The combined derivatives business is now called Coinbase Global Exchange, and the company says it links US and international markets in one liquidity pool for the first time. Perpetual futures moved onto Deribit on October 1 and the rebuilt Pro is due by the end of the year.
Coinbase said this week that it has finished integrating Deribit, the options exchange it bought for about $2.9 billion in a deal that closed in August 2025, and that the combined derivatives business now trades under the name Coinbase Global Exchange. Coinbase Pro, a name the company is reviving for a rebuilt professional platform, follows by the end of 2026.
Coinbase describes Coinbase Global Exchange as one venue carrying Deribit-powered options, spot margin and unified portfolios, and says eligible US institutional clients can now reach international crypto derivatives markets that previously took offshore arrangements and separate counterparties to access. Options, spot margin and unified portfolios arrive over the coming weeks rather than at once, Unchained reported.
"For the first time in market history, we are connecting U.S. and international derivatives markets into a single liquidity pool," the company said, adding that "the era of using VPNs to execute complex strategies across multiple exchanges is over." Neither The Block nor Unchained attributed those lines to a named executive, and both describe Coinbase's account of its own venue. Coinbase published no volume or open interest figure for the merged business, so there is nothing yet to measure the single pool against.
Fourteen months separate the two dates the company has now put on this deal: the August 2025 close and the integration it says is complete in October 2026. That is how long Coinbase owned Deribit while running it alongside its own derivatives business rather than inside it.
The dates underneath the announcement are firmer than the framing. Perpetual futures moved off Coinbase International Exchange and onto Deribit on October 1. Crypto Briefing reports that spot margin arrives with leverage of up to 10 times on major assets and 5 times on others, and that access opens to US institutional clients first, then to eligible non-US traders for options, then to US retail customers later this year. That sequence and those leverage figures appear in one report rather than across several.
What makes the US half of the connection possible, according to those reports, is guidance the Commodity Futures Trading Commission issued in May 2026, which allows Coinbase Financial Markets to route US clients to overseas derivatives through the company's Bermuda unit. The guidance was not available to read for this article, so its scope and its conditions are described here only as the reports describe them.
Coinbase put Deribit's trading volume above $1 trillion over the past year and its bitcoin options open interest above $30 billion as of September 30. That open interest reading is the company's own. When this site reported in April that options on BlackRock's bitcoin ETF had overtaken Deribit, Deribit stood at $26.90 billion against the fund's $27.61 billion, as tracked by the volatility analytics firm Volmex. The two figures come from different providers five months apart, so the gap between them does not measure growth cleanly.
The rebuilt Coinbase Pro is listed as supporting spot, futures, perpetuals, options and equities, and none of the reports says which equities product that means. Coinbase Derivatives filed to list perpetual futures on individual US stocks with the CFTC on September 18, as security futures under Rule 41.23(b), and the regulator's docket showed that filing as approval pending. Any single-stock perpetual on Pro therefore sits behind a request the agency had not granted as of that date.
Coinbase has not said what becomes of the Deribit name now that the integration is done, and none of the reports read for this article addresses it. The exchange's name is still on the platform that Coinbase's perpetual futures moved to last week.
