Institutional Derivatives Access Expanded

Coinbase Prime has introduced regulated global options and perpetual futures trading for eligible institutional clients in the United States and other qualified jurisdictions. The service connects these clients to the same liquidity pool used by global traders, with Deribit providing the underlying liquidity.

The offering covers more than 20 crypto assets. Supported tokens include Bitcoin, Ether, Solana, XRP, Avalanche and Hyperliquid. Clients may post Bitcoin, Ether or USD Coin as collateral at launch, and Coinbase Prime intends to expand the list of accepted collateral assets over time.

Unified Liquidity with Separate Margin Rules

US and international clients share a common order book and liquidity pool. Funding and margin requirements, however, remain strictly separated by portfolio and settlement currency. Positions settled in one currency cannot draw on balances denominated in another, and Global Derivatives positions do not share margin with spot holdings or domestic futures products.

Clients of Coinbase Financial Markets may choose between Standard Margin, which calculates requirements position by position, and Portfolio Margin, which evaluates price and volatility shocks across a portfolio and allows offsets for hedged exposures. Even under Portfolio Margin, currency boundaries are preserved.

Regulatory Pathway for US Clients

US institutions must qualify as Eligible Contract Participants and complete onboarding with the futures broker. Coinbase Financial Markets acts as broker of record for these clients. Deribit handles execution, clearing and the margin model. Orders are routed through Coinbase Bermuda Limited before reaching Deribit. The arrangement provides access to a foreign market through a US-registered broker without relocating the contracts onto a US exchange.

Available instruments include options on futures, dated futures and perpetual futures. The rollout follows the consolidation of Coinbase’s International Exchange into Deribit on October 1, which merged previously separate order books, and the earlier completion of the broader Deribit integration.

Collateral and Product Scope

At introduction, collateral is restricted to Bitcoin, Ether and USD Coin. Coinbase has stated that additional collateral assets will be added. The service places options and perpetual futures under a single Coinbase Prime offering for institutions that meet eligibility criteria in the United States and other approved regions.

Contracts settle in USDC, bitcoin or ether according to the specific instrument. Clients must fund positions in the settlement currency of the contracts they hold. The structure maintains clear separation between different portfolios and settlement currencies while giving eligible institutions continuous access to global derivatives liquidity.