Coinbase delists MKR-PERP, the exchange’s perpetual futures contract for Maker, and has halted trading while auto-settling open positions at a final price of $1,814.05. The move prevents new positions and closes existing ones using a 60-minute average of MKR spot prices.
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Delisting action: Coinbase stopped trading MKR-PERP and settled open positions automatically.
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Settlement method: Final price set at $1,814.05 based on a 60-minute average of MKR spot prices.
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Market impact: MKR spot rose ~3% to $1,821.63; related delistings previously triggered sharp token moves.
Coinbase delists MKR-PERP: automatic settlement at $1,814.05; read implications for traders and the market — full report and next steps.
What happened when Coinbase delisted MKR-PERP?
Coinbase delists MKR-PERP by stopping all trading on the perpetual futures contract, preventing new positions and automatically settling existing ones. The exchange set the final settlement price at $1,814.05 based on the average MKR market price in the 60 minutes before delisting. Publication: 2025-09-17. Updated: 2025-09-17.
How did Coinbase arrive at the settlement price?
Coinbase calculated the final settlement using the average market price of MKR across its feeds in the 60 minutes preceding the delisting. This method reduces single-tick volatility and aligns settlements with short-term spot market conditions. The exchange reported the final figure as $1,814.05.
Coinbase announced the delisting on its official X account and said all open MKR-PERP positions were automatically closed. Traders could not open or close positions after the suspension. The exchange did not publish a public reason tied to specific rule violations, only that the asset no longer met listing standards.
Why does delisting affect short-term liquidity and traders?
Delisting a perpetual contract removes active market liquidity, forcing position closures at the exchange-determined settlement price. Short-term traders and market makers are most affected because they lose the ability to hedge, adjust positions, or use leverage on that instrument. Some users raised concerns about timing and potential market manipulation; others praised the clarity of an automatic settlement.
What was the market reaction to the MKR-PERP delisting?
Following the delisting, MKR spot strengthened, trading at approximately $1,821.63, up about 3% in the prior 24 hours. Historical context: previous delistings in the market (examples include BAKE and HIFI) have produced large, sometimes counterintuitive price moves — BAKE surged ~170% and HIFI rose ~28% around their delisting events, underscoring volatility risk when liquidity is disrupted.
How does Coinbase’s action compare to other exchanges’ delistings?
Coinbase follows a pattern used by major exchanges: evaluate listings against governance and market standards, then delist or suspend products that no longer comply. Unlike some delistings that end with trading halts, Coinbase used a time-weighted average to settle open perpetual contracts, aiming to reduce single-price manipulation risks.
| Exchange | Asset | Action | Settlement / Price Impact |
|---|---|---|---|
| Coinbase | MKR-PERP | Delisted; auto-settled | Settlement price $1,814.05; MKR spot +3% |
| Other exchange | BAKE | Delisted | Reported spot spikes ~170% (reported in market commentary) |
| Other exchange | HIFI | Delisted | Reported spot move +28% (reported in market commentary) |
What are the implications for traders and risk management?
Traders should treat exchange-delisted derivatives as operational risk events. Best practices include keeping positions small relative to capital, using exchanges with clear delisting and settlement policies, and maintaining spot holdings or diversified hedges. Exchanges’ published policies and announcements (see Coinbase statements and exchange rulebooks referenced as plain text) are primary sources for responding to such events.
What other Coinbase developments are relevant?
Coinbase has announced a partnership with Google and the Ethereum Foundation to enable AI agents to settle payments using both traditional rails and stablecoins. Brian Armstrong, Coinbase CEO, said the collaboration aims to let AI-driven services perform real-world value transfers, a step toward interoperable AI payment flows.
Frequently Asked Questions
Can traders reopen MKR-PERP positions after delisting?
No. Once Coinbase delisted MKR-PERP it prevented opening or closing positions and executed automatic settlement of remaining positions at the specified final price.
How is the final settlement price calculated?
Coinbase used a 60-minute time-weighted average of MKR spot prices immediately before the delisting to determine the final settlement price of $1,814.05.
Will delisting affect Maker (MKR) governance or protocol?
Delisting affects market liquidity and derivatives access but does not change Maker protocol governance or on-chain operations. Protocol-level governance continues via on-chain mechanisms and remains independent of centralized exchange listings.
Key Takeaways
- Immediate action: Coinbase delisted MKR-PERP and auto-settled open contracts at $1,814.05.
- Trader impact: Short-term liquidity and hedging options were reduced, creating risk for leveraged positions.
- Market context: Delistings can trigger sharp spot moves; review exchange policies and maintain risk controls.
Conclusion
This report summarizes Coinbase’s delisting of MKR-PERP, the settlement approach and market response, and related developments including Coinbase’s partnership with Google and the Ethereum Foundation on AI-driven payment interoperability. Traders should review exchange policies and adapt risk management strategies; COINOTAG will monitor updates and report further developments.
