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Coinbase has completed its integration of Deribit, creating Coinbase Global Exchange, and plans to bring back Coinbase Pro by year-end. The company says eligible U.S. clients will soon connect to global crypto derivatives liquidity, with Deribit-powered options, spot margin and unified portfolios rolling out in the coming weeks.
Why it matters
Coinbase says guidance issued by the CFTC in May allows its U.S.-regulated futures commission merchant, Coinbase Financial Markets, to connect U.S. clients with global derivatives markets. For institutional clients, that could mean accessing options and perpetual futures through a regulated U.S. entity rather than relying on offshore entities, multiple counterparties and separate venues.
Coinbase Prime clients will be able to trade Deribit options and perpetual futures. The company says institutional users will also be able to access spot, futures, perpetuals and options, alongside custody, financing and staking, through the same platform. Eligible traders outside the U.S. are expected to get options access in the coming weeks; U.S. retail access is expected later this year.
Market impact
Deribit had more than $30 billion in Bitcoin options open interest as of Sept. 30 and processed over $1 trillion in trading volume last year, according to Coinbase. Coinbase acquired the exchange for about $2.9 billion in August 2025, making the integration a major expansion of its derivatives business.
The returning Coinbase Pro is being rebuilt for high-volume traders, with faster order routing and advanced tools. Coinbase also plans spot margin with leverage of up to 10 times on selected major assets and up to five times on other supported assets. New Coinbase Advanced fee tiers start at $10,000 in qualifying volume and count spot and derivatives trading together.
Frequently asked questions
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What does the Deribit integration add to Coinbase?
It brings Deribit-powered options, perpetual futures and spot margin to Coinbase Global Exchange, with unified portfolios planned. Coinbase says institutional clients can access these products alongside spot trading and other services.
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How could eligible U.S. clients access global derivatives liquidity?
Coinbase says CFTC guidance issued in May allows Coinbase Financial Markets, its U.S.-regulated futures commission merchant, to connect eligible U.S. clients to global crypto derivatives markets.
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When are Coinbase users expected to get options access?
Eligible traders outside the U.S. are expected to get access in the coming weeks. Coinbase expects U.S. retail access later this year, while institutional clients can onboard through Coinbase Prime.
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How large was Deribit's options and trading business?
Coinbase said Deribit had more than $30 billion in Bitcoin options open interest as of Sept. 30 and processed over $1 trillion in trading volume last year.
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What trading changes are planned for Coinbase Pro and Coinbase Advanced?
Coinbase Pro is set to return by year-end with faster order routing and tools for active traders. Coinbase Advanced fee tiers start at $10,000 in qualifying volume and count spot and derivatives trading together.
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