What to know:
- Coinbase opens U.S. institutional access to global crypto derivatives markets.
- CFTC guidance allows regulated access to offshore crypto options liquidity.
- Deribit’s $31B Bitcoin options open interest supports Coinbase’s expansion.
Coinbase Financial Markets has opened U.S. institutional access to global crypto derivatives markets through a regulated futures commission merchant. The service includes options and perpetual futures, with connectivity to Deribit, the crypto options platform Coinbase acquired in August 2025.
As per the announcement, Coinbase said that the launch is in response to guidance from the Commodity Futures Trading Commission. That guidance allows a regulated futures commission merchant to connect U.S. clients with global crypto derivatives liquidity.
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Coinbase Expands Crypto Derivatives Access Through Deribit
Coinbase Financial Markets is the first futures commission merchant regulated by the CFTC to offer such access, the company said. Onboarding for institutional clients is now available. It is anticipated that access will be expanded, including retail participation, later.
The launch adds to Coinbase’s crypto derivatives footprint following the Deribit acquisition. Deribit is the world’s leading crypto options exchange in terms of open interest. It continues to be a major platform for bitcoin and ether options trading.
According to CoinGlass data, Deribit had approximately $31 billion in open interest for Bitcoin options on May 27. OKX held $2.7 billion. Binance held $1.8 billion, while Bybit had $1.2 billion.
The figures represent Deribit’s lead in options liquidity. This also provides insight into Coinbase’s global approach to crypto derivatives and why it is built around the platform. Coinbase has been expanding its crypto derivatives business via regulated U.S. companies.
U.S. Regulators Push Crypto Derivatives Onshore
The launch is part of a larger regulatory change in the United States. In the September 2025 joint statement, the SEC and CFTC said they would explore ways to bring perpetual futures trading onshore.
The agencies said that the majority of the perpetual contracts had continued on offshore crypto platforms. Regulatory and jurisdiction restrictions were major reasons. It also indicated that activity on foreign venues might be brought back to regulated U.S. markets.
Other U.S. exchanges have expanded derivatives. Recently, CME Group announced plans to launch an index futures contract for the crypto sector. The product will feature seven assets, such as Bitcoin, Ether, Solana, and XRP, among others.
CME also unveiled Bitcoin Volatility futures. The contract will open on the 1st of June. It will be based on a 30-day indicator of the expected Bitcoin volatility derived from the CME options market.
Payward, Kraken’s parent company, grew itself up by acquisition. In May, it bought Bitnomial, a CFTC-regulated derivatives platform. Bitnomial has launched U.S.-regulated futures tied to Injective’s INJ token following a comparable launch with Aptos in January.
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