Coinbase Opens US Institutional Access to Deribit Options

Coinbase Financial Markets announced Friday it will offer U.S. institutional clients access to global crypto options and perpetual futures through a Commodity Futures Trading Commission‑regulated futures commission merchant, including direct connectivity to Deribit’s trading platform.

Institutional customers can begin onboarding immediately; Coinbase plans to extend availability to a wider set of clients, including retail, at a later date.

The launch follows CFTC guidance that permits a regulated futures commission merchant to connect U.S. clients with overseas crypto derivatives liquidity. Coinbase identified its FCM as the first CFTC‑regulated futures commission merchant to provide such connectivity.

Coinbase acquired Deribit in August 2025. Deribit is the largest crypto options exchange by open interest. CoinGlass data for May 27 showed roughly $31 billion of Bitcoin options open interest at Deribit, compared with $2.7 billion at OKX, $1.8 billion at Binance and $1.2 billion at Bybit.

Under the arrangement, U.S. institutional order flow will be routed to Deribit’s options pool and to perpetual futures markets through the regulated FCM structure.

Regulatory developments have prompted expansion of onshore crypto derivatives. In September 2025 the SEC and the CFTC issued a joint statement saying perpetual contracts had been concentrated in offshore markets and that they would explore steps to bring perpetual trading into regulated U.S. markets.

Since that statement, U.S. exchanges and derivatives venues have expanded their crypto products. CME Group announced plans for a crypto index futures contract tracking a basket of seven tokens and unveiled Bitcoin Volatility futures scheduled to launch June 1.

In May, Payward, the parent company of Kraken, completed its acquisition of Bitnomial, a CFTC‑regulated derivatives platform that earlier this year launched U.S.‑regulated futures contracts tied to Injective’s INJ token and, in January, to Aptos’ APT token.

CFTC staff also issued guidance on 24/7 trading, clearing and settlement for crypto asset derivatives, noting those instruments may be suited to round‑the‑clock markets. Coinbase’s FCM approach uses regulated trading and clearing infrastructure while tapping liquidity that has largely operated offshore.

Coinbase stated institutional onboarding is underway and that it will announce timing for broader availability later.