Coinbase’s US500 futures contract logged $104 million in trailing 24-hour matched volume near Aug. 25-26, then showed $7.22 million in a later 24-hour snapshot on Aug. 28.
The contract, which began trading on Aug. 17, references MarketVector’s Top 500 US Profitable Companies Continuous Index (MVPUSC), not the S&P 500. The index itself launched 10 days prior, on Aug. 7. Trading occurs Sunday 8 p.m. Eastern Time through Friday 5 p.m. Eastern Time under CFTC rules and Nodal Clear clearing.
The US500 is a five-year, cash-settled futures contract expiring on the third Thursday of December 2030. Coinbase imported an hourly funding-rate mechanism from crypto perpetuals and embedded it inside a regulated US equity-index future. Positions settle in cash; holders receive price exposure without share ownership or voting rights.
Volume and Open Interest Readings
At the Aug. 28 snapshot, the contract carried $3.01 million in open interest and a funding rate of negative 0.0001%, meaning shorts paid longs. The 24-hour volume-to-open-interest ratio stood at 2.4. The MVPUSC index contained 501 components at that time.
Coinbase CEO Brian Armstrong posted a chart on Aug. 28 showing the volume decline. The exchange’s product page reflected the same $7.22 million 24-hour volume figure in that snapshot.
Regulatory Framework
Coinbase filed self-certification with the CFTC on July 30, ahead of the index and contract launches. The contract operates under CFTC oversight, exchange position limits, price limits, and market-wide circuit breakers enforced through Nodal Clear.
The $104 million figure measures matched turnover, the total value of buy and sell orders executed. Open interest captures the number of outstanding positions at a given time. The gap between the peak volume and the Aug. 28 reading reflects trading activity in the contract’s first 11 days of operation.
