Coinbase says Deribit integration is complete

Coinbase said on 7 October 2026 that it has completed its integration of Deribit, the crypto options venue, creating what the exchange calls Coinbase Global Exchange.

The company said traders will "soon" gain access to liquidity it describes as holding more than $30 billion in Bitcoin options open interest as of 30 September. That figure is Coinbase's own, covers Bitcoin options only, and the company did not provide a source for it.

Some elements are already available. Coinbase said a streamlined retail onboarding flow, a new matching engine and improved fee tiers for active traders are live now, with the tiers activating at as little as $10,000 in qualifying volume.

What arrives later

The larger pieces are still to come. Coinbase plans to roll out Deribit-powered options, spot margin — trading with borrowed funds — and unified portfolios that consolidate a customer's holdings "in the coming weeks". Options for eligible traders outside the United States will arrive on the same timetable, while US retail access to options is slated for later this year. Options through Coinbase Prime, the company's prime brokerage service for institutional clients, will also arrive in the coming weeks, with onboarding already open.

The US route rests on regulatory guidance. Coinbase said the Commodity Futures Trading Commission issued guidance in May 2026 allowing Coinbase Financial Markets (CFM) to be the first and only US-regulated futures commission merchant able to connect US clients to global crypto derivatives liquidity. An FCM is a broker handling futures clients' orders and funds. Coinbase said on 29 May that institutional options access on Deribit through CFM had begun.

Coinbase said US derivatives are offered by CFM, a National Futures Association member, while global derivatives in supported jurisdictions are offered by Coinbase Bermuda Ltd, regulated by the Bermuda Monetary Authority. Availability and the relevant entity vary by jurisdiction and customer eligibility.

The two open interest figures cited by Coinbase should not be compared directly: the 29 May post referenced more than $31 billion and the new one more than $30 billion, at different dates and both as the company's own numbers, so neither indicates a decline.

For brokers, prime brokers and liquidity providers serving institutional crypto clients, the offering presents a US route to Deribit options, based on Coinbase's account of the CFTC guidance. Operators should confirm client eligibility, which Coinbase entity is involved and the relevant jurisdiction before assuming access.