Coinbase News: Perpetual Futures Trading Set for Suspension
Bablu Singh Nirwan
Coinbase News: Coinbase to Halt Trading in Perpetual Futures
Ten tokens are about to lose their leverage overnight, and traders aren't waiting around to find out what happens next.
In fresh Coinbase news, the exchange confirmed a perpetual futures suspension will hit on August 26, around 13:00 UTC, cutting off leveraged trading access for MEME, SAND, BIRB, BLUR, KAT, SPX, ZORA, AXS, AI, and ZRO in one single move, according to Coinbase's official announcement. Within hours, the charts were already reacting.
Source: Coinbasemarket on X
What Happened
The message from Coinbase's landed short and blunt: ten perpetual futures contracts, gone, on a fixed date. This latest Coinbase news comes with no warning tiers and no gradual phase-out, just a hard stop at 13:00 UTC on August 26.
For an exchange of Coinbase's size, cutting this many perpetuals in a single announcement is unusual. Most delistings trickle out one or two at a time. This one arrived as a full batch.
The Ten Contracts on the Chopping Block
Straight from Coinbase's own post, here's what's being suspended:
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)
Look closely, and there's no clean theme tying these together. Aging NFT-era names like Moonbirds and Axie Infinity sit next to newer infrastructure plays like LayerZero and Katana, with meme-driven SPX6900 thrown in too. This isn't Coinbase targeting one sector. It reads more like a broad housekeeping pass across the perennials' lineup.
What Happens to Open Positions
Here's the part that actually matters if you're holding one of these ten contracts: nothing gets left dangling under this Coinbase news. Coinbase will automatically settle every open position at the moment of suspension.
The final settlement price isn't a single snapshot either; it's the average index price over the 60 minutes leading into the cutoff, a coinbase mechanism built to smooth out any last-minute price whiplash.
Funding resets to zero for that final period too, so nobody's paying or collecting funding fees on the way out the door. One more detail worth flagging: It reserves the right to move the suspension earlier or adjust the settlement price if things get disorderly.
That's the exchange giving itself room to react if the market gets messy before the deadline.
Why This Is Already Moving Prices
This is where it gets interesting. Today's Coinbase news doesn't take effect for another two weeks, but four of the affected tokens were already bleeding within hours of the announcement.
Token | 24h Price Change | Market Cap | 24h Volume Change |
Axie Infinity (AXS) | -5.12% | $150M | -7.28% |
LayerZero (ZRO) | -4% | $296.54M | +4.74% |
Katana (KAT) | -5.17% | $13.36M | +3.93% |
Memecoin (MEME) | -2.54% | $31.4M | -5.72% |
Note: The data-presented in this chart is subject to change as source data is updated or revised. Always verify the latest figures with the original source before using them for analysis or decision-making.
Source: Data per CoinMarketCap
Notice the pattern: prices falling, but volume staying elevated or even rising in a couple of cases.
That's not a market going quiet. That's traders actively unwinding leveraged positions before the exit door narrows. Losing a perpetual futures market removes real leveraged demand for a token, and it looks like the market decided not to wait until August 26 to price that in.
What Holders Should Actually Do Before August 26
If you're sitting in a position in any of these ten, the clock is now ticking. Let the suspension settle your position automatically, and you're accepting whatever the 60-minute average index price happens to be, no matter how the market moves that hour.
Close it manually beforehand, and you keep control of your own exit price instead. It's also worth checking whether these tokens survive past August 26, since a perpetual suspension doesn't automatically mean spot trading disappears too.
Two weeks sounds like plenty of time to plan around this Coinbase news. Based on how fast these charts already moved, it might not be.
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