Coinbase perps shake-up hits KAITO, CAKE, VET and more

Coinbase Markets said it will suspend trading for 12 perpetual futures on May 21 at about 13:00 UTC. 

Summary

• Coinbase will suspend twelve perpetual futures, citing liquidity and market-quality standards across affected contracts soon.
• Open positions will settle automatically using the average index price before the final trading suspension.
• The move comes as crypto derivatives competition grows, with exchanges reviewing weaker markets more closely.

The affected contracts are 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.

The exchange said any open positions left at the time of suspension will be settled automatically. It also said the final settlement price will be based on the average index price during the 60 minutes before trading stops.

Open positions face automatic settlement

Coinbase said the funding rate will be set to zero for the final funding period before settlement. It also reserved the right to suspend trading at any point and adjust the final settlement price to a reasonable level.

The notice gives traders time to close or reduce exposure before the halt. However, users who keep positions open will move into automatic settlement. That makes timing, margin, and price movement important before May 21.

Moreover, Coinbase said the suspensions reflect its effort to maintain high-quality derivatives markets. The exchange said it is focusing on products that meet liquidity and market-quality standards, while seeking price integrity and deeper liquidity for users.

The affected tokens span several market areas, including AI, DeFi, gaming, infrastructure, and older layer-1 networks. Coinbase’s product page lists these markets as linear perpetual futures settled in USDC, with no expiry date.

Wider derivatives market keeps shifting

The suspension comes as competition in crypto derivatives grows. Related crypto.news coverage said Kalshi has explored crypto perpetual futures as U.S. derivatives rules shift and competition widens against Binance, Hyperliquid, Coinbase, and Kraken.

Coinbase has also been adjusting other listed markets. A recent crypto.news report said the exchange moved to disable DAI trading on Coinbase.com and its mobile app from May 4, while also suspending TIME trading and disabling TRU ahead of migration.