Coming June 14: Perpetual-Style Equity Index Futures

Coinbase Derivatives announced that on June 14 it will list the first perpetual-style equity index futures on a US regulated exchange, bringing a structure widely used in offshore derivatives markets into a CFTC-regulated framework. The initial rollout includes four thematic cash-settled contracts tied to MarketVector indexes: AI, China, defense and the largest Nasdaq-listed companies.

The new products are designed to give traders capital-efficient exposure to broad equity themes without using offshore venues or combining ETFs, options and standard futures. Each contract uses a funding-rate mechanism intended to keep futures prices closely aligned with the underlying index, and because they are futures, they qualify for 60/40 tax treatment in the US.

The four contracts and their tickers are AI10 Index Perpetual-Style Futures (AIP), China10 Index Perpetual-Style Futures (CHN), Defense10 Index Perpetual-Style Futures (DEF) and Tech100 Index Perpetual-Style Futures (TEK).

Contract Details

The AI10 contract tracks the MarketVector US Listed AI 10 Index, which covers the top 10 US-listed companies by float-adjusted market cap that generate at least 50% of revenue from AI infrastructure, data or applications. The index spans big data platforms, fabless AI semiconductor designers, hyperscalers and AI-as-a-service providers, plus other hardware and data-center infrastructure. Individual components are capped at 15% weight, and the index is rebalanced quarterly.

The China10 contract follows the MarketVector US Listed China 10 Index, which tracks American Depositary Receipts of Chinese companies listed on US exchanges. It selects the top 10 names by average float-adjusted market cap and trading volume, also with a 15% cap and quarterly rebalancing.

The Defense10 contract tracks the MarketVector US Listed Defense 10 Index, targeting the top 10 US-listed aerospace and defense companies that derive at least 50% of revenue from defense operations. It uses the same weighting and rebalancing methodology.

The Tech100 contract tracks the MarketVector US Listed Innovators 100 Index, covering the 100 largest and most liquid Nasdaq-listed companies across technology, communications, consumer, industrials, materials, health care, staples and energy. Unlike the other three, it has no maximum concentration limit, allowing the index to reflect natural market leadership.

Each contract represents 1x of its respective index. For example, at a MarketVector US Listed Innovators 100 price of $4,000, the notional value of one Tech100 futures contract would be $4,000.

Coinbase Derivatives said details on partner-platform availability will be shared soon, with retail access expected in the coming months. Index constituents are as of May 21, 2026.