and Kraken jostle for market share. Recent Coinbase adjustments - This is part of broader cleaning up of Coinbase’s listings: the exchange disabled DAI trading on Coinbase.com and its mobile app from May 4, and has previously suspended TIME trading and disabled TRU ahead of a token migration. What traders should do - Check your positions and margin levels for the listed perps, monitor price action ahead of May 21, and review Coinbase’s official notice for any further updates or early suspensions. This is informational and not financial advice. Read more AI-generated news on: undefined/news