Coinbase agreed to pay about $2.9 billion for Deribit, the largest crypto options venue, and closed the deal in August 2025. On Tuesday it said what the purchase was for.
The two businesses are being combined into what the company calls Coinbase Global Exchange, The Block reported. On top of it sits a revived Coinbase Pro, a brand the company shut down in 2022 and finished migrating users away from in November 2023.
The new Pro is due by the end of 2026. It is meant to put spot, futures, perpetuals, options and equities in a single interface.
Spot margin trading comes with it, at up to 10x leverage on major assets and up to 5x on others.
The scale is in the options. Deribit held more than $30 billion in bitcoin options open interest at the end of September and handles about $1 trillion in volume a year. American traders have largely been shut out of that market.
The rollout is staggered. Eligible traders outside the United States get options access in the coming weeks, as do US institutions through Coinbase Prime. US retail customers are told only that it will be later this year. The Block ties the American access to CFTC guidance issued in May.
The timing is competitive. Robinhood said last week it would offer perpetual futures at up to 10x, and OKX has just filed with the owner of the NYSE to trade tokenised stocks around the clock.
What Coinbase announced is mostly a schedule. Nearly every piece is described as expected, not live, and there is no figure for how many US customers will qualify for options or what collateral 10x leverage will demand of them. Reviving a brand name is the easy part.
