Coinbase Opens CFTC-Regulated Global Crypto Derivatives Access to U.S. Institutions

Coinbase says U.S. institutional investors can now tap global crypto derivatives markets through Coinbase Financial Markets, using a Commodity Futures Trading Commission (CFTC)-regulated route that connects clients to international liquidity venues such as Deribit. The company said crypto derivatives represent roughly 80% of global crypto trading volume, yet U.S. institutions have long lacked a regulated way to participate in many offshore perpetual futures and options markets. That gap pushed some firms to set up offshore entities, adding operational complexity and increasing counterparty risk. Coinbase Financial Markets has now been authorized as a CFTC-regulated futures commission merchant to provide U.S. clients with compliant access to global crypto derivatives venues. Coinbase said institutional onboarding has begun. CEO Brian Armstrong wrote that U.S.-based traders had been shut out of around 80% of global crypto markets—perpetual futures and options—until now. He said Coinbase is providing regulated access to crypto options and perpetual futures liquidity, including Deribit's options market. Deribit options access is already live via Coinbase Financial Markets. Coinbase said additional contracts and collateral types will be added, with perpetual futures products expected after the initial rollout phase. The company noted Deribit currently has more than $31 billion in Bitcoin options open interest. Coinbase framed the rollout as an extension of its broader trading infrastructure, which it said already supports equities, futures, and prediction markets. Retail access to the new derivatives connectivity is planned for later phases. Coinbase also credited CFTC Chairman Mike Selig and the agency for supporting a regulated framework that, it said, gives U.S. institutions a compliant path to international options and perpetual futures liquidity.