Coinbase said on Oct. 7 in a post on its official blog that it has completed the integration of crypto derivatives exchange Deribit and formed Coinbase Global Exchange. The company also said Coinbase Pro will return by the end of this year as a platform built for professional traders.
U.S. and offshore derivatives liquidity brought into one pool
Coinbase said the integration gives traders access to liquidity tied to more than $30 billion in Bitcoin options open interest, measured as of Sept. 30, and more than $1 trillion in trading volume recorded last year. It described the setup as the first time the U.S. and international derivatives markets have been connected through a single liquidity pool.
Options, spot leverage and a unified portfolio system built on Deribit will be introduced over the next few weeks.
CFTC guidance issued in May underpins the structure
Coinbase said the framework is based on guidance issued in May by the U.S. Commodity Futures Trading Commission, or CFTC. Under that guidance, Coinbase Financial Markets, or CFM, became the first and only regulated U.S. futures commission merchant able to connect U.S. clients to global crypto derivatives liquidity across options and perpetual contracts.
Prime access comes first for U.S. institutions, retail options will follow later this year
U.S. institutional clients will be able to trade Deribit’s full suite of options and perpetual contracts through CFM on the existing Coinbase Prime platform. Coinbase said options on Prime will go live in the coming weeks, and account applications are already open.
Eligible traders outside the U.S. will be able to trade options in the coming weeks. U.S. retail clients will have to wait until later this year.
Spot leverage goes up to 10x, with more than 15 collateral assets supported
On spot leverage, eligible traders will be able to use as much as 10x leverage on selected major assets and as much as 5x on other supported assets. More than 15 assets can be posted as collateral. In the U.S., that offering will only be available to eligible contract participants.
Coinbase also said it has launched a new matching engine and a simplified onboarding flow for retail users. The company has also adjusted fee tiers on Coinbase Advanced by combining spot and derivatives trading volume, with the lowest tier applying from $10,000 in trading volume.
Coinbase Pro to return as the professional venue inside a one-stop exchange
Coinbase said Coinbase Pro will return by year-end and will serve as the professional trading platform within what it described as its one-stop exchange.
According to the company, the new version of Pro has been rebuilt from the ground up, with faster order routing, improved execution workflows and advanced tools. It is aimed at high-volume active traders running complex strategies across markets. A waitlist is already open, and more details will be released later.