Rate-Hike Bets Weigh on Bitcoin as Coinbase Launches U.S. Stock Perpetuals for Non-U.S. Users
Bitcoin is often viewed as a volatile risk asset and is sensitive to shifts in interest rates and liquidity. In March 2026, a 50% rise in oil prices over three weeks fueled inflation concerns, prompting markets to shift from expecting Federal Reserve rate cuts to discussing rate hikes. Rising U.S. Treasury yields weighed on crypto-asset valuations and investor risk appetite.
On March 20, CME FedWatch showed the probability of an April rate hike had risen to 12% from 0% a week earlier, while the yield on the 10-year U.S. Treasury note climbed to 4.38%. Bitcoin continued to hover around $70,000. The same day, Coinbase launched round-the-clock U.S. stock perpetual futures for eligible non-U.S. users, covering Apple, Microsoft, SPY and QQQ. The products offer leverage of up to 10 times on individual stocks and 20 times on ETFs, with cash settlement in USDC.
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The history behind this eventCoinbase to Launch U.S. Perpetual Equity Index Futures Spanning AI and Technology Themes
Perpetual futures have no fixed expiry date and use funding rates to keep contract prices close to spot prices. The instruments have been most prevalent in crypto markets. Coinbase is bringing the mechanism to equity index futures regulated by the U.S. Commodity Futures Trading Commission, extending a crypto-derivatives structure into the regulated U.S. financial market.
Coinbase’s derivatives exchange is scheduled to launch its first perpetual equity index futures in the United States on June 8, making them among the earliest contracts of their kind listed on a regulated U.S. exchange. The initial products will focus on themes including AI, Chinese equities, defense and technology stocks. Investors will be able to maintain positions through the funding-rate mechanism. Contract sizes and trading amounts have not been disclosed.
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