Coinbase unlocks global crypto derivatives for U.S. institutions

Coinbase has opened a regulated route for U.S. institutions to trade global crypto derivatives through its futures commission merchant.

Coinbase said on May 29 that Coinbase Financial Markets now gives eligible U.S. clients access to crypto derivatives markets, starting with Deribit options. The company described the unit as the first U.S.-regulated futures commission merchant to offer access to global crypto derivatives, including perpetual futures and options.

The launch follows action from Commodity Futures Trading Commission staff involving products listed on Deribit FZE, Coinbase’s affiliated foreign board of trade. Coinbase said institutional clients can begin onboarding immediately through Coinbase Financial Markets, while retail access is planned for a later stage.

Institutions get regulated access to Deribit options

Coinbase said the first phase will focus on Deribit options, with crypto perpetual futures, more collateral options, and other derivatives products expected later. The company framed the rollout as a way for U.S. institutions to reach markets that have long been active offshore.

According to Coinbase, crypto derivatives account for about 80% of global crypto trading volume. The company also cited Deribit data showing more than $31 billion in bitcoin options open interest as of May 28.

For trading firms, Coinbase said the access could support hedging, volatility trading, and BTC-linked basis strategies. The company added that U.S. clients previously lacked a regulated route into a market it described as having an annual trading volume of multi-trillions of dollars.

CFTC staff action supports the structure

The regulatory path rests on CFTC staff positions tied to foreign futures and margin arrangements. In its letter, CFTC staff said certain crypto asset perpetual contracts described in the request may qualify as foreign futures under Commission Regulation 30.1.

Staff also issued a no-action position covering certain transfers of customer-owned digital commodities and payment stablecoins to a foreign broker-affiliate for margin purposes. The letter said the position remains subject to the listed conditions.

Coinbase closed its $2.9 billion acquisition of Deribit in August 2025, following its announcement earlier that year. The exchange said Deribit handled more than $185 billion in trading volume in July 2025 and held about $60 billion in open interest on its platform at the time.

Crypto-market reports have also linked Deribit to major Bitcoin options expiries, in which large positions can shape short-term trading around strike prices and expiry dates.

Coinbase builds institutional rails beyond derivatives

The derivatives rollout also aligns with Coinbase’s recent institutional push into fiat funding. As previously covered by crypto.news, Coinbase expanded its partnership with Standard Chartered to give institutional clients greater currency access across global markets.

The integration added funding rails for AUD, SGD, CAD, and CHF. It also added GSIB-backed settlement for EUR and GBP.

Coinbase said the service is available through Coinbase Prime and Coinbase Exchange. The company said the arrangement helps institutions manage capital across spot, derivatives, and financing strategies without forcing every position to be denominated in a single base currency.