Quant (QNT): Coinbase launches perpetual futures as price slides 15 percent

Quant (QNT) has been tradable on Coinbase as a perpetual future since 1 p.m. German time (12:00 UTC) on Friday, November 13, 2026. At the same time the price is about 15 percent below last week's level: according to CoinGecko, one QNT cost $162.89 at 7:48 p.m. German time on Friday, roughly €147.69. The new derivatives market changes nothing about Quant's business with banks. It does change how quickly, and with how much leverage, traders can bet on the token, and that is what will drive volatility in the coming days.

If you hold Quant or plan to buy it, this piece sets out the week's numbers, how the new contracts work, where the bank mandate from The Clearing House stands, and the points that matter for investors in the EU.

Coinbase perpetuals on QNT: What has been tradable since Friday

Coinbase announced the new markets on November 11. According to Crypto Briefing, trading started on November 13 at 12:00 UTC, or 1 p.m. in Germany, on Coinbase and Coinbase Advanced. Three other tokens were added alongside QNT: GRAM, GRASS and ZRO, the governance token of LayerZero. The markets are open to retail and institutional traders, though only in selected countries.

In parallel, the derivatives exchange Deribit is listing USDC-settled perpetuals on the same four tokens, plus PEARL. The industry outlet TokenPost reported on Friday afternoon that all four Coinbase markets were live. Neither report states the maximum leverage Coinbase offers on QNT.

For QNT itself, this means a token with a market capitalisation of just over $2.37 billion and trading volume of about $60.7 million in 24 hours gains another large derivatives market. Measured against those volumes, a wave of leveraged positions can move the spot price noticeably, in either direction.

QNT price this week: From $203 to $156 in four days

The week opened at its high. At around 1 p.m. on Monday, November 9, QNT stood at $202.97, according to CoinGecko's hourly data. From there it fell with hardly any rebound. The weekly low came at around 7 a.m. on Friday at $155.98, 23 percent below Monday. By the evening the price had recovered to $162.89, 4.4 percent above the low.

Over seven days the token is down 15.1 percent, over 30 days 20.6 percent. On October 9, when cryptoticker.io published its prediction article at the time, QNT still cost $248; it has lost about 34 percent since then. It is 62 percent below its all-time high of $427.42 from September 2021.

The decline came in a weak week for the market as a whole. Bitcoin lost almost 4 percent in the 24 hours to Friday evening, according to CoinGecko, and traded at $68,789. No Quant-specific trigger for the sell-off, such as a partner pulling out or a technical incident, is known. On a 24-hour basis QNT was even up 1.1 percent on Friday evening.

One feature of the token dampens supply: of a maximum 14.61 million QNT, 14.56 million are already in circulation according to CoinGecko, or 99.6 percent. Token unlocks, which regularly create selling pressure in many other projects, play practically no role at Quant.

Like a pendulum, the funding rate keeps pulling the price of a perpetual future back towards the spot price.

Perpetual futures explained: No expiry date, but a funding rate

A perpetual future, or perp, is a derivatives contract with no expiry date. You do not buy a single QNT with it; instead you post collateral, the margin, and bet on rising prices (long) or falling prices (short). Because the contract never expires, it needs another mechanism to keep its price close to the spot price.

That mechanism is the funding rate: a regular balancing payment between the long and short sides. If the perp trades above spot, longs pay shorts. If it trades below, the money flows the other way. This creates a constant incentive to close the gap.

Holders who never touch futures still feel the effects. New perp markets attract traders who use leverage. If the price turns against them, their positions are force-closed, and these liquidations amplify the move in the spot market. After new derivatives markets launch, larger price swings are therefore the rule rather than the exception.

Perpetual futures in the EU: Coinbase has offered them since March under MiFID II

For investors in the EU, access is the decisive question. Coinbase has offered futures in the EU since March 9, 2026. According to Decrypt, the product is available in 26 EU countries, explicitly including Germany, and falls under the EU's Markets in Financial Instruments Directive, MiFID II. The perpetual-style contracts in the EU formally carry a five-year term, alongside contracts with monthly or quarterly expiry. Leverage there goes up to ten times, but only on selected contracts such as Bitcoin and Ethereum.

The launch reports do not say whether the new QNT contracts are part of the European offering. They speak only of selected countries. You can see what is enabled in your account under the futures markets in the app. If there is no QNT contract there, the new market is not open to you, whatever international reports may say.

