Can a Futures Contract Be Used to Hedge against Cryptocurrency Transaction Fee Volatility?

No, a standard cryptocurrency futures contract is designed to hedge the price risk of the underlying asset, not the transaction fee volatility. Transaction fees (gas costs) are an operational expense, not a traded asset.

While a low-fee Layer 2 solution or a centralized exchange can mitigate this risk, there is no direct derivative instrument specifically designed to hedge the cost of network gas fees.