Coinbase Financial Markets has begun offering U.S. institutional clients access to global crypto options and perpetual futures markets through a regulated futures commission merchant, including connectivity to Deribit's crypto options platform.
Coinbase said the launch follows guidance from the Commodity Futures Trading Commission (CFTC) that allows a regulated futures commission merchant to connect U.S. 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. CoinGlass data shows Deribit held roughly $31 billion in Bitcoin options open interest on May 27, compared with $2.7 billion on OKX, $1.8 billion on Binance, and $1.2 billion on Bybit.
According to Friday's announcement, institutional clients can begin onboarding immediately, while broader access, including retail, is expected to follow later.
The launch comes months after the U.S. Securities and Exchange Commission and CFTC said they would explore ways to bring perpetual futures trading onshore. In a joint statement published in September 2025, the agencies said perpetual contracts had been largely confined to offshore crypto markets due to regulatory and jurisdictional constraints. The agencies added that they could consider steps to "onshore perpetual contracts" and bring activity "now flowing exclusively to foreign platforms" back to regulated U.S. markets.
Since then, U.S. derivatives venues have steadily expanded their crypto offerings. Earlier this month, CME Group announced plans to launch a crypto index futures contract tracking a basket of seven cryptocurrencies, including Bitcoin (BTC), Ether (ETH), 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 settle to a 30-day measure of expected Bitcoin volatility derived from CME options markets.
Other U.S. 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 U.S.-regulated futures contracts tied to Injective's INJ token, following a similar launch for Aptos (APT) in January.
On Friday, CFTC staff issued guidance on 24/7 trading, clearing, and settlement, saying crypto asset derivatives may be particularly well suited to round-the-clock markets.