Coinbase to Suspend AI16Z Perpetual Contracts on Nov. 15
Coinbase confirms AI16Z-PERP trading halt, with all positions settled at $0.031248 USDC using the 60-minute average index price prior to suspension.
USDC
Fact Check
The statement is highly likely to be true. The most authoritative source provided is a direct announcement from the official Coinbase Markets X (Twitter) account, which explicitly states that "Trading for ai16z perpetual futures will be suspended on 15 NOV." This primary source is corroborated by numerous secondary sources, including crypto news outlets like Chaincatcher, WEEX, and PANews, all of which report the same information, citing the official announcement. There are no contradictions among the relevant sources. The evidence is consistent, credible, and directly supports the claim. The only minor ambiguity is that the original statement omits the year, which the primary source clarifies is 2025. However, this does not invalidate the core claim that the suspension will occur on a future 'November 15'.
Summary
In an official press release on November 15, Coinbase announced the suspension of AI16Z-PERP trading. All remaining open positions were settled automatically at $0.031248 USDC, based on the 60-minute average index price before the halt. The suspension applies across Coinbase Advanced and Coinbase International Exchange, ensuring orderly closure of positions and market stability.
Terms & Concepts
- Perpetual Contracts: A type of futures contract with no expiration date, allowing continuous trading and settlement based on market conditions.
- Funding Rate: A periodic payment between traders in perpetual futures to keep contract prices aligned with spot market prices.
- Index Price: A calculated market reference price derived from multiple exchanges, used for settlement in derivatives trading.