Coinbase Financial Markets has begun offering US institutional clients access to the global crypto options and perpetual futures markets through a regulated futures commission dealer, including linking to Deribit’s crypto options platform.
Coinbase said the launch follows Commodity Futures Trading Commission (CFTC) guidelines that allow the regulated futures trader to connect US customers with global crypto derivatives liquidity. The company said Coinbase Financial Markets is the first CFTC-regulated futures commission trader to offer such access.
Deribit, which was acquired by Coinbase in August 2025 as part of its expansion into crypto derivatives, is the largest crypto options exchange by open interest.
CoinGlass data shows that Deribit held approximately $31 billion in open interest in Bitcoin options on May 27, compared to $2.7 billion on OKX, $1.8 billion on Binance and $1.2 billion on Bybit.
Bitcoin Options Open Interest. Source: CoinGlass
According to Friday’s announcement, institutional clients can begin the integration immediately, while broader access, including retail, is expected to follow later.
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Crypto derivatives have moved deeper into regulated US markets
The launch comes months after the US Securities and Exchange Commission and CFTC said they would explore ways to bring permanent onshore futures trading. In the wrist statement published in September 2025, the agencies said that permanent contracts were mostly limited to offshore crypto markets due to regulatory and jurisdictional restrictions.
The agencies added that they could consider steps toward “permanent onshore contracts” and return activities “now flowing solely through foreign platforms” to regulated U.S. markets.
Source: SEC/CFTC
Since then, derivatives markets in the US have steadily expanded their crypto offerings. Earlier this month, CME Group announced plans to launch a futures contract for a crypto index that tracks a basket of seven cryptocurrencies, including Bitcoin (BTC), Ether (ETG), Solana (SOL), and XRP (XRP).
The announcement comes days after Chicago-based CME unveiled Bitcoin Volatility futures, a regulated crypto derivatives product set to launch on June 1. Futures will be set on a 30-day measure of expected Bitcoin volatility derived from the CME Options Market.
Other US crypto exchanges are also expanding their derivatives business. In May, Kraken’s parent company Payward completed the acquisition of Bitnomial, a CFTC-regulated derivatives platform that earlier this year launched the first US-regulated futures contracts tied to Injective’s INJ ( INJ ) token, following a similar launch for Aptos ( APT ) in January.
On Friday, CFTC staff issued guidelines on 24/7 trading, clearing and settlement, saying that crypto-asset derivatives may be particularly suitable for 24-hour markets.
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