Coinbase’s $2.9B Deribit Buy Unleashes 24/7 U.S.-Regulated BTC & ETH Futures

Key Takeaways:

• Coinbase Derivatives LLC (CDE) now allows round-the-clock trading of Bitcoin and Ethereum futures contracts, becoming the first exchange under CFTC oversight.
• The futures contracts are cleared through Nodal Clear and launched in partnership with top financial firms, including Virtu Financial, ABN AMRO, and Wedbush.
• The launch follows Coinbase’s $2.9B Deribit acquisition and indicates its push to introduce U.S.-regulated perpetual futures domestically and globally.

The cryptocurrency exchange Coinbase officially launched 24/7 trading for Bitcoin and Ethereum futures on May 9, marking a major shift for the American derivatives market. With this launch, Coinbase will become the first CFTC-regulated exchange in the United States to offer uninterrupted access to crypto futures contracts.

Coinbase Derivatives LLC (CDE) now allows round-the-clock futures trading covering nights, weekends, and holidays.

According to the announcement, the move allows U.S. traders to respond instantly to crypto market developments at any hour, something that was previously restricted due to traditional market hours.

By aligning with the always-on nature of digital assets, Coinbase seeks to address a long-standing disconnect between the volatile global crypto markets and the time-limited trading frameworks in the U.S.

Until now, derivatives products regulated by the Commodity Futures Trading Commission (CFTC) were largely confined to weekday trading sessions.

24/7 trading for futures is here in the US.

Trade Bitcoin and Ethereum futures on your time — any hour, any day. The market doesn’t sleep, and now, neither do your opportunities.

Next up: Perpetual futures. Stay tuned. pic.twitter.com/q4OXMjr8pn

The product supports both institutional-grade and retail-sized contracts, expanding access for a wide range of traders. Coinbase further noted that clearing for these contracts will be handled by Nodal Clear, a CFTC-regulated clearinghouse, ensuring full compliance and risk transparency.

The exchange has also brought on key partners for this launch, including market maker Virtu Financial and Futures Commission Merchants such as ABN AMRO, Wedbush Securities, and Coinbase Financial Markets.

The plan to launch 24/7 Bitcoin and Ethereum futures trading for U.S. users was first unveiled in March of this year.

24/7 trading access to Bitcoin & Ethereum futures is coming to the US .

No market hours. No waiting. No missed opportunities.

And this is just the beginning. US perpetual futures are next. pic.twitter.com/PCsRG1EdVL

The 24/7 trading launch is part of Coinbase’s larger derivatives strategy, which includes plans to introduce regulated perpetual-style futures to the U.S.

These perpetual-style futures, common in offshore markets, offer continuous trading without expiry and are especially popular among crypto traders.

Andy Sears, CEO of Coinbase Financial Markets, called the development a “game-changer” for the industry. “Coinbase is thrilled to provide seamless, around-the-clock access to futures trading, empowering our customers to trade anytime on Coinbase Advanced,” he said.

With this launch, Coinbase strengthens its presence in U.S. derivatives and indicates growing momentum behind regulated crypto products.

Just a day before launching its new 24/7 Bitcoin and Ether futures trading, Coinbase confirmed it acquired crypto options exchange Deribit in a $2.9 billion deal, marking the largest acquisition in crypto to date.

The agreement, expected to close by the end of 2025 pending regulatory approvals, will add Deribit’s options and perpetuals platform to Coinbase’s growing suite of derivatives products.

@Coinbase announces acquisition of @DeribitOfficial to “significantly advance” its derivatives business and "enhance" profitability. #Crypto #Coinbase #Deribithttps://t.co/mS9588DS8a

The acquisition consists of $700 million in cash and 11 million shares of Coinbase Class A stock. The move brings Coinbase closer to its goal of offering spot, futures, perpetuals, and options trading under one unified, capital-efficient platform.

The timing also aligns with a broader surge in derivatives activity. In April alone, Bitcoin futures volumes reached $1.9 trillion, with $22.1 billion flowing through Deribit.

@coinbase reported $2B in Q1 revenue, up 24% year-on-year, as profit plunged on higher expenses and asset markdowns.#Coinbase #COINhttps://t.co/ihattN61CS

Coinbase’s Q1 results showed growing demand for non-transaction services, with its subscriptions and services revenue up 37% year-on-year to $698.1 million.

Rival exchange Kraken is also scaling its derivatives play, launching leveraged forex perpetuals and expanding in the UK, demonstrating the intensifying race for global derivatives dominance in 2025.

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