The exchange said trading will stop at around 21:00 Beijing time, and open positions will be automatically settled using the average index price from the previous 60 minutes.
Coinbase said it will suspend trading for 12 perpetual futures contracts (crypto derivatives with no expiry date) at around 21:00 Beijing time on May 21. According to the announcement, any positions still open when trading stops will be automatically settled. The final settlement price will be calculated from the average index price over the 60 minutes before the suspension. Such procedures are typically used by derivatives venues to close contracts in an orderly way and reduce pricing disputes when a market is discontinued.