Coinbase starts its development by initiating Perpetual futures contracts for Polkadot (DOT), Internet Computer (ICP), NEAR Protocol (NEAR). Traders are able to begin trading DOT-PERP, ICP-PERP, and NEAR-PERP markets on Feb 22. This provides them with more avenues for gaining profits.

This is the latest in a series of such actions after on-chain data on CoinGlass shows that derivatives activity grew exponentially in ETH futures open interest. Over $10.1 billion indebtedness is visible now on CoinGlass for the same. Not only did ethereum future swap also set a new record high in the open interest for ether perpetual contracts worth roughly $690m, but a few hours later, ETH felt the impact from total liquidations amounting to $9.3 million.

Perpetual contracts with no laid-down termination dates permit participants to maintain positions as long as they wish thereby creating a trading atmosphere that is market-friendly. This soaring open interest and tightening levered funding proportion for ETH (from 0.00045% to 0.035% since February) as traders become more optimistic and the market trend turns bullish.

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