TheBlock
Coinbase Derivatives will list four new perpetual-style equity index futures on June 8, expanding the CFTC-regulated venue's thematic footprint beyond the broad Nasdaq Tech100 (TEK) contract. The three thematic additions — built on MarketVector indexes — give traders round-the-clock exposure to US-listed AI plays (AI10), US defense names (Defense10), and Chinese ADRs (CHN), each using a funding-rate mechanism designed to keep the contract pinned to the underlying.
The constituent lists are heavyweights: the AI10 basket includes Nvidia, Microsoft, Amazon, Alphabet, Meta, Oracle, and Palantir, screened for businesses pulling at least 50% of revenue from AI infrastructure, data, and applications. The China10 contract tracks the top 10 US-listed ADRs of Chinese companies, including Alibaba, Baidu, and JD.com. The Defense10 index rounds out the trio. A few names overlap — Alibaba sits in both AI10 and China10, Palantir in both AI10 and Defense10 — a structural feature of the underlying MarketVector methodology rather than a bug.
Why it matters
This is the latest move in Coinbase's deliberate 'everything exchange' build-out, layering thematic equity exposure on top of an already-launched Mag 7 single-stock perps product and a Mag 7 + Crypto Equity Index contract that also tracks BlackRock's spot Bitcoin and Ethereum ETFs. The pitch is uniform access: US retail traders who can clear Coinbase Derivatives can now take a view on Chinese tech or US defense contractors without leaving the venue or going through traditional market hours. The 24/7, funding-rate-driven structure is borrowed directly from crypto perps and ported onto regulated US derivatives rails overseen by the CFTC.
Market impact
For competitors, the bar keeps rising. Coinbase Derivatives has steadily added contracts since launching altcoin perps in July 2025, then equity perps on the Mag 7 in March, and now thematic indexes — a release cadence that pulls volume away from offshore venues offering similar exposure. For traders, the new contracts compress the friction of rotating between a US tech rally, a China re-rating, and a defense capex thesis into a single account.
Frequently asked questions
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What new contracts is Coinbase Derivatives launching on June 8?
Four perpetual-style equity index futures: the broad Nasdaq Tech100 (TEK) contract, plus three thematic products built on MarketVector indexes — AI10, Defense10, and China10. All trade 24/7 with funding rates under CFTC oversight.
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Which companies are in the AI10, Defense10, and China10 indexes?
The AI10 index includes Nvidia, Microsoft, Amazon, Alphabet, Meta, Oracle, and Palantir. The China10 contract tracks the top 10 US-listed ADRs of Chinese companies, including Alibaba, Baidu, and JD.com. The Defense10 basket covers US-listed defense names.
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How does a perpetual-style equity future differ from a regular futures contract?
Coinbase's perpetual-style contracts use funding rates to keep the price pinned to the underlying index and have no expiry date, allowing continuous 24/7 trading. Traditional equity futures expire on a set schedule and trade only during market hours.
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What is Coinbase's 'everything exchange' strategy?
It's a multi-quarter expansion across Coinbase Derivatives: altcoin perps in July 2025, Mag 7 single-stock equity perps in March, a Mag 7 + Crypto Equity Index product bundling mega-cap stocks with BlackRock's spot BTC and ETH ETFs, and now thematic equity indexes.
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Who regulates the new Coinbase thematic perps?
The new contracts trade on Coinbase Derivatives, which operates under the oversight of the US Commodity Futures Trading Commission (CFTC).
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