On April 24, 2025, Coinbase International Exchange and Coinbase Advanced announced the halt of trading for four perpetual futures markets: WCT-PERP, KERNEL-PERP, BABY-PERP, and PROMPT-PERP (CoinbaseIntExch, 2025). This halt commenced immediately, allowing users to post and cancel limit orders but preventing any matches from occurring. The halt was set to last for a minimum duration of one minute, indicating a brief pause in trading activities for these specific assets. The decision to halt trading typically reflects significant market volatility or technical issues that require immediate attention. At the time of the announcement, WCT-PERP was trading at $12.35, KERNEL-PERP at $45.60, BABY-PERP at $0.03, and PROMPT-PERP at $7.89 (Coinbase, 2025). The trading volumes in the hour leading up to the halt were 1.2 million WCT-PERP, 500,000 KERNEL-PERP, 2.5 million BABY-PERP, and 800,000 PROMPT-PERP contracts (Coinbase, 2025). This sudden halt could have been triggered by a spike in trading volume or significant price movements, but specific reasons were not disclosed by Coinbase.

The trading implications of this halt are significant for traders and investors involved in these perpetual futures markets. Immediately following the announcement at 10:00 AM UTC on April 24, 2025, the market saw a decrease in liquidity as no new matches could be made (Coinbase, 2025). This sudden lack of liquidity could lead to increased volatility once trading resumes, as pent-up orders may flood the market. Traders who were holding positions in these markets had to adjust their strategies quickly, as the halt prevented them from closing or opening new positions during this period. For instance, the last recorded price before the halt for WCT-PERP was $12.35, and it was expected to resume trading at this level or potentially see a gap depending on market sentiment upon reopening (Coinbase, 2025). The trading volumes before the halt, such as the 2.5 million BABY-PERP contracts, indicate strong interest in these assets, and the halt could exacerbate price movements once trading resumes.

Technical indicators and volume data provide further insights into the market conditions leading up to the halt. The Relative Strength Index (RSI) for WCT-PERP was at 72.5, indicating overbought conditions just before the halt on April 24, 2025 (TradingView, 2025). Similarly, KERNEL-PERP had an RSI of 68.3, suggesting a potential for a correction (TradingView, 2025). The trading volume for BABY-PERP increased by 30% in the last hour before the halt, reaching 2.5 million contracts, which might have contributed to the decision to pause trading (Coinbase, 2025). The Moving Average Convergence Divergence (MACD) for PROMPT-PERP showed a bearish crossover, hinting at potential downward momentum before the halt (TradingView, 2025). These indicators, combined with the halt's timing, suggest that traders should be prepared for potential volatility and price gaps upon the resumption of trading.

Frequently Asked Questions:
What does a trading halt mean for my open positions?
A trading halt means that you cannot open new positions or close existing ones during the halt period. Once trading resumes, you may see price gaps or increased volatility, so it's important to monitor the market closely.

How long will the trading halt last?
The halt is set to last for a minimum of one minute, but the exact duration may vary depending on the underlying reasons for the halt and any subsequent actions taken by Coinbase.

What should I do if I have limit orders in these markets during the halt?
You can still post and cancel limit orders during the halt, but no matches will occur until trading resumes. It's advisable to review your orders and be ready to adjust them once the market reopens.