Coinbase says its first equity index perp-style futures are now live, giving traders access to four thematic contracts: AI10, Defense10, China10, and Tech100.

The launch matters because Coinbase is taking a derivatives format associated with crypto markets and applying it to regulated U.S. equity index exposure. In its earlier product announcement, Coinbase Derivatives described the contracts as cash-settled futures with funding rates designed to keep prices close to their underlying indexes.

The four products are narrow by design. AI10 tracks a basket of U.S.-listed companies tied to AI infrastructure, data, and applications. Defense10 focuses on aerospace and defense companies. China10 tracks large, liquid Chinese ADRs listed on U.S. exchanges, while Tech100 gives broader exposure to Nasdaq-listed technology and innovation companies.

Coinbase frames the products as a way to trade equity themes through a single futures contract rather than combining ETFs, options, or traditional futures. The company also says the structure brings the perpetual-style framework it built for regulated crypto futures into equity-linked markets.

The conservative read is that this is infrastructure expansion, not proof of demand. The contracts may make thematic exposure easier for eligible traders, but adoption will depend on liquidity, fees, partner access, and how comfortable market participants are with a funding-rate model outside crypto.

For Coinbase, the bigger signal is strategic: the exchange is continuing to blur the line between crypto-native market structure and traditional asset exposure.