Coinbase Derivatives will launch the first perpetual style equity index futures listed on a US regulated exchange on June 8, expanding its derivatives business beyond crypto into thematic equity markets.

The initial launch will include four contracts tracking AI, China, defense, and top Nasdaq companies. The products are designed to give traders capital efficient exposure to major market themes through a CFTC regulated futures framework.

The move comes as demand for crypto style market structures expands into traditional assets. The SEC is preparing an innovation exemption that could allow trading of tokenized versions of stocks, Bloomberg reported earlier this week. The framework could let tokenized stocks trade on crypto platforms, potentially accelerating the shift of equity exposure onto blockchain based rails.

Interest in non-crypto perpetual markets has also grown on Hyperliquid, where HIP-3 enabled permissionless creation of perpetual futures markets on Hyperliquid in October 2025. The framework has allowed builders to launch markets tied to traditional assets, including equities, forex, and commodities, without requiring centralized approval.

Coinbase’s products bring a similar market structure into a regulated US futures exchange. The contracts will use a funding mechanism designed to keep futures prices closely aligned with their underlying indexes, while offering centralized liquidity, transparent price discovery, and around the clock access.

The AI10 Index Perpetual Style Futures will track the top 10 US listed companies tied to the AI industry through the MarketVector US Listed AI 10 Index. The index focuses on companies generating at least 50% of revenue from AI infrastructure, data, and applications.

The China10 contract will track the top 10 largest and most liquid Chinese companies listed in the US through ADRs, while Defense10 will track the top 10 US listed aerospace and defense companies that generate at least 50% of revenue from defense related operations.

The Tech100 contract will track the top 100 Nasdaq listed companies through the MarketVector US Listed Innovators 100 Index, covering technology, communications, consumer discretionary, industrials, materials, health care, consumer staples, and energy.

The contracts will be cash settled, with each contract representing 1x of its respective index. Coinbase said more details on partner platforms will be shared soon and added that it expects to expand availability to retail users in the coming months.