Nadex, operating as Crypto.com Derivatives North America, has self-certified a new event contract tied to Shiba Inu price with the Commodity Futures Trading Commission. The exchange filed the product on November 10, with listing expected on or after November 13, though the filing does not confirm whether trading has already begun.
Self-certification allows exchanges to list products without obtaining prior agency approval, provided they comply with applicable rules. The new contracts let traders take positions on whether the Shiba Inu price will finish above a specified strike price at expiration.
How the Contracts Work
The event contracts will settle in cash, with winners receiving $1 per contract. Nadex will determine outcomes using the average benchmark price during the 60 seconds before expiration, drawing data from multiple crypto exchanges. The contracts do not require traders to own SHIB tokens.
The filing describes Shiba Inu price contracts with expirations of 15 minutes, one hour, four hours, one day, and one week. Nadex has committed to providing liquidity through at least one market maker, though this does not guarantee strong trading volume.
At the time of the filing, Shiba Inu price closed at $0.00000425 on November 13, down from $0.00000446 on November 10, according to CoinGecko data.
Broader Market Context
The new product reflects wider expansion in crypto derivatives offerings. Nadex has offered SHIB event contracts previously, with self-certified contracts listed in November 2023 and April 2024. The exchange has also filed similar strike contracts for other cryptocurrencies including XRP, Solana, Dogecoin, and Polkadot.
Derivatives products do not necessarily drive demand for the underlying token. Traders can express opposing views through these contracts, and buying an event contract does not require purchasing SHIB itself. Any effect on Shiba Inu price would depend on overall trading activity and how market participants manage their exposure.
