Coinbase completes Deribit integration, creating a combined Coinbase Global Exchange for derivatives
Eligible U.S. institutional clients can now access Deribit options and perpetual futures through Coinbase Prime, with a unified liquidity pool connecting U.S. and international derivatives markets expected to go live in the coming weeks.
Coinbase said Tuesday it has completed the technical integration of Deribit, the crypto options and derivatives exchange it acquired earlier this year, forming what the company is calling the Coinbase Global Exchange.
With the integration complete, eligible U.S. institutional clients can now access Deribit options and perpetual futures through Coinbase Prime, the company's institutional trading and custody platform. Coinbase said broader access for non-U.S. traders is expected in the coming weeks, with U.S. retail access following later this year.
The company said a unified liquidity pool linking U.S. and international derivatives markets — the central purpose of the integration — has not yet gone live and is also expected in the coming weeks, along with planned rollouts of spot margin trading and unified portfolio margining across the combined platform.
Deribit has historically been one of the largest venues globally for crypto options trading but operated outside U.S. regulatory reach. Folding it into Coinbase's regulated U.S. infrastructure is a step toward offering institutional clients a single venue for derivatives exposure that was previously split across offshore and domestic platforms.
Coinbase did not provide a specific date for when the combined liquidity pool or U.S. retail derivatives access will launch, describing both only in terms of a "coming weeks" to "later this year" timeframe.