Coinbase launches thematic perpetual contracts for AI, China, and US security sectors

Coinbase is bringing Wall Street’s favorite thematic bets onto a crypto-native trading rail. Starting June 8, the exchange’s derivatives arm will offer four new perpetual-style equity index futures contracts covering artificial intelligence, US defense, China-listed ADRs, and the Nasdaq’s top 100 companies.

The contracts are built on MarketVector’s existing indexes, each tracking the 10 largest companies in its respective sector, except for the broader tech basket, which captures 100. Think of it as getting exposure to Nvidia, Microsoft, and Alibaba through the same interface you’d use to trade Bitcoin perps.

What’s actually launching

The MarketVector US Listed AI 10 Index, ticker AI10, follows the ten biggest US-listed companies generating meaningful revenue from AI operations. MarketVector uses revenue thresholds to determine which firms qualify, so this isn’t just any company that mentions “AI” on an earnings call.

The US Listed Defense 10 Index, or Defense10, does the same for aerospace and defense. The top 10 firms in that sector get bundled into a single tradeable contract.

Then there’s the China 10 Index, tagged CHN, which tracks the most liquid American Depositary Receipts of Chinese companies listed in the US. For traders who want exposure to Chinese tech and consumer giants without navigating Hong Kong or Shanghai exchanges, this is the play.

Finally, the Tech100, ticker TEK, covers Nasdaq’s 100 largest companies. It’s the broadest of the four, spanning multiple sectors under one umbrella.

All four are perpetual-style futures, meaning they have no fixed expiration date. Traders can hold positions indefinitely, paying or receiving funding rates to keep the contract price tethered to the underlying index.

Why a crypto exchange is selling stock index futures

Cross-margining is part of the pitch. Traders who already hold crypto positions on Coinbase can potentially use those as collateral for equity index trades, rather than parking separate capital in a stock brokerage account.

By building on MarketVector’s established indexes, Coinbase sidesteps the question of how constituent companies are selected. MarketVector, a subsidiary of asset manager VanEck, has been running index products for institutional clients for years.

What this means for investors

Perpetual contracts with no expiration remove the rollover costs and timing decisions that come with traditional futures. There’s also the continuous trading angle. Traditional equity markets close at 4 PM Eastern and don’t reopen until 9:30 AM the next day, with limited pre-market and after-hours sessions. These perpetual contracts can be traded around the clock.

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