Coinbase Removes 25 Perpetual Contracts Amid Liquidity Review

According to the exchange’s review, Coinbase is consolidating its perpetual contracts portfolio to focus on instruments with sustained institutional demand. The company states that the delisted contracts — spanning AI infrastructure tokens (IO, GRASS, PROVE, PROMPT), decentralized physical infrastructure plays (HNT, AR), and gaming-related assets—experienced deteriorating liquidity conditions despite earlier speculative interest during the 2025 AI market rally.

• Contracts removed: 25 perpetual futures pairs (specific token names not all disclosed in announcement)
• Affected sectors: AI microcaps, DePIN infrastructure, gaming tokens, and select Layer 2 ecosystem assets
• Rationale: Declining open interest and thin derivative liquidity as capital rotated to larger-cap assets

The delisting reflects a structural shift in crypto derivatives markets. Tokens like IO and GRASS gained traction during speculative AI rallies but failed to maintain sustained trading volume as institutional capital consolidated around established assets. DePIN tokens (HNT for wireless networks, AR for storage) similarly experienced waning derivatives interest despite active spot markets. Coinbase’s strategy prioritizes long-term institutional participation over short-term, news-driven volatility — a departure from retail-focused derivative offerings.

This move aligns with broader exchange consolidation trends, where platforms reduce exposure to lower-liquidity altcoin derivatives to improve execution quality and reduce counterparty risk for remaining traders.

Traders holding positions in affected contracts face forced liquidation or settlement timelines set by Coinbase. The exchange is expected to maintain perpetual offerings in major pairs (Bitcoin, Ethereum, Solana) and established altcoins with consistent institutional volume. Market observers should monitor whether other major exchanges follow similar delisting strategies, potentially signaling tighter risk management across the derivatives sector.