Coinbase is taking the perpetual futures contract and applying it to stock indexes. The exchange announced on May 21 that it will launch four equity index perpetual futures contracts, marking the first time such products have been available on a US-regulated exchange.

The contracts are set to begin trading on June 8 and will cover four thematic sectors: AI10 (AIP) tracking top artificial intelligence companies, China10 (CHN) covering US-listed Chinese equities, Defense10 (DEF) for aerospace and defense firms, and Tech100 (TEK) focused on Nasdaq innovators. All four will track MarketVector indexes.

What perpetual equity futures actually mean

Perpetual futures, or “perps,” work like traditional futures contracts but with one crucial difference: they never expire. Instead of rolling over contracts every month or quarter, traders hold positions indefinitely, with a funding rate mechanism keeping the contract price tethered to the underlying asset.

Traders will be able to go long or short on any of the four sector indexes, with 24/7 trading availability. Traditional equity futures are limited by exchange hours. These won’t be.

Coinbase’s bigger play beyond crypto

Coinbase has been systematically expanding beyond pure crypto trading. The exchange previously rolled out equity-related perpetual contracts for non-US customers and launched pre-IPO futures for companies like SpaceX. The equity index perps represent the next step, designed specifically for US consumers on a regulated exchange.

The MarketVector partnership gives the products institutional credibility. These aren’t random baskets of stocks assembled by a crypto exchange. They’re tracked against established, rules-based indexes that institutional investors already recognize.

What this means for investors

Traders who are already comfortable with crypto-style perps can now apply the same strategies to equity sectors without leaving the Coinbase ecosystem. The risks mirror those of crypto perpetual futures: funding rates can erode positions over time, leverage amplifies losses as efficiently as it amplifies gains, and 24/7 trading means there’s no closing bell to force a pause.

For the competitive landscape, this puts pressure on both traditional futures exchanges like CME Group and crypto-native platforms like Deribit and Bybit. CME doesn’t offer perpetual contracts. Offshore crypto exchanges can’t offer regulated US products.