Deribit is sitting on nearly $30 billion in open bitcoin options positions — and that market just officially became part of Coinbase.
On October 6, Coinbase announced it had finished integrating Deribit and launched a single venue called Coinbase Global Exchange. For the first time in market history, the platform pools U.S. and international derivatives into one liquidity pool: spot, futures, perpetuals, options and even equities, all through one account, alongside custody, financing and staking.
The deal dates back more than a year. In August 2025, Coinbase bought Deribit for $2.9 billion — then the world's largest bitcoin options venue, which processed over $1 trillion in volume that year. On October 1, clients of the old Coinbase International Exchange were migrated onto Deribit's infrastructure, and the legacy platform switched to read-only mode.
At the same time, Coinbase is reviving the Coinbase Pro brand — a version built for active traders, with faster order routing and advanced execution tools, retired years ago in favor of Advanced Trade. The new Pro is set to launch by year-end, while spot margin trading goes live with up to 10x leverage on major assets and up to 5x on the rest.
Access isn't rolling out evenly. Non-U.S. traders get options in the coming weeks, U.S. institutional clients get them around the same time through Coinbase Financial Markets, and ordinary American users have to wait until later this year. That gap isn't an accident: Deribit spent years operating under light-touch offshore oversight, while Coinbase answers to the CFTC and SEC, and merging the two regimes into one liquidity pool can't happen overnight.
For the market, the takeaway is simple: Coinbase can now offer institutions something that used to live mostly on offshore venues like Binance or Bybit — deep options liquidity inside a U.S.-regulated perimeter. Whether that liquidity holds once retail traders get in is a separate question.
