Coinbase Delists FTM-PERP Perpetual Futures Contract Ahead of Fantom's Migration to New Sonic Chain

Major crypto exchange Coinbase has announced a new delisting move.

In an announcement on Friday, Coinbase International Exchange, the overseas arm of the crypto exchange, indicated it will be suspending trading for the FTM-PERP pair on Jan. 24, 2025, at around 10:30 a.m. UTC.

The decision affects both Coinbase International Exchange and Coinbase Advanced, marking a significant change for traders of the Fantom perpetual futures contract.

Coinbase stated that the final settlement price for FTM-PERP will be calculated as the average index price over the 60 minutes before the suspension of trading.

Additionally, the funding rate will be set to zero for the final funding period before the final settlement.

Any remaining open positions in FTM-PERP will be automatically settled at the time of suspension.

Hence, traders are advised to close their positions before the suspension to avoid automatic settlements.

This action follows as Fantom migrates to a new chain called Sonic.

In August, Fantom announced its complete rebrand to Sonic Labs for the Sonic chain.

While separate from Fantom's Opera network, FTM token holders will be able to exchange their tokens 1:1 for S tokens, Sonic's native token, when the network launches.

Sonic was first announced in March 2024, and in the months that followed, numerous key technological features and initiatives for the new chain were revealed, culminating in the September launch of the Sonic testnet.

The Sonic Protocol was launched on the mainnet in December.

Other Coinbase news

In an earlier announcement, Coinbase revealed its decision to suspend trading for Dypius (DYP) on Jan. 17, 2025, at or around 2:00 P.M. ET.

This action comes as Dypius will be migrating to DYP V2, which is not supported by Coinbase.

At the start of the week, Coinbase announced it had disabled trading for BitDAO (BIT), which recently migrated to Mantle (MNT), which is not yet supported on the platform.

In separate news, Coinbase announced that Kusama (KSM), Illuvium (ILV), Oasis (ROSE), Gnosis (GNO) and Metis (METIS) are now available to New York residents on Coinbase and in the Coinbase iOS & Android apps, allowing customers to log in to buy, sell, convert, send, receive or store these assets.