Coinbase Pro to return; Deribit integration creates Coinbase Global Exchange

Coinbase has completed the integration of Deribit, the crypto options venue it acquired for about $2.9 billion in August 2025, and plans to relaunch its Coinbase Pro platform before the end of this year. The company announced both moves at the Token2049 Singapore event.

The combination has produced what Coinbase calls Coinbase Global Exchange. Coinbase Financial Markets, its U.S.-regulated futures commission merchant, will soon connect eligible American clients to global crypto derivatives liquidity. "For the first time in market history, we are connecting U.S. and international derivatives markets into a single liquidity pool," the company said, adding that Deribit-powered options, spot margin and unified portfolios will roll out over the coming weeks.

Derivatives access for U.S. clients

Coinbase attributed the U.S. linkage to guidance issued by the Commodity Futures Trading Commission in May. That guidance allows Coinbase Financial Markets to connect U.S. clients with global crypto derivatives markets, giving institutional clients a regulated path to options and perpetual futures that previously demanded offshore entities, multiple counterparties and separate trading venues.

Eligible traders outside the U.S. are set to receive options access in the coming weeks, while U.S. retail traders are expected to gain access later this year. U.S. institutional clients will trade Deribit options and perpetual futures through Coinbase Prime, with onboarding already open and options trading expected shortly. Those clients will be able to trade spot, futures, perpetuals and options and use custody, financing and staking through a single platform.

Coinbase said Deribit held more than $30 billion in bitcoin options open interest as of Sept. 30 and processed over $1 trillion in trading volume last year.

On the retail side, Coinbase described Coinbase Pro as rebuilt from the ground up, offering faster order routing, improved execution flows and advanced tools aimed at high-volume active traders running complex strategies. The original Coinbase Pro was shut down in 2022 when advanced trading moved into the main app, a transition to Coinbase Advanced that finished in November 2023.

Coinbase also plans to add spot margin trading, letting eligible traders borrow against collateral for larger spot positions at leverage of up to 10 times on selected major assets and up to five times on other supported assets. The exchange has introduced a new matching engine, shortened its onboarding process and revised fee tiers for Coinbase Advanced, which now begin at $10,000 in qualifying volume and count both spot and derivatives activity.