Coinbase launches regulated crypto derivatives access for US

Coinbase announced that its new subsidiary, Coinbase Financial Markets, is now a CFTC‑regulated futures commission merchant (FCM), allowing US institutional clients to trade global crypto perpetual futures and options, including Deribit’s Bitcoin options market [1].

Key takeaways

• Coinbase Financial Markets is the first US‑registered FCM to offer institutional access to offshore crypto derivatives [1]
• The service connects clients to Deribit, the largest crypto options exchange with about $31 billion of open interest [2]
• Access covers perpetual futures and options, with broader product rollout planned after initial onboarding [1][2]
• The launch follows recent CFTC guidance that permits regulated FCMs to link US clients to global liquidity [1][2]
• Competitors such as CME Group and Kraken are also expanding regulated crypto derivatives offerings in the US [2][3]

Coinbase’s regulated gateway to global crypto derivatives

Coinbase Financial Markets received CFTC approval to operate as a futures commission merchant, a status that enables the firm to provide US institutions with compliant exposure to the offshore derivatives market. The company highlighted that crypto derivatives account for roughly 80 % of global digital‑asset trading volume, and that US traders have previously been unable to access this liquidity within a regulated framework [1]. By leveraging its acquisition of Deribit—acquired in August 2025—Coinbase can route orders to the world’s deepest options venue, where Bitcoin options carry more than $31 billion in open interest, far exceeding other exchanges such as OKX, Binance and Bybit [2].

The initial offering includes access to Deribit’s Bitcoin options and a limited set of perpetual futures contracts. Coinbase said institutions can begin onboarding immediately, while retail participation and additional contracts, collateral support, and more perpetual futures products will be added later [1][2]. The company framed the launch as a solution to the “higher infrastructure cost and counterparty risk” that US firms previously faced when setting up foreign entities to trade derivatives offshore [1].

Competitive landscape and regulatory context

Coinbase’s move arrives as US regulators have signaled a shift toward on‑shoring crypto derivatives. In September 2025, the SEC and CFTC announced they would explore ways to support perpetual futures trading within regulated US markets, noting that such contracts had largely remained on offshore platforms due to jurisdictional constraints [2]. Other market participants are responding: CME Group plans to launch crypto index and volatility futures, and Kraken’s parent Payward completed its Bitnomial acquisition, giving Kraken a CFTC‑licensed venue to offer regulated Bitcoin perpetual futures within 30 days for eligible institutional clients [2][3].