Coinbase said on May 29 that Coinbase Financial Markets now gives eligible U.S. institutional clients a regulated path into global crypto derivatives markets, beginning with Deribit options. The company described the unit as the first U.S.-regulated futures commission merchant to offer access to global crypto derivatives, including perpetual futures and options.
The rollout follows action by Commodity Futures Trading Commission staff tied to products listed on Deribit FZE, Coinbase’s affiliated foreign board of trade. Coinbase said institutional clients can start onboarding through Coinbase Financial Markets immediately, while retail access is planned for a later stage.
Deribit options come first in the initial phase
Coinbase said the first phase centers on Deribit options, with crypto perpetual futures, additional collateral choices, and other derivatives products expected later. The company presented the launch as a way for U.S. institutions to reach markets that have been active offshore for years.
According to Coinbase, crypto derivatives make up about 80% of global crypto trading volume. The company also cited Deribit data showing more than $31 billion in bitcoin options open interest as of May 28. Coinbase said this access can support hedging, volatility trades, and BTC-linked basis strategies for trading firms. It added that U.S. clients had previously lacked a regulated route into what it described as a market with annual trading volume in the multi-trillions of dollars.
CFTC staff positions support the market structure
The regulatory structure relies on CFTC staff views related to foreign futures and margin arrangements. In its letter, CFTC staff said certain crypto asset perpetual contracts described in the request may qualify as foreign futures under Commission Regulation 30.1, provided the listed conditions are met.
Staff also issued a no-action position covering certain transfers of customer-owned digital commodities and payment stablecoins to a foreign broker affiliate for margin purposes. The letter said that position remains subject to specific conditions.
The report also said Coinbase closed its $2.9 billion acquisition of Deribit in August 2025, after announcing the deal earlier that year. Coinbase said Deribit handled more than $185 billion in trading volume in July 2025 and held about $60 billion in open interest on its platform at that time. Market reports have also linked Deribit to major bitcoin options expiries, where large positions can influence short-term trading around strike prices and expiry dates.
Institutional funding rails expand beyond derivatives
The derivatives launch also lines up with Coinbase’s recent push to broaden fiat funding access for institutions. Earlier coverage noted that Coinbase expanded its partnership with Standard Chartered to increase currency access for institutional clients across global markets.
The integration added funding rails for AUD, SGD, CAD, and CHF, and introduced GSIB-backed settlement for EUR and GBP. Coinbase said the service is available through Coinbase Prime and Coinbase Exchange, helping institutions move capital across spot, derivatives, and financing strategies without requiring every position to be denominated in one base currency.