Coinbase has rolled out a new suite of perpetual futures contracts tied to three thematic sectors: artificial intelligence, China-focused markets, and US security. The exchange says the products are designed to give traders exposure to these broad global themes without having to buy individual stocks or ETFs. The move adds a fresh layer of derivatives to Coinbase's platform and is expected to draw both retail and institutional players looking for targeted but flexible positions.
What these contracts are
Perpetual contracts are a type of futures that have no expiration date. Traders can hold them as long as they maintain margin, making them popular for speculating on price direction. Coinbase's new contracts are thematic — rather than tracking a single asset, they track a basket of companies or indexes tied to a particular theme. The three themes announced are AI, which covers companies driving artificial intelligence; China, which captures equities and assets linked to the Chinese economy; and US security, which includes defense, cybersecurity, and related industries. Each contract settles in USDC, the stablecoin issued by the Centre consortium.
Why thematic perpetuals matter
Thematic products let traders bet on macroeconomic or sector-level trends instead of individual company performance. Coinbase's approach aims to democratize access to these global sectors, according to the company. Previously, getting exposure to a theme like AI or Chinese markets often required buying a basket of stocks or an ETF, which can be costly or limited in trading hours. A perpetual contract offers leveraged trading and around-the-clock liquidity, at least on Coinbase's platform. The exchange expects the launch to enhance overall market liquidity and give traders more flexibility in managing positions.
What's inside each theme
While Coinbase hasn't disclosed the exact composition of the underlying baskets, the AI theme likely tracks major tech firms and startups in machine learning and data processing. The China theme probably includes Chinese equities, ETFs, or ADRs that reflect the broader economy. The US security theme covers defense contractors, cybersecurity firms, and government technology suppliers. Perpetual contracts on these themes allow traders to go long or short, and they use a funding rate mechanism to keep the contract price close to the index level. That's standard in the crypto derivatives world, but applying it to traditional equity themes is relatively new for a regulated exchange like Coinbase.
Impact on trading and liquidity
Coinbase expects the contracts to deepen liquidity in its derivatives market. More liquidity usually means tighter spreads and less slippage for traders. The flexibility of perpetuals — no expiry, leverage, and 24/7 trading — could attract users who don't want the constraints of monthly futures. The launch also positions Coinbase to compete with other crypto derivatives venues that offer similar thematic products, though few have the same regulatory standing. For now, the contracts are available to eligible users on Coinbase's derivatives platform, which operates under CFTC regulation.
Investors can start trading the new contracts immediately. What remains unclear is how quickly volume will build and whether Coinbase will expand the thematic lineup to other sectors like clean energy or healthcare.
