If you trade ES or NQ, your futures stop on Friday afternoon and come back Sunday evening. Since this summer, there is a CFTC-regulated alternative that doesn't stop at all. On August 17, 2026, Coinbase Derivatives launched US500 perpetual-style futures tracking the S&P 500, with up to 20x leverage and no expiration date. It followed a June launch of thematic index perps including a "Tech100" product. And in September, Coinbase went further, filing for single-stock perps on names like Apple and Nvidia.
What launched, and when
June 8, 2026: Coinbase Derivatives began trading four perpetual-style equity index futures, AI10, Defense10, China10 and Tech100, which it described as the first perpetual-style equity index futures on a US-regulated exchange (Coinbase blog; The Defiant).
Coinbase's own product page describes Tech100 as a five-year, cash-settled futures contract that trades 24/7 and uses a funding-rate mechanism to keep it close to its index, the MarketVector US Listed Innovators 100 Index. That is important: Tech100 is not the Nasdaq-100. It is a different index with its own methodology.
August 17, 2026: Coinbase Derivatives launched US500 equity index perp-style futures tracking the S&P 500, with leverage of up to 20x (Crypto Briefing (source no longer available); The Cryptonomist).
September 18, 2026: Coinbase Derivatives filed a self-certification with the CFTC (Submission 2026-62, signed by chief regulatory officer Jane Downey) to list cash-settled single-stock perpetual futures, after SEC notice registrations on September 1, according to Forbes. Apple and Nvidia were among the initial names, with a planned lineup of 50 to 60 stocks and ETFs. Forbes reported COIN stock rose 12% that day.
How these differ from CME's ES and NQ
- No expiry, no roll. Instead of quarterly contracts, a funding rate periodically moves money between longs and shorts to keep the price near the index.
- 24/7 trading. Weekend news gets priced on Coinbase in real time, while CME equity index futures still close for the weekend.
- Different underlying for "tech." NQ tracks the Nasdaq-100. Tech100 tracks a MarketVector index. Correlated, not identical.
- Liquidity. CME equity index futures trade more than $100 billion notional a day, according to analysis cited by Rockstar Markets. Coverage of the US500 launch noted that no volume history existed yet and early books on new products are often thin.
Who this is really aimed at
Look at the design choices: small leverage-friendly sizing, always-on hours, no roll to manage, and a brand that millions of retail crypto users already have on their phones. That is a pitch built for the same active, small-account trader who has pushed CME's Micro E-mini Nasdaq-100 volume to records this year. Coinbase does not need to beat CME on institutional liquidity to matter; it only needs to win a slice of the retail flow that increasingly drives exchange volume.
The fight around it
These products exist because of the CFTC's May 29 perpetuals framework. CME is suing the CFTC over that framework, arguing perps are legally swaps, not futures. Tech Times put it plainly in a September 4 headline: the CME suit "clouds" Coinbase's stock-perp launch.
Investors noticed the threat early. On June 2, Cboe fell about 9% and CME and ICE about 4% amid competition concerns tied to Coinbase and Kalshi perps, per Seeking Alpha.
Our take
Opinion: This is the most direct challenge to CME's retail index franchise in years, and it is coming from a crypto exchange, not a traditional rival. The appeal is obvious: always open, no roll, simple leverage. The risks are equally obvious: funding costs are unknown until you pay them, liquidity is unproven, and the whole category is under legal challenge. For now, ES and NQ remain the deeper, more battle-tested markets. But if Coinbase's weekend prices start leading CME's Sunday open, every index futures trader will have to watch them.
What traders can do
- If you're curious, study funding history and order-book depth before placing a trade.
- Don't treat Tech100 as an NQ substitute without checking its index composition.
- Consider watching US500 weekend pricing as information, even if you only trade CME.
- Size for the worst week, not the average day, if using high leverage.
Key takeaways
- Coinbase Derivatives launched Tech100 and other thematic index perps on June 8 and US500 on August 17, 2026.
- US500 allows up to 20x leverage, trades 24/7 and never expires.
- Tech100 tracks a MarketVector index, not the Nasdaq-100.
- Coinbase filed for single-stock perps in September. CME's lawsuit hangs over the whole category.
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FAQ
What is Coinbase US500?
A perpetual-style futures contract on Coinbase Derivatives tracking the S&P 500, launched August 17, 2026, with up to 20x leverage, 24/7 trading and a funding-rate mechanism instead of expiry.
Is Coinbase Tech100 the same as the Nasdaq-100?
No. Coinbase says Tech100 tracks the MarketVector US Listed Innovators 100 Index, which has its own methodology.
Are Coinbase equity perps regulated?
They are listed on Coinbase Derivatives, a CFTC-regulated exchange, under the CFTC's 2026 perpetuals framework, which CME is challenging in court.
Loomi.Ai provides educational market research, not financial advice. Trading futures and options involves substantial risk of loss, and backtested results are historical and do not guarantee future returns.
Sources
- Coming June 8: Perpetual-Style Equity Index Futures, Coinbase
- Tech100 Perpetual Futures product page, Coinbase
- Coinbase Launches Perpetual Equity Index Futures in the U.S. on June 8, The Defiant
- Coinbase Derivatives launches US500 equity index perp-style futures on August 17 (source no longer available), Crypto Briefing
- US500 Perpetual Futures Launch with 20x Leverage on Coinbase, The Cryptonomist
- Coinbase Files For US Single-Stock Perpetual Futures, Forbes
- Coinbase Files for Domestic Stock Perps Under Security Futures: CME Suit Clouds Launch, Tech Times
- Cboe, CME, ICE trade lower amid competition concerns related to perpetual futures, Seeking Alpha