Coinbase is bringing US institutional clients into the offshore crypto derivatives market. The company disclosed that its Coinbase Financial Markets platform has opened regulated global crypto derivatives trading access to eligible US clients, starting with Deribit options in the first phase, with retail client access to follow in a later phase.
The company stated that this is the first U.S.-regulated futures commission broker to provide global crypto derivatives access to domestic institutions, with the product range gradually expanding to include perpetual contracts and more derivative instruments. For U.S. institutions that have long relied on overseas platforms for trading, this means an increase in compliance pathways.
The first phase will integrate Deribit options.
The company disclosed that the current focus is on Deribit options, with plans to add crypto perpetual futures, more collateral options, and other derivative products later. Coinbase positions this move as part of institutional trading, hedging, and volatility strategies.
According to data cited by Coinbase, crypto derivatives account for approximately 80% of global crypto trading volume. The company also noted that as of May 28, open interest in Bitcoin options on the Deribit platform exceeded $31 billion.
- Phase One Product: Deribit Options
- Future plans: Perpetual contracts and more collateral
- Retail customers: Will be available at a later stage
CFTC staff provided feedback for support.
This approach is based on opinions from staff at the U.S. Commodity Futures Trading Commission (CFTC). According to Coinbase, certain crypto perpetual contracts involving overseas exchanges like Deribit FZE can be treated as foreign futures contracts under certain conditions.
CFTC staff also stated their stance of not taking enforcement action regarding the margin arrangements, allowing, under specified conditions, the transfer of clients' digital commodities and payment stablecoins to overseas broker-affiliated entities for margin purposes. These arrangements provide a clearer operational basis for US institutions to access the offshore derivatives market.
Continue to expand institutional business after acquiring Deribit
Coinbase completed its $2.9 billion acquisition of Deribit in August 2025. The company stated that Deribit's trading volume exceeded $185 billion in July 2025, with approximately $60 billion in open interest. Deribit is also one of the core platforms for Bitcoin options expiration trading, and large positions often influence short-term volatility near expiration dates.
In addition to derivatives, Coinbase has recently been expanding its fiat currency funding channels for institutional clients. Following its expanded partnership with Standard Chartered Bank, the company has added deposit channels for Australian dollars, Singapore dollars, Canadian dollars, and Swiss francs, and is providing settlement services for euros and British pounds backed by global systemically important banks.
Coinbase stated that these services are integrated with Coinbase Prime and Coinbase Exchange, helping institutions allocate funds across spot, derivatives, and financing businesses, reducing the restriction of all positions relying on a single base currency.
Additional information:The business described in the article is currently available to eligible US institutional clients, and has not yet been opened to retail clients.
