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Project Overview
Deribit is currently the largest cryptocurrency options exchange. Its Bitcoin options trading volume accounts for more than 80% of the total market trading volume, and the Ethereum options trading volume accounts for more than 90% of the total market trading volume. Like most cryptocurrency exchanges, Deribit trades 24x7. Despite the fact that Deribit accounts for the vast majority of Bitcoin options market trading volume, it is an unregulated exchange.
Deribit to Remove Public Proof of Reserves Page on September 1
Odaily News: Deribit will remove its public "Proof of Reserves" page on September 1, and users will no longer be able to verify the platform's customer assets and liabilities on a daily basis through that page.It is reported that this adjustment comes after Deribit completed its integration with Coinbase, with approximately 90% of customer assets now under Coinbase's custody arrangements. This change means Deribit is shifting from daily public transparency verification to an asset verification model primarily based on third-party custody and regulatory audits. Deribit stated that regulatory audits will continue, but no new public proof-of-reserves dashboard has been announced as a replacement. (Coin Bureau)
Deribit obtains VARA broker-dealer license, gaining access to Coinbase Exchange market and liquidity
: Brian Armstrong posted on X, stating that Deribit has obtained a VARA broker-dealer license, allowing it to access Coinbase Exchange's market and liquidity. The UAE is embracing modern finance and digital assets.
Deribit secures Dubai VARA broker-dealer license, spot orders to be routed to Coinbase
Odaily News: Deribit, the crypto options platform under Coinbase, announced it has obtained a broker-dealer license from Dubai's Virtual Asset Regulatory Authority (VARA). The license will enable Deribit to enhance its spot trading services, with Coinbase Exchange serving as a key liquidity provider, offering Deribit clients higher liquidity and access to hundreds of new assets.
Coinbase CEO: Coinbase will support pre-IPO perpetual contracts, stock options, and tokenized stocks
Brian Armstrong posted on the X platform, stating that Coinbase now includes pre-IPO perpetual contracts, stock options, and will soon support tokenized stocks. Coinbase has also redesigned Coinbase Advanced and has begun integrating global liquidity between US and international users, as well as between Coinbase and Deribit users. CoinbaseDev is providing stablecoin payment capabilities for enterprises, launching fully managed accounts based on its compliance technology stack, and introducing a new developer tools dashboard. On the Base side, Coinbase announced the launch of private transactions and a web-based Base App. Coinbase is also becoming the financial account for AI, supporting wallets for AI agents, providing AI-driven financial advice, and connecting Coinbase accounts to users' commonly used LLMs.
Benchmark: Coinbase Is Transforming from a Crypto Broker to a "Full-Stack Exchange," Maintaining a $270 Price Target
Benchmark has maintained a "Buy" rating for Coinbase with a $270 price target, implying approximately 59.5% upside from its Tuesday closing price of $169.27. The firm noted that Coinbase's latest "System Update" indicates it is accelerating its transformation from a crypto trading platform into an "everything exchange" that bridges traditional finance and the on-chain economy.Analyst Mark Palmer stated that this product update covers tokenized stocks, stock and crypto options, pre-IPO perpetual contracts, prediction markets, AI-driven investment tools, agent payment infrastructure, and retail financial products, signaling the continuous expansion of its business boundaries.Key progress highlighted by Benchmark also includes: the U.S. CFTC's approval for it to operate as a regulated Futures Commission Merchant (FCM), global derivatives capabilities obtained through the acquisition of Deribit, and integrating crypto perpetuals and options into a compliant framework, thereby achieving cross-market liquidity consolidation.Furthermore, the company's strategic moves in the Base ecosystem, prediction markets, and AI agent payments are also seen as key signals of its evolution from "spot crypto trading" to a comprehensive on-chain financial infrastructure. (The Block)
Kraken Plans to Launch CFTC-Regulated Perpetual Futures Within 30 Days, Intensifying Competition in the U.S. Compliant Derivatives Market
According to CoinTelegraph, Kraken announced on May 30 that it plans to launch CFTC-regulated Bitcoin perpetual futures contracts via its subsidiary Bitnomial exchange within the next 30 days, targeting U.S. institutional clients. Earlier the same day, the CFTC formally approved perpetual futures contracts linked to the Bitcoin spot price, with KalshiEX becoming the first exchange to receive approval for listing such products. Meanwhile, Coinbase Financial Markets swiftly followed suit, leveraging Deribit—the world’s largest crypto options exchange, which it acquired in August 2025—to provide U.S. institutional clients with access to global crypto options and perpetual futures markets.
