CFTC no-action relief allows Coinbase Financial Markets to offer Deribit options and perpetuals. Institutional onboarding starts now; retail access and perpetual futures are next catalysts.
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Coinbase has opened a regulated route for U.S. institutions to trade global crypto derivatives through its futures commission merchant. The move gives eligible clients access to markets that have long operated offshore, starting with Deribit options and eventually perpetual futures.
Coinbase said on May 29 that Coinbase Financial Markets now offers eligible U.S. clients access to crypto derivatives markets, beginning with Deribit options. The company described the unit as the first U.S.-regulated futures commission merchant to offer access to global crypto derivatives, including perpetual futures and options.
The launch follows action from Commodity Futures Trading Commission staff involving products listed on Deribit FZE, Coinbase’s affiliated foreign board of trade. Coinbase said institutional clients can begin onboarding immediately through Coinbase Financial Markets, while retail access is planned for a later stage.
The regulatory path rests on CFTC staff positions tied to foreign futures and margin arrangements. In its letter, CFTC staff said certain crypto asset perpetual contracts described in the request may qualify as foreign futures under Commission Regulation 30.1.
Staff also issued a no-action position covering certain transfers of customer-owned digital commodities and payment stablecoins to a foreign broker-affiliate for margin purposes. The letter said the position remains subject to the listed conditions.
The no-action relief is not a blanket approval. It applies only to the specific structure Coinbase presented: a U.S.-regulated FCM routing orders to a foreign board of trade (Deribit FZE) that is itself an affiliate. The conditions include capital requirements, disclosure obligations, and limits on the types of digital assets that can be used as margin.
Coinbase closed its $2.9 billion acquisition of Deribit in August 2025, following its announcement earlier that year. The exchange said Deribit handled more than $185 billion in trading volume in July 2025 and held about $60 billion in open interest on its platform at the time.
Coinbase said the first phase will focus on Deribit options, with crypto perpetual futures, more collateral options, and other derivatives products expected later. The company framed the rollout as a way for U.S. institutions to reach markets that have long been active offshore.
Eligible U.S. clients can begin onboarding immediately through Coinbase Financial Markets. Retail access is planned for a later stage, though Coinbase did not provide a timeline. The distinction matters because the CFTC no-action relief is tied to institutional margin arrangements. Retail clients would require a separate regulatory framework, likely involving different margin rules and customer protection requirements.
According to Coinbase, crypto derivatives account for about 80% of global crypto trading volume. The company also cited Deribit data showing more than $31 billion in bitcoin options open interest as of May 28.
For trading firms, Coinbase said the access could support hedging, volatility trading, and BTC-linked basis strategies. The company added that U.S. clients previously lacked a regulated route into a market it described as having an annual trading volume of multi-trillions of dollars.
The simple read: Coinbase now offers global crypto derivatives to U.S. institutions. The better market read: The CFTC no-action relief is conditional and tied to a specific foreign board of trade structure. Retail access is not yet approved. The real value is in basis trading and hedging strategies that were previously off-limits for U.S. regulated entities.
Crypto-market reports have also linked Deribit to major Bitcoin options expiries, in which large positions can shape short-term trading around strike prices and expiry dates. The ability to trade these products from a U.S.-regulated FCM gives institutions a cleaner compliance path than using offshore entities directly.
Bottom line for traders: This is the first regulated on-ramp for U.S. institutions to access the 80% of crypto volume that trades offshore in derivatives. The CFTC no-action relief is narrow but real. Watch for expansion to perpetual futures and retail access as the next catalysts.
The derivatives rollout also aligns with Coinbase’s recent institutional push into fiat funding. As previously covered by crypto.news, Coinbase expanded its partnership with Standard Chartered to give institutional clients greater currency access across global markets.
The integration added funding rails for AUD, SGD, CAD, and CHF. It also added GSIB-backed settlement for EUR and GBP. Coinbase said the service is available through Coinbase Prime and Coinbase Exchange. The company said the arrangement helps institutions manage capital across spot, derivatives, and financing strategies without forcing every position to be denominated in a single base currency.
Several factors could weaken the thesis. A change in CFTC leadership or policy direction could narrow or revoke the no-action relief. A market disruption involving Deribit or Coinbase’s FCM could trigger regulatory scrutiny. If retail access is delayed significantly, the revenue impact may be smaller than expected.
Coinbase’s move is the first concrete step toward bridging the gap between U.S. regulated markets and the offshore crypto derivatives ecosystem. The CFTC no-action relief provides a template for other firms, the conditions are specific to Coinbase’s structure. For now, the opportunity is institutional only, and the real test will come when perpetual futures go live and retail access is announced.
Prepared with AlphaScala research tooling and grounded in primary market data: live prices, fundamentals, SEC filings, hedge-fund holdings, and insider activity. Each story is checked against AlphaScala publishing rules before release. Educational coverage, not personalized advice.