Coinbase Financial Markets has begun offering US institutional clients access to global crypto options and perpetual futures markets through a regulated futures commission trader, including connectivity to Deribit’s crypto options platform.
Coinbase said the launch follows guidance from the Commodity Futures Trading Commission (CFTC) allowing a regulated futures commission trader to connect US clients with global crypto derivatives liquidity. The company said Coinbase Financial Markets is the first CFTC-regulated futures commission merchant to offer such access.
Deribit, which Coinbase acquired in August 2025 as part of its expansion into crypto derivatives, is the largest crypto options exchange by open interest.
Data from CoinGlass shows that Deribit had approximately $31 billion in Bitcoin options open interest 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. Fountain: glass coin
According to Friday’s announcement, institutional clients can begin onboarding immediately, while broader access, including retail, is expected to follow later.
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Crypto Derivatives Dig Deeper in US Regulated Markets
The launch comes months after the U.S. Securities and Exchange Commission and CFTC said they would explore ways to bring perpetual futures trading to the country. In a joint statement released in September 2025, the agencies said that perpetual contracts had been largely limited to offshore crypto markets due to regulatory and jurisdictional limitations.
The agencies added that they could consider measures for “perpetual onshore contracts” and bring activity “that now flows exclusively to foreign platforms” back to regulated US markets.
Fountain: SEC/CFTC
Since then, American derivatives centers have steadily expanded their cryptocurrency offerings. Earlier this month, CME Group announced plans to launch a crypto index futures contract that tracks a basket of seven cryptocurrencies, including Bitcoin (BTC), Ether (ETG), Solana (SOL), and XRP (XRP).
The announcement came days after Chicago-based CME unveiled Bitcoin volatility futures, a regulated crypto derivatives product scheduled to launch on June 1. The futures will be set on a 30-day measure of expected Bitcoin volatility derived from the CME options markets.
Other American crypto exchanges have also been expanding their derivatives businesses. In May, Kraken parent Payward completed its acquisition of Bitnomial, a CFTC-regulated derivatives platform that earlier this year launched the first US-regulated futures contracts linked to Injective’s INJ token (INJ), following a similar launch for Aptos (APT) in January.
On Friday, CFTC staff issued guidance on 24/7 trading, clearing and settlement, saying cryptoasset derivatives may be particularly suitable for 24-hour markets.
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