Coinbase completes Deribit integration, says Coinbase Pro will return by year-end

Coinbase, the largest U.S. crypto exchange, said it has completed the integration of Deribit, the crypto options exchange it acquired in 2025. In a blog post dated Oct. 7, the company said the combined venue is called Coinbase Global Exchange and that Coinbase Pro, the professional trading platform it closed in 2022, will come back at the end of this year.

A regulated route for U.S. clients into offshore derivatives

Coinbase said its U.S. futures commission merchant, Coinbase Financial Markets (CFM), will soon connect U.S. and international crypto derivatives markets into a single liquidity pool, which it described as a first "in market history." Deribit held more than $30 billion in bitcoin options open interest, or contracts not yet closed out, as of Sept. 30, and processed more than $1 trillion in trading volume last year.

The figure is about the same now. Deribit's public data showed bitcoin options open interest of about 364,200 BTC as of 10:34 p.m. KST on Oct. 7, worth about $30.4 billion at Deribit's bitcoin index price of $83,367 at the same time.

The move rests on guidance from the Commodity Futures Trading Commission (CFTC). According to Coinbase, the CFTC issued guidance in May 2026 allowing CFM to connect U.S. clients to global crypto derivatives liquidity, covering both options and perpetual futures, which have no expiry date. Coinbase said CFM is the first and only U.S.-regulated futures commission merchant (FCM) able to do so. The company said global crypto derivatives have accounted for roughly 80% of crypto trading volume worldwide, but U.S. traders had no compliant, regulated way to take part.

Institutions get options first, U.S. retail later this year

The new features will open in stages depending on client type and region. The timeline set out in the blog post is as follows.

Spot margin lets traders borrow against collateral to buy more on spot markets. Leverage goes up to 10x on selected major assets and up to 5x on other supported assets, and collateral can be posted in more than 15 assets. In the U.S., it is available only to Eligible Contract Participants (ECPs). Coinbase said in its disclosures that trading with borrowed funds increases both gains and losses, and that collateral may be liquidated without notice, so traders can lose more than their initial deposit.

Retail customers will run spot margin and derivatives together in a single account. Offsetting positions are grouped so that less margin, the collateral held against open trades, is tied up. Coinbase Advanced, the trading interface, will include a strategy builder that places multi-leg options orders in one step and a payoff diagram. Coinbase said the era of individual traders using VPNs, tools that mask a user's location, to hop between offshore exchanges is over. U.S. derivatives are offered by CFM, while global derivatives in supported jurisdictions are offered by Coinbase Bermuda, which is licensed by the Bermuda Monetary Authority (BMA).

'Pro' returns after four years

Coinbase Pro was originally Coinbase's platform for professional traders, formerly known as GDAX. On June 22, 2022, Coinbase announced it would shut Pro later that year and move its features to Advanced Trade inside the main app, which used the same fee structure. The new Pro has been rebuilt from the ground up and is meant to offer spot, futures, perpetuals, options and equities trading on one platform. The company said it will add faster order routing and tools for high-volume traders, and it is taking waitlist sign-ups, with more details to come.

Coinbase closed the Deribit acquisition on Aug. 14, 2025. The roughly $2.9 billion price comprised $700 million in cash and 11 million shares of Coinbase Class A stock. Deribit had about $59 billion in open interest at the time. Coinbase also announced revised fees: Advanced Trade users can qualify for lower fee tiers starting at $10,000 in combined spot and derivatives volume.