LMX Labs, LLC d/b/a Coinbase Derivatives

November 10, 2023

VIA CFTC Electronic Portal

Mr. Christopher J. Kirkpatrick

Secretary of the Commission

Office of the Secretariat

Commodity Futures Trading Commission

Three Lafayette Centre

1155 21st Street, NW

Washington, DC 20581

Re: CFTC Regulation 40.6(a) Certification: Modifications to Fee Schedule for Block

Trades

Coinbase Derivatives Submission #2023-13

Dear Mr. Kirkpatrick:

Pursuant to Commodity Futures Trading Commission (“CFTC” or “Commission”) Regulation

40.6(a), LMX Labs, LLC, d/b/a Coinbase Derivatives (the “Exchange”) hereby submits for

self-certification modifications to its Fee Schedule for block trades. The purpose of the

modifications is to establish fees for block trades. The fees become effective December 1,

2023.

The modifications to the Fee Schedule are set forth in Appendix A, attached hereto.

Compliance with Core Principles

The Exchange has reviewed the designated contract market (“DCM”) core principles (“Core

Principles”) set forth in the Commodity Exchange Act and the CFTC rules thereunder and has

identified that the following Core Principles that may be directly implicated by the modifications

to the Fee Schedule:

Core Principle 7 - Availability of General Information

The Exchange will publish the modified Fee Schedule on its website to ensure all participants

have been advised of the revised fees. The Exchange will also issue a notice regarding the

revised fees, which will also be available on the Exchange’s website.

Core Principle 21 - Financial Resources

The proposed fee changes will not impact the Exchange’s ability to discharge its financial,

operational, or managerial responsibilities as a DCM.

1
Certification

The Exchange is not aware of any substantive opposing views to the modifications to the Fee

Schedule. The Exchange certifies that the modifications to the Fee Schedule complies with the

Commodity Exchange Act and the rules and regulations promulgated thereunder.

The Exchange certifies that this submission has been concurrently posted on the Exchange’s

website at: https://www.coinbase.com/derivatives.

If you have any questions or require any further information, please contact me at

jane.downey@coinbase.com.

Sincerely,

/s/

Jane Downey

Chief Regulatory Officer

Attachment: Appendix A

2
APPENDIX A

Fee Schedule

(additions underlined; deletions stricken-through)

As of December 1, 2023

LMX Labs, LLC, operator of Coinbase Derivatives Exchange, charges fees according to the

below schedule:

Fees Charged Per Side

Exchange Product Symbol Symbol

Market Maker Non-Pro Pro

Electronic Block Electronic Block Electronic Block

Bitcoin Futures BTI $0.45 $0.60 $0.75 $1.00 $0.75 $1.00

Ether Futures ETI $0.45 $0.60 $0.75 $1.00 $0.75 $1.00

nano Bitcoin Futures BIT $0.07 N/A $0.10 N/A $0.07 N/A

nano Ether Future ET $0.07 N/A $0.10 N/A $0.07 N/A

nano Bloomberg US Large Cap Index Futures B5 $0.30 N/A $0.02 N/A $0.05 N/A

Micro Bloomberg US Large Cap Index Futures LB5 $0.35 N/A $0.05 N/A $0.10 N/A

Micro Crude Oil Futures OIL $0.30 N/A $0.02 N/A $0.05 N/A

Delivery Fee All All $0.00 $0.00 $0.00

Market Data is free for all market participants.

*For purposes of determining the fee amount the following definitions apply:

Market Maker - Account in the name of any person that has signed a market maker agreement with LMX

Labs.

Non-Professional Trader - Account in the name of an individual or entity that is:

A. Not registered, qualified, or otherwise identified as a professional trader, market maker, liquidity

provider, money manager, commodity trading advisor, or investment adviser with any stock, commodities

or futures exchange or contract market, or with any financial regulatory authority;

B. Not engaged in brokerage, banking, investment, or financial activities, as part of their regular

course of business;

C. Not using a fully automated order generating computer system; and

D. Trading for its own account.

Professional Trader - Account in the name of any person that is not a Market Maker or a

Non-Professional Trader.

3