Coinbase says it plans to bring back the Coinbase Pro brand before the end of the year after completing its integration of Deribit, a move designed to combine spot trading, crypto derivatives, options and equities under what the company calls the Coinbase Global Exchange.
The planned platform would give eligible U.S. clients access to global crypto derivatives liquidity through Coinbase Financial Markets, Coinbase’s U.S.-regulated futures commission merchant. Coinbase said the arrangement is intended to connect U.S. and international derivatives activity within a shared liquidity pool, addressing a market structure that has often forced U.S. institutions to use separate venues and counterparties for products available offshore.
The relaunch marks a major expansion of Coinbase’s product offering for advanced traders. Coinbase Pro is expected to support spot markets, futures, perpetual futures, options and equities, while also incorporating unified portfolios and spot margin. The company has not provided a full launch timetable for every feature, but said several Deribit-powered products would arrive in the coming weeks.
Deribit options move closer to U.S. clients
The centerpiece of the integration is access to Deribit’s options market, one of the largest venues for Bitcoin and Ethereum options. Coinbase acquired Deribit for approximately $2.9 billion in August 2025, according to the company.
Coinbase said Deribit had more than $30 billion in Bitcoin options open interest as of September 30 and processed more than $1 trillion in trading volume during the previous year. Open interest measures the value of contracts that remain active and have not yet been settled or closed, making it a useful gauge of participation in the options market.
Options give traders the right, but not the obligation, to buy or sell an asset at a pre-agreed price by a specified date. They are commonly used by institutions to hedge positions, generate yield strategies or place views on volatility without directly buying or selling the underlying cryptocurrency.
Eligible institutional clients in the United States will be able to trade Deribit options and perpetual futures through Coinbase Prime, the company’s institutional platform. Coinbase said onboarding is already open, with options trading expected to become available in the coming weeks.
Retail access in the U.S. is expected later this year. Eligible users outside the U.S. are due to receive options access sooner, according to Coinbase.
CFTC guidance underpins the U.S. structure
Coinbase linked the rollout to guidance issued by the Commodity Futures Trading Commission in May. The company said the guidance allows Coinbase Financial Markets to connect U.S. customers to global cryptocurrency derivatives markets through its regulated futures commission merchant structure.
That framework could simplify an area of the market that has remained fragmented for U.S. institutions. Firms seeking crypto options or perpetual futures exposure have frequently relied on offshore affiliates, multiple trading relationships and separate collateral accounts. Coinbase’s proposed setup would place trading, custody, financing and staking services closer together under its own institutional infrastructure.
The structure does not mean every client or product will qualify automatically. Access remains limited to eligible users and depends on the applicable jurisdiction, account type and product rules. Perpetual futures and options carry significantly different risks from spot trading, particularly where leverage or rapidly changing collateral requirements are involved.
Coinbase Financial Markets is registered with the CFTC as a futures commission merchant. Such firms can accept orders and customer funds for trading in futures and certain derivatives markets, subject to U.S. regulatory requirements.
Margin trading and unified portfolios broaden the offering
Coinbase also plans to introduce spot margin trading, allowing eligible traders to borrow against collateral to increase the size of spot positions. The company said leverage could reach 10 times on selected major assets and five times on other supported assets.
Margin can make capital more efficient for active traders, but it also raises liquidation risk. If the value of collateral falls or a leveraged position moves sharply in the wrong direction, traders may be required to add funds or have their positions closed. Those mechanics become especially relevant in cryptocurrency markets, where price movements can be large within short periods.
Unified portfolios are intended to make collateral management less cumbersome for clients using more than one product type. Rather than maintaining fully separate balances across spot and derivatives accounts, users may be able to manage capital through a consolidated portfolio structure, subject to Coinbase’s eligibility and risk rules.
Coinbase said the initial rollout will also include options powered by Deribit and spot margin capabilities. The company did not disclose which assets will qualify for the highest leverage limits or provide detailed collateral schedules in its announcement.
Coinbase Pro returns after a two-year absence
Coinbase Pro was shut down in 2022 as Coinbase moved advanced trading functions into its main consumer application. The migration to Coinbase Advanced was completed in November 2023, consolidating basic and advanced tools under one brand and interface.
Reviving the Pro name while folding Deribit’s derivatives infrastructure into the business suggests Coinbase sees a separate identity for more sophisticated trading activity as commercially useful. The planned product reaches beyond the earlier Coinbase Pro model, which focused primarily on advanced spot trading features such as order books, charting and lower-fee execution.
The company said it has also deployed a new matching engine, shortened onboarding procedures and adjusted fee tiers for Coinbase Advanced. A matching engine is the system that pairs buy and sell orders; its reliability and speed can affect execution during volatile periods.
New fee tiers begin at $10,000 in qualifying volume and will include both spot and derivatives trading, Coinbase said. Combining volume across product categories could be particularly relevant for clients that trade spot markets for inventory or hedging while using futures and options to manage directional exposure.
Clients using application programming interface connections will need to update connection keys before November, Coinbase said, as part of the platform transition. The change places technical preparation alongside the commercial rollout, particularly for institutional users and algorithmic traders whose systems connect directly to exchange infrastructure.
Coinbase’s plan would place a substantial options business inside a U.S.-listed crypto company’s trading network while extending regulated access to products that have largely developed outside the United States. Its success will depend on how quickly eligible clients adopt the combined venue, how smoothly liquidity is connected across jurisdictions, and whether the new Pro platform can meet the execution and collateral-management demands of derivatives traders.
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