Beware: 'U.S. Stock Futures' Encompasses Multiple Derivative Types

The term 'U.S. stock futures' can be misleading as it encompasses various types of derivatives, including traditional equity-index futures, U.S.-regulated perpetual-style equity products, and crypto-native stock perpetuals.

These contracts may have different trading hours, settlement, expiration, regulation, and ownership structures, making direct comparisons challenging.

Traditional CME equity futures, for instance, track an equity index and have defined contract months that eventually expire and settle. They trade on Globex from Sunday evening through Friday afternoon, effectively operating as a 24-hour weekday market.

Coinbase Derivatives introduced perpetual-style equity index futures in 2026, which use funding-rate mechanisms to keep contract prices aligned with their underlying indexes. These products resemble crypto perpetuals but have individual contract specifications that should be checked rather than assumed.

Crypto-native stock perpetuals on platforms like Bitget track the price of an individual stock or ETF without giving the trader ownership of the underlying shares. They are margined and settled in stablecoins, can trade 24/7, and do not have a conventional quarterly futures roll. However, they should not be confused with tokenized stocks or actual equities.