Coinbase launches Deribit derivatives access for US institutional clients
In brief
- Coinbase Financial Markets is the first CFTC-regulated futures commission merchant offering US institutional clients access to global crypto derivatives.
- Deribit, acquired by Coinbase in August 2025, holds $31 billion in Bitcoin options open interest as the largest crypto options exchange.
- Institutional onboarding has begun with broader retail access expected to follow later.
Deribit's scale in crypto options
Deribit is the largest crypto options exchange by open interest, holding roughly $31 billion in Bitcoin options on May 27. That dwarfs competitors — OKX held $2.7 billion, Binance $1.8 billion, and Bybit $1.2 billion in the same timeframe. For US institutional investors, this liquidity depth matters. It's the difference between executing a trade at the midpoint and watching slippage eat into returns.
Institutional clients can begin onboarding immediately. Broader access, including retail, is expected to follow later.
Regulatory backdrop and industry momentum
The path to this launch wasn't straightforward. In a joint statement published in September 2025, the SEC and CFTC said perpetual contracts had been largely confined to offshore crypto markets due to regulatory and jurisdictional constraints. The agencies said they would explore ways to bring perpetual futures trading onshore.
Coinbase's move signals that exploration is bearing fruit. Competitors are also moving. CME Group announced plans to launch a crypto index futures contract tracking a basket of seven cryptocurrencies, including Bitcoin, Ether, Solana and XRP. Chicago-based CME unveiled Bitcoin Volatility futures, a regulated crypto derivatives product scheduled to launch on June 1, which will settle to a 30-day measure of expected Bitcoin volatility derived from CME options markets.
Kraken 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 and following a similar launch for Aptos (APT) in January.
What's next
CFTC staff issued guidance on 24/7 trading, clearing and settlement for crypto asset derivatives, signaling openness to the continuous settlement cycles that crypto markets demand. That flexibility, combined with institutional demand for leverage and hedging, creates room for more platforms to enter the space.
Coinbase's first-mover status as a CFTC-regulated futures merchant offering global derivatives access is a competitive advantage — but only until the next player moves.
