Overview
- Coinbase Markets, through Coinbase Bermuda Ltd., activated full trading for OPENAI‑PERP and ANTHROPIC‑PERP on Monday, June 22, 2026, offering 24/7 perpetual futures tied to each company’s private valuation index.
- The contracts are derivatives that settle in Circle’s USDC and do not give holders equity, voting rights, dividends, or direct claims on OpenAI or Anthropic.
- US persons are barred from trading the products because they are offered via Coinbase’s Bermuda‑licensed international exchange rather than U.S. derivatives markets.
- Coinbase warns and reporters note that prices can swing on thin information, low liquidity, and leverage, and the contracts use conservative leverage caps and mark‑price mechanisms to limit extreme moves.
- Analysts including Fundstrat’s Tom Lee say large AI IPOs and lockup expirations later in 2026 could press public markets, and Coinbase will auto‑convert these pre‑IPO perps into standard stock perps if an IPO occurs, following its SpaceX precedent.