Coinbase announced Wednesday that it has completed its integration with Deribit, a global cryptocurrency derivatives exchange. This integration provides eligible US customers with a regulated pathway to access global crypto derivatives markets, which have historically been less accessible to US traders.
The move combines Coinbase's international derivatives business with Deribit's platform. Eligible US customers will be able to access Deribit's liquidity through Coinbase Financial Markets, Coinbase's derivatives unit that is regulated by the Commodity Futures Trading Commission (CFTC).
Coinbase stated that its international exchange balances and positions were migrated to Deribit on October 1. According to Coinbase, crypto derivatives represent about 80% of the global crypto trading volume, but US traders have traditionally lacked regulated access to the deeper offshore options and perpetual futures markets.
This situation began to change in May when the CFTC provided guidance that allowed Coinbase Financial Markets to connect US clients to these global markets. Coinbase indicated that US institutional clients will be able to access Deribit’s options and perpetual futures via Coinbase Prime and Coinbase Financial Markets. Previously, these clients often required offshore entities and separate trading infrastructure to access such markets.
Options trading through Coinbase Prime is anticipated to become available in the upcoming weeks. The company also intends to introduce options for eligible non-US retail traders during the same period, with plans to extend access to US retail traders later this year.