Coinbase (NASDAQ: COIN) says the long-planned combination of its own markets with Deribit is finished, and that the result is a new venue it calls Coinbase Global Exchange.
In a company blog post dated October 6, 2026, Coinbase said the completed integration will soon give traders access to a book that, as of September 30, held more than $30 billion in bitcoin options open interest and that processed more than $1 trillion in volume over the prior year.
The same post sets the return of Coinbase Pro for the end of 2026, positioning it as the professional layer of what the company calls its Everything Exchange.
The structural claim is about access, not just branding. Coinbase wrote that, for the first time, US and international derivatives markets are being joined into one liquidity pool.
Coinbase Financial Markets, its US futures commission merchant, is the channel for that connection.
The company ties the opening to guidance the Commodity Futures Trading Commission (CFTC) issued in May 2026, which it says made Coinbase Financial Markets the first and only US-regulated futures commission merchant able to link American clients to global crypto derivatives liquidity, covering both options and perpetual futures.
Coinbase argues that the conditions in that guidance require a mix of regulatory standing and corporate structure that only it currently meets.For institutions, the practical path runs through Coinbase Prime.
US institutional clients are expected to reach Deribit’s full options suite and perpetual futures on the same Prime account already used for spot, futures, custody, financing, and staking.
Onboarding is open now, with options through Prime due in the coming weeks.
Assets stay in Coinbase’s institutional custody, and the firm says the regulatory framework is already in production.
Coinbase contrasts that with the older setup, in which US institutions often needed offshore entities, several counterparties, and separate venues to reach the same products.Individual access is staggered.
Eligible traders outside the United States are due to receive options in the coming weeks.
US retail options access is planned later this year. Coinbase says the period of using virtual private networks to stitch complex strategies across multiple exchanges is over.
The retail experience it describes is a single account on a new high-performance matching engine, with derivatives held together under cross-portfolio margin so offsetting positions can reduce the collateral tied up in open trades.
Advanced Trade is also adding a strategy builder that turns a market view into multi-leg orders executed in one step, plus payoff diagrams, breakeven levels, greeks, funding costs, and order-book depth beside the order screen.Other product changes sit on the same timetable.
Spot margin is rolling out for eligible customers, with leverage of up to 10 times on selected major assets and up to 5 times on other supported assets.
Collateral can be posted in more than 15 assets and remains on Coinbase, and the margin book is meant to sit alongside derivatives so leveraged exposure can be viewed in one place.
Coinbase notes that spot margin is not available in the United States except to eligible contract participants, and that it is not a Coinbase Financial Markets product.
A redesigned retail onboarding flow is meant to shorten the path from signup to a first trade, and revised Advanced fee tiers now start at $10,000 in qualifying volume, counting spot and derivatives together.
Coinbase Pro itself is described as rebuilt rather than restored.
When it returns at year-end, it is meant to offer faster order routing, cleaner execution, and tools aimed at high-volume traders running complex strategies across spot, futures, perpetuals, options, and equities.
A waitlist is open. Availability still depends on jurisdiction and customer eligibility: US derivatives run through Coinbase Financial Markets, while global derivatives in supported jurisdictions are offered by Coinbase Bermuda Ltd.