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Coinbase derivatives (incl. Deribit)

by CoinbaseUS

ScalingStage 5 of 5

Deribit integrated after the 2025 deal; US-regulated futures via Coinbase Derivatives.

Updated 29 May 2026Checked 25 Sep0 updates this week

Milestones

Next · Integration of Deribit into Coinbase platforms
  1. Integration of Deribit into Coinbase platformsNowCurrent milestone.

Most important updates

  • 29 May 2026
  • 20 Mar 2026
  • 14 Aug 2025
  • 21 Jul 2025
  • 8 May 2025

Current obstacles

  • Offshore and US books stay separateSince May 2026 US traders reach global perps and options through a CFTC-regulated broker, but Deribit itself stays offshore, splitting liquidity.

Physics limits

  • Leverage amplifies price gapsA 10x position is wiped out by a 10% move. When prices jump faster than liquidation engines can act, losses exceed margin and must be absorbed by insurance funds or other traders.
  • Contracts are only as good as the indexFutures settle against price indexes built from other exchanges. If those venues are thin or halt, the index, and every contract on it, can drift from the true price.

How it works

4 parts
Trading floor in Chicago's Board of Trade building: futures exchanges with a clearinghouse in the middle, like Coinbase Derivatives
Trading floor in Chicago's Board of Trade building: futures exchanges with a clearinghouse in the middle, like Coinbase DerivativesPhoto: Fixedsun · CC0 (opens commons.wikimedia.org)
Perpetuals

Futures that track spot

A perpetual future has no near-term expiry. A funding payment between longs and shorts, every hour or so, pulls its price back toward the spot price.

Margin

Collateral and liquidation

Traders post collateral worth a fraction of the position. If losses eat through it, the exchange closes the position before losses exceed the deposit.

Clearing

A clearinghouse in the middle

On the US exchange a clearinghouse becomes buyer to every seller and holds default funds, so one trader's failure doesn't spread to others.

Options

Deribit's options book

Options give the right, not the obligation, to buy or sell at a set price. Deribit is the largest venue for bitcoin and ether options.

Update log

5 updates

Fri 29 May

  • Major: PressRegulatory

Fri 20 Mar

  • Minor: PressCommercial

Thu 14 Aug 2025

  • Major: PressCommercial

Mon 21 Jul 2025

  • Major: BlogCommercial

Thu 8 May 2025

  • Major: FilingCommercial

About Coinbase

The team behind Coinbase derivatives (incl. Deribit)

Coinbase

Crypto exchange, Base L2, custody, derivatives

Largest US crypto exchange, and custodian for most US spot bitcoin ETFs. It built Base, a rollup on Ethereum, shares USDC income with Circle and bought options exchange Deribit in 2025. On Nasdaq since 2021, in the S&P 500 since May 2025.

  • Base (2023) became the largest Ethereum L2 by transactions and passed L2BEAT's Stage 1 safety bar in 2025.
  • Bought Deribit, the top crypto options exchange, for about $2.9B in 2025.
  • Joined the S&P 500 in May 2025. Holds the coins for most US spot bitcoin ETFs.

coinbase.com (opens coinbase.com)Company profile →

Founded
201214 yrs
Headquarters
United States
Status
Public
Listed
COIN (opens google.com)NASDAQ
Valuation
public
Works in
CryptoTrading & DeFi
Coverage
2 programs · 15 updateslatest 29 May 2026checked 25 Sep
Customers
BlackRock (opens blackrock.com)
Partners
CircleOptimism (opens optimism.io)
People
Brian Armstrong (opens en.wikipedia.org)Co-founder & CEOEmilie ChoiPresident & COOJesse PollakCreator of Base
Primer