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Coinbase US500 futures top $100M in early volume, with open interest lower
Coinbase’s product page later showed $7.22 million 24-hour volume and $3.01 million open interest, highlighting how quickly rolling figures and positions can shift after the Aug. 17 launch.
Coinbase US500 futures reached a $100 million milestone early in the contract’s rollout, testing whether a crypto-style trading mechanism can carry into regulated US equity index futures. The contract began trading on Aug. 17, and a chart from CryptoSlate, tied to Armstrong’s Aug. 28 post, tracked trailing 24-hour matched volume through about Aug. 25-26, when it was annotated near $104 million.
The later snapshot CryptoSlate cited from Coinbase’s product page showed $7.22 million in 24-hour volume and $3.01 million in open interest, with funding at negative 0.0001%, meaning shorts paid longs. CryptoSlate noted the figures come from different rolling windows, so the later number does not simply negate the earlier turnover surge.
CryptoSlate also described how the “perp style” design works inside a long-dated, cash-settled, CFTC-governed framework. Coinbase’s July 30 self-certification defines the instrument as a five-year, US dollar-settled equity-index future with an initial expiration in December 2030, where holders get price exposure through the futures contract without delivery of underlying shares, and open positions are settled in cash.
Funding is calculated hourly from the difference between futures and spot marks, then cleared and applied through cash adjustments in margin runs. The contract uses Nodal Clear, operates under exchange position limits, price limits, and market-wide circuit breakers, and trades Sunday 8 p.m. Eastern Time through Friday 5 p.m. Eastern Time.