Coinbase completed its Deribit integration after an Oct. 1 account migration, creating a regulated pathway for eligible US institutions to access derivatives markets that represent roughly 80% of global crypto trading volume. The migration transferred Coinbase International Exchange accounts, balances and positions to Deribit on Oct. 1. Options trading through Coinbase Prime is expected in the coming weeks, with US retail access planned later. CFTC staff relief granted in May permits access to specified offshore derivatives under defined conditions. Under the new structure, US institutions will reach Deribit’s options and perpetual futures via Coinbase Prime and Coinbase Financial Markets, using their existing Prime relationship rather than onboarding separately with the foreign exchange. Eligible US-based Prime clients can begin onboarding now, with options on Bitcoin, Ethereum and other assets becoming available when trading access launches. Coinbase directs clients to their account managers for eligibility checks, onboarding requirements and timing. Existing spot trading and account relationships remain unchanged for Prime customers. The company notes that US institutional options access follows a separate timetable from the completed International Exchange migration. Non-US retail customers will receive options access in the coming weeks, while American retail customers are scheduled for a later phase during 2026. Coinbase states that derivatives account for roughly 80% of worldwide crypto trading volume and that US customers have historically lacked a regulated route to much of the options and perpetual futures activity conducted overseas. CFTC staff relief established the US regulatory route in May. Earlier, Coinbase secured USDC clearinghouse registration on Sep. 28, with Coinbase Clearing LLC registered to clear fully collateralized futures, options on futures and swaps. The clearinghouse will use USDC collateral and support settlement around the clock. Coinbase described the approval as completing its “end-to-end derivatives infrastructure,” alongside its regulated exchange and futures brokerage. The company also filed Form 1-N for security futures exchange registration and Form BD-N for limited-purpose security futures broker-dealer registration, though the filings did not specify a launch date, supported stocks or proposed leverage limits. Prior to the integration, Coinbase completed its $2.9 billion acquisition of Deribit in August 2025. Deribit had handled more than $185 billion in July 2025 trading volume and held about $60 billion in open interest at the time of acquisition. The Oct. 1 migration moved accounts and recreated positions, canceling open perpetual futures orders, settling positions at the mark price and transferring resulting balances. Coinbase then recreated positions at the same settlement price through matched migration trades, a process that took about 60 minutes. Institutional clients were instructed to replace their International Exchange trading connections with the combined platform’s endpoints. Historical International Exchange records remain accessible for a limited period, though that trading history does not appear on the combined platform. For customers trading perpetuals through Coinbase’s app or website, the transfer occurred automatically, with positions settled and recreated during the process. Coinbase charged no trading or settlement fees for that transition.