Coinbase is extending a core crypto market structure into equity-linked products. MarketVector Indexes has introduced four thematic equity benchmarks built for 24/5 continuous pricing, and those indexes are set to underlie perpetual-style equity index futures on Coinbase’s regulated US futures exchange. The lineup covers artificial intelligence, China-related equities, defense companies, and innovation-focused stocks.
Four thematic indexes built for near round-the-clock pricing
The new benchmarks are the MarketVector US Listed AI 10 Index, MarketVector US Listed China 10 Index, MarketVector US Listed Defense 10 Index, and the MarketVector US Listed Innovators 100 Index. MarketVector said the products were engineered around continuously calculated benchmark infrastructure, aiming to support price discovery across much longer trading windows than traditional equity markets usually allow.
Josh Kaplan, Head of Research and Investment Strategy at MarketVector, said the move is not just a technical upgrade but a rethink of what round-the-clock price discovery should look like. He also described Coinbase’s perpetual futures platform as the first proof of concept for what MarketVector sees as a broader market opportunity.
Crypto perpetual mechanics move into equity markets
Under the plan, the indexes will serve as the reference layer for perpetual-style equity index futures listed through Coinbase’s US futures venue. That is a notable shift. Perpetual futures became one of crypto’s dominant derivatives formats because they combine continuous trading, capital efficiency, leveraged exposure, and always-available liquidity access without the expiry structure used in traditional futures contracts.
Coinbase has been expanding well beyond spot crypto trading as competition increases across crypto derivatives, tokenized assets, institutional trading infrastructure, retail futures access, and broader cross-asset products. This launch fits that push.
Pyth supplies the data layer as legacy market hours face pressure
The pricing infrastructure relies on real-time data from Pyth Network, which aggregates feeds from trading firms, exchanges, and market makers. Pyth was designed for continuously updating market data in always-on environments rather than exchange schedules defined by opening and closing bells. Mike Cahill, a Core Contributor to Pyth Network, said traditional market data solutions were built for a world where trading stopped at the close, and that MarketVector and Pyth are helping push finance toward a point where continuous trading becomes normal.
Steven Schoenfeld, CEO of MarketVector, said applying the firm’s index expertise to 24/5 continuous markets is a natural next step, with Pyth and Coinbase serving as the partners that make the model possible.
Retail and institutional demand is reshaping equity trading hours
The launch also reflects a wider shift across global finance. Crypto markets normalized 24/7 trading, instant liquidity access, continuous price discovery, and global participation, and those habits are putting pressure on traditional exchanges and infrastructure providers to update market-hour models that were built for regional sessions. Several large exchanges and trading firms have already explored overnight equities trading, extended-hours futures, continuous derivatives markets, and tokenized securities.
The themes selected for these products are also telling. AI, defense, innovation, and China exposure have all drawn traders looking for concentrated, high-conviction exposure. Boris Ilyevsky, Head of US Futures Exchange at Coinbase, said traders can now access those themes with the capital efficiency and mechanics they have been demanding, all on a regulated US exchange.
This is more than an index launch. It is a live test of whether infrastructure first developed in crypto can start to reshape how equity and derivatives markets operate.