Coinbase US500 Futures Hit $104M in Trading Volume

Coinbase's US500 futures contract has reached a milestone of $104 million in trading volume, giving the exchange an early test of its ability to bring crypto-native trading mechanisms into regulated US equity markets.

The contract, which was launched on August 17, uses a 'perp style' design that combines elements of perpetuals and traditional futures contracts. The product is designed to provide traders with exposure to the MarketVector Top 500 US Profitable Companies Continuous Index (MVPUSC), which tracks the largest securities of profitable US companies.

The contract's funding rate mechanism, borrowed from crypto perpetuals, has been integrated into a long-dated, cash-settled futures contract governed by US market rules. This allows for hourly funding payments to be made based on the difference between the futures and spot markets.