Coinbase has finished integrating Deribit into its derivatives operations, establishing Coinbase Global Exchange as a unified platform that connects U.S. and international markets through regulated channels. The company announced the completion at the Token2049 conference in Singapore.

The integration brings Deribit’s infrastructure into Coinbase’s broader global exchange structure. Coinbase Financial Markets, the firm’s U.S.-regulated futures commission merchant, is set to link eligible customers to the combined global derivatives liquidity pool. U.S. institutional clients can already open accounts via Coinbase Prime to trade Deribit options and perpetual contracts.

Phased Rollout of Access

Eligible traders outside the United States are expected to gain options access within weeks. Broader U.S. retail access is planned for later this year, subject to jurisdiction and onboarding requirements. The combined platform expands availability of options and perpetual futures for eligible U.S. institutional customers and customers in approved jurisdictions outside the United States.

The structure links Coinbase Financial Markets with Coinbase’s global derivatives operations, aiming to provide regulated pathways that were previously limited for many U.S. participants. The development follows Commodity Futures Trading Commission guidance issued in May on crypto perpetual contracts.

Deribit Scale and Acquisition Background

Deribit recorded more than $30 billion in Bitcoin options open interest as of September 30 and processed more than $1 trillion in trading volume over the prior year. Coinbase acquired the derivatives exchange in August 2025 for approximately $2.9 billion.

The integration is intended to expand Coinbase’s crypto-options and spot-margin capabilities while providing unified access to U.S. and global derivatives markets. Eligible customers can receive access to options and perpetual futures through regulated channels.

Coinbase Pro Relaunch Plans

Coinbase also expects to bring back Coinbase Pro later this year. The rebuilt platform is planned to support spot, futures, perpetuals, options, and equities trading. Spot margin trading is expected to offer up to 10x leverage on major assets.

U.S. institutional clients will be able to trade spot, futures, perpetuals, and options, as well as use custody, financing, and staking services, through the same platform. Onboarding for institutional access is open, with options trading anticipated in the coming weeks for eligible users.

The technical migration of Coinbase International Exchange activity to Deribit’s matching engine was completed earlier, with the prior platform shifting to read-only mode. The overall effort consolidates derivatives liquidity previously distributed across separate venues into one regulated pool under the Coinbase Global Exchange framework.