Coinbase to Suspend 10 Perpetual Contracts on Aug. 26, Auto-Settle Open Positions

Coinbase has announced that it will suspend trading on a total of ten perpetual contracts on August 26. The suspension is planned for around 21:00 UTC. According to the official announcement, the affected markets are Memecoin (MEME-PERP), The Sandbox (SAND-PERP), Moonbirds (BIRB-PERP), Blur (BLUR-PERP), Katana (KAT-PERP), SPX6900 (SPX-PERP), ZORA (ZORA-PERP), Axie Infinity (AXS-PERP), Gensyn (AI-PERP), and LayerZero (ZRO-PERP). When the suspension takes effect, any remaining open positions will be automatically settled. The final settlement price will be calculated based on the average index price over the 60 minutes immediately before the trading halt. In addition, the funding rate for the last funding cycle will be set to zero. This last point means the final cycle of funding will incur a rate of zero, rather than a positive or negative charge. For traders still holding these contracts at that time, the automatic settlement is unavoidable and the price used will be based on the last hour of index values. These details give a clear picture of how the process will work.