Coinbase has completed its integration of Deribit, the crypto options exchange it acquired for approximately $2.9 billion in August 2025, and will now operate the combined offering as Coinbase Global Exchange. The company made the announcement during Token2049 in Singapore, saying that eligible U.S. clients will soon be connected to global crypto derivatives liquidity through Coinbase Financial Markets, its U.S.-regulated futures commission merchant.
"For the first time in market history, we are connecting U.S. and international derivatives markets into a single liquidity pool," Coinbase said. It added that Deribit-powered options, spot margin and unified portfolios will roll out in the coming weeks. Guidance issued by the Commodity Futures Trading Commission in May enables Coinbase Financial Markets to connect U.S. clients with global crypto derivatives markets. This gives U.S. institutional clients a regulated route to options and perpetual futures that previously required offshore entities, multiple counterparties and separate venues.
Eligible traders outside the U.S. will gain options access in the coming weeks, while U.S. retail traders are expected to get access later this year. U.S. institutional clients will be able to trade Deribit options and perpetual futures through Coinbase Prime, with onboarding already open. The platform will also combine spot, futures, perpetuals and options alongside custody, financing and staking.
Coinbase also said the original Coinbase Pro, which was shut down in 2022 after advanced trading moved into its main app, will return by the end of this year. The rebuilt version will offer faster order routing, improved execution flows and advanced tools for high-volume active traders. The company is adding spot margin with leverage of up to 10 times on selected major assets and up to 5 times on other supported assets, plus a new matching engine, a shortened onboarding process and new fee tiers for Coinbase Advanced starting at $10,000 in qualifying volume. 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.
