Compute as a Tradeable Asset: From Futures to Compute Dollar

Compute is being financialized at the infrastructure layer, not just traded as a spot commodity: GPU-backed financing, rental futures, and an OTC swap all point to the same shift, where hardware capacity becomes collateral and a hedgeable exposure. The near-term beneficiaries are the balance sheets that can intermediate this — large asset managers and exchanges — rather than miners or cloud providers alone. The open question is whether these instruments find genuine two-way liquidity or remain a handful of structured deals dressed up as a market.