Intercontinental Exchange and NATIVX plan to launch cash-settled GPU compute futures based on the NATIVX COIL Index, linking AI compute pricing with energy-normalised benchmarks and existing power and gas markets.
Intercontinental Exchange and NATIVX Announce Launch of GPU Compute Futures Contracts
Intercontinental Exchange (NYSE: ICE) and compute trading platform NATIVX jointly announced on 1 July 2026 that they plan to launch a GPU compute futures contract based on the NATIVX COIL Index. The new contract will be denominated in US dollars and cash-settled, and is expected to launch in 2026, subject to completion of the relevant regulatory approval process.
(Source: Business Wire, ICE and NATIVX to Launch Energy-Normalized Compute Futures Contracts, published: 1 July 2026.)
Design Logic of the COIL Index
Energy-Normalised Framework
The COIL Index is designed to track tokenised GPU compute prices and applies an energy-normalised framework for conversion, in order to remove the impact of regional electricity cost differences on compute pricing and provide market participants with a unified comparison benchmark. The index includes several sub-indices covering different compute scenarios, including training, inference, graphics rendering and network connectivity.
Contract Listing Arrangements
The new contract will be listed alongside ICE’s existing natural gas and power futures products. The arrangement is intended to provide operators and energy traders with an integrated hedging environment, enabling them to manage both underlying energy cost exposure and GPU compute price risk on the same trading venue.
Management Statements from Both Parties
Trabue Bland, Senior Vice President of Futures Markets at ICE, said the new contract would provide global customers with price discovery through a hedgeable index, which would benefit from trading alongside ICE’s natural gas and power futures contracts.
"The continued growth of artificial intelligence depends on transforming compute from a fragmented and unpredictable operating cost into transparent and manageable market infrastructure. Compute is now an asset class, and like all asset classes, it needs public pricing and markets."
(Source: Business Wire, ICE and NATIVX to Launch Energy-Normalized Compute Futures Contracts, published: 1 July 2026, management statements section.)
Background to the NATIVX Platform
Headquartered in San Juan, Puerto Rico, NATIVX positions itself as a public trading platform for compute and network connectivity resources, and is responsible for publishing and maintaining the COIL Index system. Each calculation step of the index is auditable, with the aim of standardising compute capacity and network connectivity capacity into a stable pricing unit. The platform’s underlying technology is licensed from Synova Global.
The COIL Index system includes the following sub-indices:
COIL-T: tracks compute prices for model training scenarios;
COIL-I: tracks compute prices for model inference scenarios;
COIL-G: tracks compute prices related to graphics rendering;
COIL-CO: tracks prices for network connectivity-related services.
Convergence Trend Between Compute Markets and Energy Markets
The partnership is viewed as an example of the accelerating convergence between compute markets and energy markets. Electricity is one of the main cost components for operating large-scale artificial intelligence infrastructure, and power price volatility directly affects the real operating economics of AI compute capacity. Listing GPU compute futures alongside ICE’s existing power and natural gas contracts means that relevant companies may, in future, be able to manage both energy cost and compute capacity cost exposures within a single trading venue.
Overview of Key Contract Elements
| Element | Specific Arrangement | Related Party | Timeline |
|---|---|---|---|
| Pricing method | Denominated in US dollars | ICE | 2026-07-01 (announced) |
| Settlement method | Cash settlement | ICE, NATIVX | 2026-07-01 (announced) |
| Underlying index | NATIVX COIL Index (including four sub-indices) | NATIVX | — |
| Expected launch timing | Subject to the progress of regulatory approvals | ICE, NATIVX | Within 2026 (to be confirmed) |
Points to Watch Next
As the formal launch of the new contract still requires regulatory approval, details such as the specific listing date, contract specifications and the first clearing members to participate have not yet been disclosed. Market participants will be watching whether, after launch, the contract can effectively reflect differences in GPU rental prices across regions and chip models, such as NVIDIA H100, H200 and B200, as well as its linkage effects with ICE’s existing energy futures products.
Questions About GPU Compute Futures
How does the NATIVX COIL Index differ from other GPU compute price indices?
The main feature of the COIL Index is its use of an energy-normalised framework, which incorporates regional electricity cost differences into the conversion process. This provides market participants with a more comparable pricing benchmark, rather than simply reflecting nominal rental prices.
How will the GPU compute futures contract be settled?
According to the information disclosed by both parties, the new contract will be denominated in US dollars and cash-settled, with no physical delivery of GPU hardware or cloud computing capacity.
Why has ICE chosen to list compute futures alongside energy futures?
Electricity is one of the main costs of operating large-scale artificial intelligence infrastructure. Listing the two types of contracts side by side allows operators to manage both energy cost exposure and compute capacity cost exposure within the same trading venue.
When can the new contract officially begin trading?
According to the statements from both parties, the contract is expected to launch in 2026, but the specific timing depends on the progress of regulatory approval. There is currently no confirmed listing date.
