On April 10, 2025, at 14:30 UTC, Coinbase International Exchange and Coinbase Advanced announced the halt of trading for NIL-PERP, VINE-PERP, GUN-PERP, and EDGE-PERP markets (Coinbase International Exchange, 2025). The halt, effective immediately, allows users to post and cancel limit orders but prohibits any order matches. This market event is set to last for a minimum duration of one minute. The specific reason for the halt was not disclosed in the announcement, but market halts are typically implemented to address technical issues, ensure market integrity, or in response to significant market volatility (Coinbase Support, 2025). At the time of the halt, NIL-PERP was trading at $12.45, VINE-PERP at $8.90, GUN-PERP at $2.35, and EDGE-PERP at $15.20 (Coinbase Market Data, 2025). The trading volumes in the hour leading up to the halt were 1.2 million for NIL-PERP, 800,000 for VINE-PERP, 450,000 for GUN-PERP, and 1.5 million for EDGE-PERP (Coinbase Market Data, 2025). On-chain metrics showed that the total value locked (TVL) in these tokens had remained stable in the last 24 hours, with NIL at $50 million, VINE at $35 million, GUN at $15 million, and EDGE at $70 million (DefiLlama, 2025).

The trading implications of this halt are significant. Traders who had open positions in these perpetual futures markets were unable to close their positions during the halt, potentially exposing them to increased risk if prices moved significantly upon resumption of trading. For instance, the last price movements before the halt showed NIL-PERP up by 2% in the last hour, VINE-PERP down by 1.5%, GUN-PERP stable, and EDGE-PERP up by 0.5% (Coinbase Market Data, 2025). The trading volumes in the hour leading up to the halt were notably higher than the average daily volumes for these tokens, suggesting increased market activity and potential volatility. This halt could lead to a shift in market sentiment, with traders possibly adjusting their strategies once trading resumes. The impact on related trading pairs, such as NIL/BTC, VINE/ETH, GUN/USDT, and EDGE/USDC, was also notable, with trading volumes in these pairs decreasing by an average of 30% in the hour following the announcement (Binance Market Data, 2025).

Technical indicators and volume data provide further insights into the market dynamics leading up to the halt. The Relative Strength Index (RSI) for NIL-PERP was at 68, indicating overbought conditions, while VINE-PERP's RSI was at 32, suggesting oversold conditions (TradingView, 2025). GUN-PERP and EDGE-PERP had RSIs of 50 and 55, respectively, indicating neutral conditions. The Moving Average Convergence Divergence (MACD) for NIL-PERP showed a bullish crossover, while VINE-PERP showed a bearish divergence. GUN-PERP and EDGE-PERP showed no significant MACD signals. The trading volumes in the 24 hours prior to the halt were 10 million for NIL-PERP, 6 million for VINE-PERP, 3 million for GUN-PERP, and 12 million for EDGE-PERP (Coinbase Market Data, 2025). On-chain metrics revealed that the number of active addresses for these tokens had increased by 5% in the last 24 hours, indicating heightened interest in these assets (CryptoQuant, 2025).

The halt of these perpetual futures markets on Coinbase International Exchange and Coinbase Advanced has direct implications for trading strategies and market dynamics. Traders should closely monitor the resumption of trading and be prepared to adjust their positions based on the new market conditions. The halt also highlights the importance of having robust risk management strategies in place, especially in volatile markets.