China is exploring AI token futures to hedge rising computing costs amid global competition. The Shanghai Futures Exchange is studying early-stage contracts, while US markets develop GPU-based futures, signaling growing demand for AI derivatives and potential creation of a new asset class shaping the global finance ecosystem.
China Designs AI Token Futures Market
China is advancing plans to design a futures market for AI tokens as competition with the United States intensifies. The Shanghai Futures Exchange is exploring contracts linked to AI tokens, which represent the smallest unit of information processed by artificial intelligence models.
The initiative remains in early research stages and reflects growing interest in hedging AI-related computing costs. Officials see token-based pricing as a way to standardize AI service valuation across industries.
The move contrasts with U.S. exchanges such as CME Group and Intercontinental Exchange, which are developing GPU compute futures tied to rental costs of computing power.
In China, regulators including the China Securities Regulatory Commission have not yet approved the concept. The design work continues internally and may change as policy discussions evolve. Market observers watch development closely across the global AI finance sector.
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Shanghai Exchange Early Stage Development
Research at the Shanghai Futures Exchange remains preliminary as the institution studies token futures design.
One source links the effort to strategic competition in artificial intelligence with the United States. As a brokerage firm, Baocheng Futures forecasts the creation of compute futures within three to five years.
The fragmentation problem inherent in current markets serves as the main impediment, according to Baocheng Futures. The spread of China’s spot market for compute capacity will be facilitated by the development of data centers and AI companies.
Indices that assess the amount of compute capacity may be used as benchmarks for compute futures. Compute futures have been proposed to policymakers by Zhang Yunquan from the Chinese Academy of Sciences.
The approval process for compute futures in China’s regulatory regime is not clear. Analysts argue that the fragmenting infrastructure and the unequal distribution of compute capacity present obstacles in the midst of the rapid development of the industry.
Global Race Over Compute Derivatives
The attention on AI tokens and futures has been increasing globally as banks and investment funds consider the use of derivatives.
As such, Mr. Larry Fink has proposed that the rising demand for tokens can lead to the emergence of a new kind of asset associated with compute futures.
Xiao Feng, the chairman of HashKey Group, likened tokens to digital energy that fuels artificial intelligence as well as its applications.
Official figures show that China saw the number of tokens increase significantly from the beginning of 2024 up until the end of March, when they exceeded 140 trillion tokens. Chinese Academy of Sciences researchers still analyze markets for computing and futures.
The experts from East China Normal University recommend speeding up approval processes of token futures to boost competition. Lack of computing leads to limitations on user access to AI in some applications.
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