Coinbase Financial Markets now offers US institutional investors direct access to global crypto options and perpetual futures markets via a regulated futures commission merchant (FCM). This expanded service connects clients with Deribit, the largest global crypto options exchange by open interest, under a framework compliant with Commodity Futures Trading Commission (CFTC) regulations.
This launch follows recent CFTC guidance permitting regulated FCMs to link domestic investors with offshore crypto derivatives liquidity. According to Coinbase, it is the first CFTC-registered FCM to provide such global access, marking a significant step in integrating US institutions into broad crypto derivatives markets traditionally concentrated outside the United States.
Deribit, acquired by Coinbase as part of its derivative expansion strategy, holds a dominant position in crypto options, with open interest far surpassing competitors like OKX, Binance, and Bybit. Institutional clients can already begin onboarding, while broader access, including retail participation, is expected later.
This development aligns with regulatory efforts from the CFTC and the Securities and Exchange Commission (SEC) to bring perpetual futures trading onshore. In a joint statement issued months earlier, both agencies acknowledged that perpetual contracts primarily operated on foreign platforms and indicated openness to onshoring these products under a regulated framework.
US crypto derivatives markets have grown steadily as regulated venues introduce new products. Recently, CME Group announced plans to launch a multi-cryptocurrency index futures contract and unveiled Bitcoin Volatility futures scheduled for early June. Other platforms, such as Kraken's parent Payward, have acquired regulated derivatives businesses and begun offering futures tied to tokens like Injective and Aptos.
In tandem, CFTC staff released guidance supporting 24/7 trading, clearing, and settlement of crypto derivatives, noting the potential advantages of continuous markets for digital asset products. This guidance complements Coinbase’s new offering, facilitating more robust and regulated access to a previously offshore-dominated market.