Coinbase finally hands US traders the keys to offshore derivatives — no passport required 🌐

Coinbase has folded Deribit into its platform, opening what it described as a regulated on-ramp for eligible US customers to global crypto derivatives liquidity that has long sat beyond their reach. The integration merges Coinbase's international derivatives business with Deribit and routes US access through Coinbase Financial Markets, the exchange's CFTC-regulated unit.

Coinbase International Exchange balances and positions were migrated to Deribit on Oct. 1. The exchange said crypto derivatives represent roughly 80% of global crypto trading volume, yet US traders have historically been cut off from the deeper options and perpetual futures markets operating offshore. That changed in May, when the CFTC issued guidance permitting Coinbase Financial Markets to connect US clients to global derivatives markets.

Under the new setup, US institutional clients can tap Deribit's options and perpetual futures through Coinbase Prime and Coinbase Financial Markets, removing the need for offshore entities and a separate trading stack. Coinbase said options through Coinbase Prime are expected to launch in the coming weeks, with options for eligible non-US retail traders arriving over the same period and US retail access slated for later this year.

The Deribit deal, first announced in 2025, gives Coinbase direct exposure to one of the largest crypto options venues by open interest at a moment when bitcoin and ether derivatives activity has rebounded alongside spot prices. Coinbase shares the move as part of a broader push to position its US-regulated infrastructure against offshore rivals that have dominated perpetual futures and options trading. The integration also follows Coinbase's CFTC approval for a US derivatives clearinghouse, a step the company has tied to its plan to localize clearing for institutional clients.