Coinbase Brings Perpetual Equity Index Futures To U.S. Market

Coinbase Derivatives is taking the crypto perpetual futures format into U.S.-regulated equity markets with a new product set launching on June 8.

The rollout will bring perpetual-style equity index futures to a U.S.-regulated derivatives exchange, giving traders a futures-based way to express views on artificial intelligence, defense, China-linked equities and major Nasdaq-listed companies. The contracts are designed to mirror a familiar crypto market structure while staying inside a CFTC-regulated futures framework.

Coinbase’s deeper push into regulated derivatives also lands as Coinbase-linked spot activity remains a major signal for Bitcoin traders, adding more weight to how the exchange’s product stack now connects crypto liquidity, futures access and traditional market exposure.

The first four contracts are AI10, China10, Defense10 and Tech100. AI10 tracks the MarketVector US Listed AI 10 Index, which targets U.S.-listed companies tied to AI infrastructure, data, applications, hyperscalers, chip design and data center hardware. China10 tracks large and liquid U.S.-listed Chinese ADRs. Defense10 covers major U.S.-listed aerospace and defense companies, while Tech100 tracks the MarketVector US Listed Innovators 100 Index across Nasdaq-linked technology, communications, consumer, industrial, health care and other innovation-heavy sectors.

The move pushes Coinbase deeper into traditional-market derivatives after building its U.S. futures business around crypto contracts. It also extends Coinbase’s role as a closely watched U.S. market gateway, a position that already makes Coinbase-linked spot activity important for Bitcoin traders. The new index futures give the exchange a cleaner way to package retail-style thematic exposure without forcing traders to combine ETFs, options and dated futures manually.

How The New Contracts Work

The contracts are cash-settled and use hourly funding payments to keep futures prices close to the underlying indexes. When funding is positive, long positions pay short positions. When funding is negative, short positions pay long positions. That mechanism is central to crypto perpetual markets and now becomes part of Coinbase’s regulated equity-index design.

Each contract represents 1x of its underlying index. Coinbase gives the example of a $4,000 MarketVector US Listed Innovators 100 price translating into a $4,000 notional value for one Tech100 perpetual-style equity index futures contract.

The product is not a standard perpetual contract with no end date. Coinbase’s U.S. perpetual-style futures are long-dated futures that can remain open for an extended period and expire after five years, with the current contract cycle expiring on December 20, 2030. Trading follows Coinbase Derivatives’ round-the-clock futures model, though the exchange has scheduled weekly and quarterly maintenance breaks.

Access will begin through Coinbase Derivatives and its partner distribution network, with broader retail availability expected in the coming months. For U.S. customers, derivatives balances sit with Coinbase Financial Markets, a CFTC-registered futures commission merchant and NFA member, while spot balances remain separate from that futures-customer protection framework.