U.S. institutional investors can now access global crypto options and perpetual futures markets through Coinbase Financial Markets, the company announced. The launch follows guidance from the Commodity Futures Trading Commission and uses a CFTC-regulated futures commission merchant to connect clients to international liquidity venues, including Deribit.
Derivatives account for ~80% of global crypto volume; US institutions lacked compliant access
Coinbase said crypto derivatives represent roughly 80% of global crypto trading volume. Previously, U.S. institutions had no regulated pathway to participate in most of those markets. Many set up offshore entities to tap perpetual futures and options liquidity, adding operational complexity and counterparty risk.
Coinbase Financial Markets is now the first CFTC-regulated FCM authorized to link U.S. clients with global crypto derivatives venues. Institutions can access international markets through a single regulated platform.
CEO Armstrong: U.S. traders were locked out
Coinbase CEO Brian Armstrong said U.S. traders had been largely locked out of the global crypto derivatives market. He added that Coinbase now provides regulated access to crypto options and perpetual futures liquidity, including Deribit’s options market.
With the framework in place, Coinbase has already launched access to Deribit options through Coinbase Financial Markets. Additional contracts and collateral types are planned. Perpetual futures are expected after the initial rollout phase. Institutional onboarding has started immediately.
Deribit holds over $31B in Bitcoin options open interest
The integration puts a significant portion of global crypto options liquidity within reach of eligible U.S. institutions. Coinbase noted that Deribit currently holds more than $31 billion in Bitcoin options open interest.
The rollout adds another market segment to Coinbase’s trading infrastructure, which already includes equities, futures, and prediction markets. Broader access — including retail — is under development and will arrive later. Coinbase thanked CFTC Chairman Mike Selig and the agency for supporting a regulated framework that gives U.S. institutions a compliant route to international options and perpetual futures liquidity.