Bernstein: Crypto-style derivatives have already entered the AI compute market, while CME and ICE futures are still awaiting approval

Deep Tide TechFlow news: On July 17, according to The Block, Bernstein said that before the approval of compliant computing-power futures planned by the CME Group and Intercontinental Exchange, AI computing-power derivatives using crypto market mechanisms have already gone live. At present, AX, an offshore trading platform under Architect, has launched GPU perpetual futures, while Kalshi has listed GPU rental price event contracts regulated by the U.S. Commodity Futures Trading Commission.

The report notes that computing-power perpetual contracts are anchored to spot index levels via a funding-rate mechanism. This structure comes from the crypto market and can be used to hedge volatility in cloud computing-power supply and demand. However, the related market is still in an early stage: liquidity is limited, and most computing-power trading relies on over-the-counter negotiations. Building benchmark price indices remains a key development goal.