Coinbase Finishes Deribit Integration, Pooling US and Global Derivatives Into One Book
Coinbase has finished folding Deribit into its own trading stack, and the accounts have already moved.
What actually changed
Coinbase's migration guide dates the transfer of accounts, positions and balances to October 1. Eligible International Exchange clients can now trade listed bitcoin and ether options alongside perpetuals and dated futures, on one venue instead of two.
Coinbase Bermuda Limited brokers and custodies those accounts, routes the orders to Deribit for execution and remains the primary counterparty. For years, global crypto derivatives were roughly 80% of total crypto trading volume, yet US firms had no compliant, regulated route into that liquidity.
How the collateral works
Migrated International Exchange accounts default to Cross Standard Margin, which pools collateral currencies inside one account. Your bitcoin can back an ether-settled position. Margin is still calculated per position and then added together, and haircuts and collateral fees apply when the collateral asset and the settlement currency differ.
Coinbase frames the combined venue as the Coinbase Global Exchange, pointing to over $30 billion in bitcoin options open interest as of September 30 and more than $1 trillion in trading volume last year.
US traders wait their turn
Deribit's direct-platform restrictions still include the United States. US Coinbase Prime clients get a separate rollout: onboarding for options through Coinbase Financial Markets is open, with trading expected in the fourth quarter.
Options roll out for eligible traders outside the US in the coming weeks, with US retail access coming later this year. Coinbase Pro also returns at the end of the year as a professional-grade platform for spot, futures, perpetuals, options and equities under one roof.
Why this matters if you trade
Liquidity that used to sit in two separate places is now in one book, behind one collateral pool and one account. The detail worth studying is margin mode: cross standard pools everything, while portfolio margin or segregated modes change how much collateral your positions actually require.