Woofun AI reports that Bernstein research highlights the entry of perpetual contract structures into the AI hash rate market. Architect AX, a Bermuda-registered exchange outside CFTC jurisdiction, has introduced GPU hash rate perpetuals anchored to spot prices via a funding expense ratio mechanism borrowed from cryptocurrency markets.

Meanwhile, cash-settled hash rate futures on CME and ICE remain pending CFTC approval, with launches expected by the end of 2026. CFTC-regulated prediction platform Kalshi has already issued contracts linked to GPU rental prices, releasing July 14 pricing curves for B200, H200, and A100 chips, with B200 at $5.41, up from a historical peak of $7.39. Bernstein notes that hedging is essential for non-storable GPU capacity, though speculative liquidity dominance hinders the creation of a reliable benchmark index.