There is plenty of demand for pure compute. However no market has been created and the large compute providers have no incentive to commoditise compute (and are smart enough to recognise the value by creating their various lock-ins).
Demand for compute has created a market but not necessarily a futures market or an exchange/CLOB like thing. The latter needs more than just supply and demand.
Money is not fungible across currencies or across time or in different locations or a wide variety of different characteristics. Even 1USD at the same time in the same place can have have different values depending on how/where it is stored ($1 on credit card, $1 in USDT, $1 note at a place that doesn't accept cash, $1 silver coin, $1 in Argentina, $1 promised, etcetera).
Even "fuels of the same specs" are not really fungible. Only approximately on some markets. Russian oil? Fungible is an ideal and markets are designed to try and get closer to the ideal but markets and specs are nowhere near perfect.
That situationally swapping between fungible things can be blocked etc. doesn't mean that they thing itself isn't fungible.
Market design is really tough, but it might be something worth thinking about here.