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Coinbase is rolling out perpetual futures contracts for two semiconductor-focused ETFs, the Roundhill Memory ETF (DRAM) and the Direxion Daily Semiconductor Bull 3X Shares ETF (SOXL), with trading set to begin on July 16, 2026.
What’s actually launching
Perpetual futures are contracts that let you bet on an asset’s price with leverage and no expiration date. You can go long or short on DRAM and SOXL with borrowed money, and you never have to roll your position into a new contract like you would with traditional futures.
Coinbase has been offering this type of product for major US stocks since March 20, 2026, available to eligible users who are predominantly located outside the United States. The leverage on these perpetual futures can range from 10x to 20x, though the specific caps, margin requirements, and eligibility details for the DRAM and SOXL contracts haven’t been finalized publicly yet.
The key selling point is 24/7 access. Traditional ETF markets close at 4 p.m. Eastern and take weekends off. Neither product involves any crypto token. These are futures contracts priced against traditional ETFs, just hosted on crypto infrastructure.
Why these two ETFs
DRAM debuted on April 2, 2026, focusing specifically on memory chip manufacturers. The fund attracted approximately $24.82 billion in assets under management shortly after launch.
SOXL is a leveraged ETF that provides three times the daily performance of the PHLX Semiconductor Sector Index. Wrapping it in a perpetual futures contract with additional leverage means a 3x leveraged ETF traded at 10-20x leverage could produce outsized gains or devastating losses from a relatively small move in semiconductor stocks.
What this means for investors
Leveraged perpetual futures are among the riskiest instruments available to retail traders. SOXL already amplifies daily moves by 3x. Layering additional leverage on top of that creates a product where a 5% move in the underlying index could translate to a 15% move in the ETF, which could then translate to a 150-300% move in a futures position depending on leverage.
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