MANTRA’s OM token is in the middle of a governance-approved chain upgrade and rebrand, and that transition has prompted a temporary pause on OM perpetual futures across several platforms — most recently Coinbase Advanced and Coinbase International Exchange.
What happened
- Coinbase paused trading of OM perpetual futures as part of broader risk-management steps taken by derivatives venues. Other platforms had already temporarily suspended perpetuals earlier.
- The stoppage comes amid recent price volatility, but it is not the result of a protocol failure or security incident. Instead, it reflects a planned upgrade that changes how OM functions across chains and involves a rebrand/redenomination of the token.
Why derivatives markets paused perpetuals
Perpetual futures contracts depend on an unambiguous underlying asset, uninterrupted settlement, and reliable price references. When a token undergoes redenomination, ticker changes, or cross-chain restructuring, those conditions can be compromised, creating risks of pricing disputes and contract mismatches. Perpetuals — which often involve leverage and continuous funding payments — are especially sensitive to such structural changes, so exchanges commonly suspend them during these events to limit exposure. Spot trading and custody services are typically handled separately and may remain active or resume sooner.
Price context
OM has shown the kind of volatility typically seen around announced upgrades, as traders reduce leverage ahead of the change. At the time of writing, OM was trading around $0.067, up a little more than 5% on the session — a bounce likely driven by short-term positioning rather than a sign the upgrade’s effects are fully priced in. (Source: TradingView)
Bottom line
The temporary pause of OM perpetual futures is a precautionary and operational response to MANTRA’s chain upgrade and rebrand — not an indicator of a hack or protocol failure. Market participants should expect derivatives desks to favor caution around the live upgrade window.
Disclaimer
This article is informational only and not investment advice. Trading cryptocurrencies carries high risk; do your own research before making financial decisions. © 2026 AMBCrypto
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