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As Coinbase opens access to global crypto options and perpetual futures markets for US institutional investors, the trend of offshore-centric derivatives liquidity flowing into US regulatory jurisdiction is accelerating.
According to crypto media outlet Cointelegraph on May 29 (local time), Coinbase Financial Markets has begun providing US institutional clients with access to global crypto options and perpetual futures markets through a regulated Futures Commission Merchant (FCM) structure. This service also includes a connection to the Deribit crypto options platform.
Coinbase stated that this launch is in accordance with guidelines from the US Commodity Futures Trading Commission (CFTC). These guidelines allow regulated FCMs to connect US customers with global crypto derivatives liquidity. Coinbase explained that Coinbase Financial Markets is the first CFTC-regulated FCM to provide such access.
Deribit is an exchange acquired by Coinbase in August 2025 to expand its crypto derivatives offerings. It is considered the largest crypto options exchange by open interest. According to CoinGlass data, Deribit held approximately $31 billion in Bitcoin (BTC) options open interest as of May 27. By the same standard, OKX had $2.7 billion, Binance had $1.8 billion, and Bybit had $1.2 billion.
Institutional clients can begin onboarding immediately, with broader access, including for retail investors, to be provided at a later date. Cointelegraph reported that this move is part of a broader trend to bring the global crypto derivatives market deeper into US regulatory jurisdiction.
In a joint statement in September 2025, the US Securities and Exchange Commission (SEC) and CFTC announced that they would review options for bringing perpetual futures trading into the US. The two agencies explained that due to regulatory and jurisdictional issues, perpetual contracts have mostly remained in offshore crypto markets, and they may consider measures to bring trading activity that has flowed to foreign platforms back into the US regulated market.
US derivatives exchanges are also continuing to expand their crypto offerings. CME Group announced earlier this month plans to launch crypto index futures contracts tracking a basket of seven cryptocurrencies, including Bitcoin, Ethereum (ETH), Solana (SOL), and XRP. Additionally, on June 1, it plans to launch Bitcoin Volatility Futures, settled against a 30-day expected Bitcoin volatility index derived from the CME options market. Kraken's parent company, Payward, also joined the expansion of the US regulated derivatives market by completing its acquisition of CFTC-regulated derivatives platform Bitnomial in May.
*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*
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