Coinbase said it has completed its integration of Deribit, creating what it calls the Coinbase Global Exchange, and that Coinbase Pro will return at the end of the year as a platform for professional traders.
Coinbase said the combined exchange carries more than $30 billion in Bitcoin options open interest, measured Sept. 30, and traders will soon be able to tap that liquidity. It said Deribit processed more than $1 trillion in trading volume last year. Coinbase Financial Markets, the company’s futures commission merchant, will soon connect US and international crypto derivatives markets into a single regulated liquidity pool, Coinbase said, calling it a first in market history.
For individual traders, Coinbase said, “the era of using VPNs to execute complex strategies across multiple exchanges is over.”
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What Rolls Out and When
Coinbase expects to launch crypto options, margin trading on spot markets and unified portfolios over the next few weeks. Coinbase said US institutions can access Deribit’s options and perpetual futures through Coinbase Prime via Coinbase Financial Markets. Onboarding is open now, and options on Prime arrive in the coming weeks. Options for eligible traders outside the US also arrive in the coming weeks, while US retail access to options is planned for later this year. Coinbase’s help page says options will reach eligible users in the Coinbase app starting in late October.
Under the spot margin product, Coinbase said, maximum leverage is 10x for selected major assets and 5x for others, and traders can post collateral in more than 15 supported assets. A new matching engine, a streamlined retail onboarding flow and updated Coinbase Advanced fee tiers that start at $10,000 in qualifying volume are live now, the company said.
Pro Returns
Coinbase said Pro will trade spot, futures, perpetuals, options and equities, as the professional platform within what it calls the Everything Exchange. Coinbase said Pro is being rebuilt for high-volume active traders, with faster order routing and improved execution flows. It gave no launch date beyond year-end and opened a waitlist.
How It Got Here
Coinbase announced the $2.9 billion Deribit deal in May 2025. Per the help page, perpetuals trading that ran on Coinbase International Exchange moved to Deribit on Oct. 1.
In May of this year, the CFTC issued guidance that lets Coinbase Financial Markets connect US customers to overseas perpetual futures and options trading through Coinbase’s Bermuda unit. Coinbase said the guidance gave US traders a regulated way to reach those markets.
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