Coinbase Pro Returns With Deribit, Unlocking $30B Bitcoin Options Liquidity

Key Takeaways:

• Coinbase Pro returns with Spot, Futures, Perpetuals, Options, and Equities by the end of the year.
• Deribit is upgraded and has now added over $30B in Bitcoin options open interest.
• Coinbase is launching a single regulated liquidity pool for U.S. and global crypto derivatives.

User Score

8.7

Coinbase has been building up its advanced trading business around Deribit, and plans for a broader global trading platform that will return in Coinbase Pro later this year.

The company is giving just one account access to derivatives, spot margin, unified portfolios, as well as professional execution tools.

The professional trading interface, Coinbase Pro, will reappear at the end of 2026 as part of Coinbase’s “Everything Exchange” approach.

The re-built platform to accommodate active traders and institutions by providing access to spot, futures, perpetual contracts, options and equities markets from a single platform. According to Coinbase, the new version will feature a higher level of integration of order routing systems, better order execution methods and new tools for advanced volume strategies.

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A spot margin is also coming which will be added for customers who are eligible to use it. Traders will be able to leverage up to 10x on select major assets and up to 5x on other supported assets, and deposit collateral from over 15 different eligible assets.

The margin system will be integrated with the derivatives business and give its users the leverage they want, but in one single portfolio.

The key shift is the integration of Deribit, one of the planet’s largest and most popular platforms for crypto options, which is complete. Deribit adds access to over $30 billion in Bitcoin options open interest as of 30 September and has recorded over $1 trillion in trading volume last year, according to Coinbase.

The company will link all U.S.-based and international crypto derivatives into a single regulated liquidity pool. That could enable institutions to trade in greater markets without needing separate offshore exchanges or multiple counterparties and disparate bundles of collateral.

Along with spot trading, Coinbase Prime will support eligible institutional traders in accessing options and perpetual futuresarket trading powered by Deribit, along with other services such as custody, financing, and staking.

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Over the next few weeks, Coinbase is set to launch Crypto options, spot margin, and combined portfolios. Qualifying traders outside of the U.S. should expect first access to options, followed by access for U.S. retail traders later this year.

The unified portfolio model aims to allow the trader to use it in offsetting risk among their positions, eliminating risk-locked in margin collaterals.

The multi-leg strategy execution, payoff diagrams, Greeks, funding costs, order depth, and liquidity data will also be embedded in the trading interface in Coinbase Advanced.

The outcome, one might say reboot, of the latter is what looks like not so much a return of the previous product but a complete rebuild of the entire global derivatives infrastructure on the platform.

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