Coinbase US500 Futures Hit $104 Million Turnover, Early Data Shows Volatility

Coinbase introduced a five‑year, cash‑settled US500 futures contract on August 17, using a crypto‑style funding‑rate mechanism within a regulated equity‑index future. The product trades on a Sunday‑to‑Friday schedule and settles against the MarketVector Top 500 US Profitable Companies Continuous Index (MVPUSC), not the S&P 500.

Launch‑week turnover spike

A chart tracking trailing 24‑hour matched volume showed a peak of about $104 million near August 25‑26. Matched volume counts all trades executed in the rolling window, so the figure reflects total turnover rather than unique participants or capital.

Subsequent volume and open interest

By August 28, Coinbase’s product page listed 24‑hour volume at $7.22 million and open interest at $3.01 million. The funding rate was slightly negative at –0.0001 %, meaning short positions were paying longs at that moment.

Contract design and market rules

• Five‑year, US‑dollar‑settled equity‑index future expiring on the third Thursday of December 2030.
• Cash settlement based on the MVPUSC index value; no share ownership or voting rights.
• Hourly funding calculated from the spread between futures and spot marks, applied as cash adjustments during margin runs.
• Clears through Nodal Clear, subject to exchange position limits, price limits and circuit breakers.
• Trading sessions run from Sunday 8 p.m. ET to Friday 5 p.m. ET, with market holidays observed.

What the early metrics do not reveal

The available data does not show the number of distinct traders, the concentration of positions, or liquidity depth. Sustained volume, stable or rising open interest, and a longer funding‑rate history will be needed to assess whether the contract gains lasting traction.