Anyone who still wants to trade QNT with leverage quickly ends up on decentralised derivatives exchanges. Which platforms charge which fees and use which security models is shown in our comparison of the best perp DEXs. One caveat applies there: a decentralised exchange is not an entity supervised under MiCA or MiFID II, and in a dispute there is no regulator you can turn to.

The Clearing House and Quant: The roadmap to the first half of 2027

The reason QNT was in such demand this autumn lies in the United States. On September 24, 2026, The Clearing House, the payments company owned by the largest US banks, announced a partnership with Quant. According to The Clearing House announcement, Quant provides the interoperability, orchestration and transaction management layer for the planned tokenized deposit network. This layer is meant to coordinate clearing and settlement and connect the network to existing payment systems such as RTP and CHIPS.

Tokenized deposits are ordinary bank balances represented as a digital token on a blockchain. Unlike a stablecoin, they remain a claim on the bank. The network is due to be available to participating institutions in the first half of 2027. Sal Karakaplan, Chief Strategy Officer of The Clearing House, said: "Building interbank infrastructure for tokenized deposits requires proven technology that can scale."

We summarised what The Clearing House requires before launch on October 20 in our article on the timeline of The Clearing House and Quant. According to publicly available information, nothing has changed in the roadmap since then.

According to The Clearing House, the bank network for tokenized deposits is due to launch for participating institutions in the first half of 2027.

QNT token in the bank network: The open question behind the mandate

The US mandate is a success for Quant the company. Whether it also benefits the QNT token is a separate question. The QNT token does not appear in The Clearing House announcement. It states neither that banks must buy or hold QNT nor that fees on the network are paid in QNT.

Quant uses QNT in its own ecosystem for licences and for access to Overledger, the software that links different blockchains and legacy systems. How much of that reaches The Clearing House network cannot be derived from the published documents. The sharp rise in September was therefore based on an expectation whose delivery remains open until 2027. The decline since October shows how quickly the market unwinds such expectations when no new details follow.

Leverage and liquidation on QNT: A daily range of 8.5 percent

This week's figures show how risky leverage on QNT is. Over the past 24 hours the price moved between $155.47 and $168.71, according to CoinGecko. That is a range of 8.5 percent in a single day.

A liquidation is the forced closure of a leveraged position when the margin posted no longer covers the losses. At ten times leverage, a move of 10 percent against the position is in theory enough to wipe out the entire margin; in practice the exchange steps in earlier because of fees and minimum margin. At five times leverage the threshold is around 20 percent.

A five-times long position opened on Monday at the weekly high of $202.97 would have been wiped out completely by the 23 percent drop to Friday morning. A ten-times long would have gone after half that distance. If you trade perps on a token with swings like these, you set a stop-loss ahead of the liquidation price and risk only a small part of your capital on each position.

QNT levels: $156 below, $200 above

On the downside, the weekly low of around $156 marks the first line, where the price turned on Friday morning. Below that lies the round $150 mark, which QNT did not reach this week.

On the upside, the daily high of $168.71 is the next level to watch. After that comes the area around $200, where the token stood at the start of the week. From Friday evening it is almost 25 percent away. These levels are observations from the price chart, not price targets.

Buying and storing QNT: The MiCA route and self-custody

You do not need futures to buy QNT itself. The safer route is an exchange licensed in the EU under the Markets in Crypto-Assets Regulation, MiCA. You can check whether a provider holds this licence in the public register of the European Securities and Markets Authority, ESMA. A selection of licensed providers is listed in the section at the end of this article.

QNT is an ERC-20 token on the Ethereum blockchain. You can therefore hold it in any wallet that supports Ethereum tokens, including a hardware wallet. If you hold larger amounts for longer, do not leave them on the exchange permanently.

How gains on QNT, and separately on futures, are taxed depends on where you live; clarify that with a tax adviser before your first trade.

Quant futures on Coinbase: More trading, no new bank contract

The Coinbase perpetuals make QNT easier to trade, but they change nothing about the fundamentals. The bank mandate runs until 2027, the token's role in it is open, and this week the price has mainly tracked the weak overall market. Three steps help you sort out the situation for yourself:

Check in your Coinbase account whether QNT futures are enabled for you at all, and compare fees with other platforms in our perp DEX comparison. If you buy QNT directly, choose an exchange with a MiCA licence from our overview of regulated crypto exchanges. Before buying, compare spreads and fees of the major providers in our comparison of the best crypto exchanges, because with swings of 8 percent a day every tenth of a percentage point counts.

(As of November 13, 2026. This article is not investment advice. Prices and fee structures change; check the terms with the provider before you buy.)