Coinbase folds Deribit into new global exchange

Coinbase has integrated crypto derivatives platform Deribit, forming Coinbase Global Exchange and preparing to offer options trading, spot margin, and unified portfolios. The move consolidates operations that were previously split between Coinbase International Exchange and Deribit, and will provide customers with perpetual futures, dated futures, options, and spot markets through a unified trading system.

Deribit's advanced matching engine now powers the derivatives infrastructure, while selected spot trading draws from Coinbase Exchange liquidity. Options will be accessible to eligible non-US traders in the coming weeks, while US retail customers can expect access later this year. Institutional customers in the US can trade Deribit options and perpetual futures via Coinbase Prime.

The integration also introduces unified portfolios, enabling institutional clients to manage various assets alongside services like custody, financing, and staking. Spot margin trading is also in the works, with eligible customers able to borrow against collateral to increase spot position sizes. Coinbase has revived Coinbase Pro, planning to relaunch it by the end of 2026 as a professional trading platform covering spot, futures, perpetuals, options, and equities.

The acquisition of Deribit, completed in August 2025 for approximately $2.9 billion, expanded Coinbase's derivatives business globally and provided control over one of the largest cryptocurrency options venues. Former Coinbase International Exchange institutional clients had their positions and balances automatically migrated to Deribit on October 1, while Deribit users now have access to over 100 additional perpetual contracts and Coinbase spot markets.

Coinbase has also been gradually routing spot trades from Deribit to Coinbase Exchange, starting with selected pairs. Regulatory changes in May allowed Coinbase Financial Markets to connect qualifying US clients with global crypto derivatives markets under the appropriate regulatory framework.