Coinbase Expands Derivatives with Perpetual Contracts on AI, Defense, and Chinese Stocks

Coinbase, one of the world's leading cryptocurrency exchanges based in San Francisco (United States), has announced the expansion of its derivatives product offering with the launch of perpetual contracts tied to thematic stock market indices. Among the new underlying assets are artificial intelligence (AI), the national defense sector, and large Chinese companies listed in the United States. This initiative is part of a diversification strategy aimed at attracting both institutional traders and retail investors seeking exposure to high-growth or geopolitically sensitive sectors. The exchange, listed on the stock market with the ticker COIN and a market capitalization of 50 billion dollars (CoinGecko data, May 2026), already offers a limited selection of crypto derivatives (BTC, ETH, SOL). However, this expansion marks a shift toward non-cryptographic assets, reflecting a desire to become a 'all-markets' platform. What Happened According to DiarioBitcoin, Coinbase launched perpetual contracts based on thematic stock indices, including AI, defense, and Chinese stocks. These products, available since May 21, 2026, operate under the classic perpetual contract model: no expiration date and a funding rate mechanism to balance long and short positions. The goal is to meet the demand of traders looking to speculate on macroeconomic or geopolitical trends, particularly in a context of Sino-American tensions and the AI technology race. No details have been provided regarding initial volumes, the exact underlyings of the indices (e.g., which Chinese companies are included), or the precise mechanics of the funding rate . This lack of technical information could limit the initial adoption of the new products. Why This Matters Coinbase’s expansion bridges the gap between traditional markets and cryptocurrencies by offering exposure to sectoral trends through a familiar framework for crypto traders. Perpetual contracts allow speculation on the rise or fall of an asset without an expiration date, while integrating a financing mechanism to prevent market imbalances. By targeting sectors like AI or defense, Coinbase attracts potential institutional flows but also exposes traders to increased risks in case of volatility in the underlying indices. Macroeconomically, this initiative could strengthen the correlation between stock markets and cryptocurrencies, amplifying volatility shocks during corrections. Additionally, it positions Coinbase as a hybrid actor, capable of competing with traditional platforms while leveraging its crypto expertise. However, this strategy may also draw regulatory attention, particularly regarding risks of manipulation or conflicts of interest related to the selected indices. Competitively, DeFi protocols like SURGE (score 28.0/100) or THE (score 36.0/100) could face selling pressure if traders shift toward more liquid and less risky products offered by Coinbase. These scores, sourced from internal CryptoScore Pro data, highlight high risk in competing DeFi ecosystems. Points to Watch The trading volumes and adoption of the new perpetual contracts within 30 days, as well as their impact on Coinbase’s overall liquidity. The reactions of U.S. regulators (SEC, CFTC) regarding the compliance of these hybrid products and their potential classification as traditional financial instruments. The evolution of the correlation between major cryptocurrencies (BTC, ETH) and the underlying indices of the new contracts, particularly in case of increased volatility in stock markets. The impact on competing DeFi tokens like SURGE or THE , which may see reduced attractiveness if traders prefer Coinbase’s products. The mechanisms of the funding rate and the collateral requirements for these new contracts, details of which remain unknown and could influence liquidation risks.