Coinbase Integrates Deribit to Bring Derivatives to US

Coinbase has completed its integration of derivatives exchange Deribit, establishing a regulated route for eligible US customers to access global crypto derivatives markets. According to Cointelegraph, the integration combines Coinbase's international derivatives business with Deribit while allowing eligible US customers to access that liquidity through Coinbase Financial Markets, its derivatives unit regulated by the Commodity Futures Trading Commission (CFTC). Coinbase International Exchange balances and positions were migrated to Deribit on Oct. 1.

Regulatory Shift and Access

Crypto derivatives account for roughly 80% of global crypto trading volume, but US traders have historically lacked a regulated path to the deeper options and perpetual futures markets available offshore. This began to change in May, when the CFTC issued guidance allowing Coinbase Financial Markets to connect US clients to global derivatives markets. US institutional clients will now be able to access Deribit’s options and perpetual futures through Coinbase Prime and Coinbase Financial Markets, eliminating the need for offshore entities and separate trading infrastructure.

Rollout Timeline

Options through Coinbase Prime are expected to become available in the coming weeks. Coinbase also plans to introduce options for eligible non-US retail traders over the same period, followed by US retail access later this year.

Key facts

• Coinbase completed the integration of derivatives exchange Deribit to offer global crypto derivatives to US customers.
• Eligible US institutions can access Deribit options and perpetual futures through Coinbase Prime and Coinbase Financial Markets.
• Coinbase International Exchange balances and positions migrated to Deribit on Oct. 1.
• US retail options access is expected later this year.