Coinbase Extends Global Crypto Derivatives to U.S. Institutions

Coinbase Financial Markets has begun offering US institutional clients access to global crypto options and perpetual futures through a regulated futures commission merchant, including connectivity to Deribit’s crypto options platform.

Coinbase said the launch follows guidance from the Commodity Futures Trading Commission that allows a regulated futures commission merchant to connect US clients with global crypto derivatives liquidity. The company stressed that Coinbase Financial Markets is the first CFTC-regulated FCM to provide such access.

Deribit, which Coinbase acquired in August 2025 as part of its expansion into crypto derivatives, is the largest crypto options exchange by open interest. CoinGlass data shows Deribit held roughly $31 billion in Bitcoin options open interest on May 27, compared with about $2.7 billion on OKX, $1.8 billion on Binance and $1.2 billion on Bybit.

According to Friday’s announcement, institutional clients can begin onboarding immediately, while broader access, including retail, is expected to follow later.

Key takeaways

• Coinbase becomes the first CFTC-regulated futures commission merchant to connect US institutional clients to global crypto options and perpetual futures liquidity via Deribit.
• Deribit dominates Bitcoin options open interest, with roughly $31 billion in BTC options as of late May, highlighting liquidity concentration on a single platform.
• US derivatives venues are expanding crypto offerings as regulators signal a path to onshore perpetual futures and new regulated products, including CME’s crypto index futures and Bitcoin Volatility futures, while exchanges such as Kraken pursue expansion through Bitnomial.
• The regulatory backdrop features ongoing moves by US agencies toward onshoring certain crypto derivatives, including a September 2025 joint SEC/CFTC statement and accompanying guidance on 24/7 trading and clearing.

US-regulated access deepens crypto derivatives usage

The Coinbase arrangement leverages an onshore path for US institutions seeking exposure to a broader derivatives liquidity pool beyond domestic venues. By connecting US clients to Deribit through a regulated FCM, Coinbase aims to offer regulated access to a dominant offshore options market, aligning with a broader push to reconcile offshore liquidity with US supervision.

Institutional onboarding is available immediately, with a plan to roll out broader access, including retail participation, at a later stage. The move reflects a growing appetite among large traders for regulated pathways to global crypto derivatives, alongside continued regulatory scrutiny of products and venues offering such exposure.

Deribit’s liquidity position reinforces market dynamics

Deribit’s leadership in BTC options open interest underscores a liquidity concentration that has persisted in crypto derivatives. With roughly $31 billion in Bitcoin options open interest as of May 27, it stacks up against peer venues and shapes the depth of liquidity for complex strategies like spreads, hedges, and volatility plays. The data points cited by CoinGlass show OKX at about $2.7 billion, Binance at $1.8 billion, and Bybit at $1.2 billion in BTC options open interest at the same snapshot.

The partnership with Coinbase could bolster Deribit’s role as a preferred onramp for US institutions seeking regulated access to offshore liquidity pools, potentially affecting spreads, dynamic hedging costs, and the availability of sophisticated options structures for large players.

Regulatory momentum and market diversification

The launch arrives amid a broader regulatory discourse about bringing crypto derivatives onshore. In a joint statement published in September 2025, the US Securities and Exchange Commission and the CFTC signaled they would explore ways to bring perpetual futures trading onshore, noting that such contracts have largely remained offshore due to regulatory and jurisdictional constraints. The agencies said they could consider steps to “onshore perpetual contracts” and bring activity currently flowing to foreign platforms back to regulated US markets.

In parallel, US derivatives venues have been expanding their crypto offerings. CME Group has announced plans to launch a crypto index futures contract tracking a basket of seven cryptocurrencies, including Bitcoin, Ether, Solana and XRP. Days later, CME unveiled Bitcoin Volatility futures, a regulated product that will settle to a 30-day measure of expected Bitcoin volatility derived from CME options markets.

Other US players are pursuing similar growth trajectories. Kraken’s parent Payward completed its acquisition of Bitnomial, a CFTC-regulated derivatives platform that earlier this year launched the first US-regulated futures contracts tied to Injective’s INJ token, following a prior launch for Aptos earlier in the year.

Additionally, CFTC staff published guidance on 24/7 trading, clearing and settlement for crypto asset derivatives, arguing that such markets may be particularly well suited to round-the-clock activity.

Investors and practitioners should watch how onboarding evolves for retail participants, how liquidity shifts between onshore and offshore venues, and what regulatory clarifications emerge as US authorities continue to shape the trajectory of crypto derivatives in a regulated framework.