Coming June 8: Perpetual-Style Equity Index Futures
Tl;dr
On June 8, Coinbase Derivatives will launch the first perpetual-style equity index futures listed on a US regulated exchange, bringing this proven structure into a CFTC-regulated framework. The initial launch includes four thematic contracts tracking AI, China, defense, and the top Nasdaq companies – giving traders capital-efficient exposure to the most ubiquitous themes in the market today.
Introducing Perpetual-Style Equity Index Futures
Perpetual futures have become one of the most widely traded formats in global derivatives markets, but regulated access in the US has remained limited. Traders seeking derivative exposure to specific equity themes often have had to rely on offshore venues or combine ETFs, options, and traditional futures to replicate similar exposure.
With perpetual-style equity index futures, Coinbase Derivatives is bringing the perpetual-style framework we pioneered for US regulated crypto futures into the equity space for the first time, beginning with four thematic equity indexes designed to capture major market and technology trends.
These contracts provide:
Targeted Thematic Exposure: Gain focused exposure to a transformative equity theme through a single futures contract.
Perpetual-Style Structure: Trade equity index futures in a perpetual-style format with a funding mechanism designed to keep futures prices closely aligned with the underlying index.
Regulated Market Access: Trade on a regulated US futures exchange around the clock with centralized liquidity, transparent price discovery, and institutional market infrastructure.
Tax Efficiencies: As futures contracts, these products benefit from 60/40 tax treatment, potentially offering efficiencies compared to trading equities or ETFs directly.
By combining thematic equity exposure with a perpetual-style structure, these products introduce a new way to express macro views in regulated US futures markets.
A Closer Look at the Contracts
AI10 Index Perpetual-Style Futures
The AI10 Index Perpetual-Style Futures (AIP) provide exposure to the top 10 US-listed companies driving the AI industry. The underlying MarketVector index, MarketVector US Listed AI 10 Index, focuses on businesses that derive at least 50% of their revenue from AI infrastructure, data, and applications, giving traders focused exposure to the core AI ecosystem through a single contract.
The index captures four key components:
Big Data: Data platforms and management solutions.
Fabless AI Semiconductors: Chip designers that outsource fabrication and manufacturing.
Hyperscalers & AI as a Service: Services built on proprietary AI technology (i.e., AI-based search, generative AI), including companies that own and operate hyperscale data centers.
Other Hardware & Data Center Solutions: Servers, memory devices, AI cloud orchestration, and infrastructure solutions.
From these categories, the index selects the top 10 companies by float-adjusted market cap and weights them accordingly, with a 15% maximum weight cap to avoid over-concentration in any single stock. The index is rebalanced quarterly to keep exposure aligned with the current leaders in AI.
Components as of May 21, 2026.
China10 Index Perpetual-Style Futures
The China10 Index Perpetual-Style Futures (CHN) provide exposure to the top 10 largest and most liquid Chinese companies. The underlying index, MarketVector US Listed China 10 Index, tracks American Depositary Receipts (ADRs) representing shares of Chinese companies listed on US exchanges like Nasdaq and NYSE.
From this universe, the index selects the top 10 companies by average float-adjusted market cap and trading volume and weights them accordingly, with a 15% maximum weight cap to avoid over-concentration in any single stock. The index is rebalanced quarterly to keep exposure aligned with the largest and most liquid Chinese firms.
Components as of May 21, 2026.
Defense10 Index Perpetual-Style Futures
The Defense10 Index Perpetual-Style Futures (DEF) provide exposure to the top 10 US-listed companies in the aerospace and defense industry. The underlying index, MarketVector US Listed Defense 10 Index, focuses on businesses that derive at least 50% of their revenue from defense-related operations, giving traders targeted exposure to the defense sector through a single contract.
From this universe, the index selects the top 10 companies by float-adjusted market cap and weights them accordingly, with a 15% maximum weight cap to prevent over-concentration in any single stock. The index is rebalanced quarterly to keep exposure aligned with the leading companies in aerospace and defense.
Components as of May 21, 2026.
Tech100 Index Perpetual-Style Futures
The Tech100 Index Perpetual-Style Futures (TEK) provide exposure to the top 100 Nasdaq-listed companies. The underlying index, MarketVector US Listed Innovators 100 Index, tracks companies driving innovation across the following sectors: Technology, Communications, Consumer Discretionary, Industrials, Materials, Health Care, Consumer Staples, and Energy.
The index construction prioritizes liquidity and scale. It includes the top 80 companies by float-adjusted market cap, with the largest and smallest remaining stocks in the top 120 added and deleted to maintain 100 holdings. Components are weighted accordingly with no maximum concentration limits, allowing the index to reflect natural market leadership. The index is rebalanced quarterly to keep exposure aligned with the largest and most liquid companies.
Components as of May 21, 2026.
Trading the Contracts
The AI10, China10, Defense10, and Tech100 Index Perpetual-Style Futures are cash-settled contracts with funding rates that keep futures prices closely aligned with their underlying indexes. Each contract represents 1x of their respective index. As an example: at a MarketVector US Listed Innovators 100 price of $4,000, the notional value of each Tech100 Perpetual-Style Equity Index Futures contract would be $4,000 (i.e., $1 x $4,000).
More details on how you can trade our perpetual-style equity index futures on our partner platforms will be shared soon; our partners can be found on our website: coinbase.com/derivatives. We look forward to continuing our expansion of these products to be available for retail users in the coming months.
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This launch marks a pivotal moment for US derivatives markets. By launching the first perpetual-style equity index futures, we are pioneering a new standard for capital-efficient, long-term equity exposure – one that will fundamentally reshape how traders access and express conviction on transformative market themes.
