Coinbase's US500 Futures Contract Volatility Hits a Milestone

Coinbase's US500 futures contract set a milestone on August 25 and 26, reaching $104 million in 24-hour paired volume. However, just 15 hours later, the product page showed significantly lower numbers: $7.22 million in 24-hour volume and $3.01 million in open interest.

The records from these two time periods use different rolling windows, but they do show that the initial turnover was strong. Nevertheless, volume can change quickly, while open interest provides another important metric.

The US500 contract is a cash-settled stock index futures contract, maturing in December 2030. It operates with a funding mechanism similar to crypto perpetuals but within a defined term and subject to U.S. market rules.