Analysis: $1.56 Billion BTC Options Expiry Pauses Rally, XRP and SOL Rise Against the Trend
Odaily News: Bitcoin fell back to around $83,600 on Friday, down about 1% from the previous trading day, after briefly touching around $87,000, reaching that level for the first time in months. Market analysis suggests that the expiry of $1.56 billion in Bitcoin options on Deribit may have exacerbated short-term volatility, as market makers typically unwind their hedging positions after options expiry.Over the past 24 hours, BTC open interest and trading volume fell by 14.39% and 13.68% respectively, with long and short liquidations relatively balanced—long liquidations totaled $161.96 million and short liquidations $156.1 million—indicating that leveraged funds are readjusting. On the technical side, BTC's 50-day moving average remains above its 200-day moving average, forming a "golden cross," and the short-term trend is still viewed as relatively strong.Meanwhile, Bitcoin spot ETFs saw net inflows of $299.09 million on Friday, though this was lower than the single-day inflow levels seen earlier in the week. By contrast, XRP rose 4.37% over the past 24 hours and 15.45% over the past 7 days, currently trading at around $1.58; Solana rose 3.36% over the past 24 hours and 9.33% over the past 7 days, currently trading at around $119.84. The next macro data points the market is watching are the U.S. Personal Consumption Expenditures (PCE) inflation data due on September 30 and the September nonfarm payrolls report due on October 2. (Decrypt)
Bitcoin stabilizes around $84,000, with the 10-year U.S. Treasury yield pulling back from its highs.
According to CoinDesk, bitcoin traded above $84,000 on Friday, essentially flat over the past 24 hours after briefly dipping below $84,000 on Wednesday. Most major tokens saw volatility of less than 2%, while ONDO rose 27% to around $0.54 and QNT gained 39% to near $100. Meanwhile, selling pressure in the US bond market has eased slightly, with the 10-year US Treasury yield retreating 2 basis points to 5.17% after climbing more than 20 basis points cumulatively over the previous two trading sessions. Brent crude oil fell about 1% to $105 per barrel as markets focused on reports that the US and Iran may reopen the Strait of Hormuz via a phased agreement. FxPro Chief Market Analyst Alex Kuptsikevich stated that Bitcoin's recent pullback is more of a temporary pause within an uptrend, noting that the current upward momentum has not yet ended. Even if BTC falls further to $70,000, it could exert significant pressure on short-term traders, but he believes it remains insufficient to disrupt the broader bullish trend. Additionally, Bitcoin is approaching Friday's Deribit options expiration. The current price sits below $85,000, which is one of the strike prices with a high concentration of call open interest in this expiry batch.
glassnode: Range-bound trading continues, Bitcoin resistance at $83K-$86K
Odaily News, glassnode report: The short squeeze in mid-August drove Bitcoin's rebound, pushing it above $80,000 on August 27. However, the price subsequently encountered resistance in the long-term supply zone above, retreating to around $76,000 and triggering a series of long liquidations. Currently, the $83,000-$86,000 range has accumulated a large number of potential short liquidation positions, while the $60,000-$63,000 zone below holds undigested long liquidation clusters, leaving Bitcoin sandwiched between the two.On-chain data shows that when Bitcoin traded near $78,000 in May this year, approximately 65% of the supply was in profit. When the price returned to the same level at the end of August, that proportion had risen to 68%. The summer redistribution of coins has pushed short-term holders' cost basis to around $71,000, and at this same price level, more profitable coins are now activated, increasing potential selling pressure. Combining cost basis and coin distribution, $62,000-$65,000 serves as an accumulation support zone, while $83,000-$86,000 represents a concentrated supply zone for long-term holders.During the rebound, the 7-day average net inflow for US spot Bitcoin ETFs peaked at $290 million per day, but secondary market daily trading volume remained at around $3 billion, significantly lower than the previous expansion phase. Meanwhile, the yield on the US 10-year Treasury briefly fell to 4.6% following the Treasury's buyback announcement on August 19, but returned to 4.8% in just 8 trading days, hitting a new cycle high.In the options market, short-term optimism has cooled while long-term options demand persists. Open interest for Deribit and IBIT options expiring on September 25 stands at approximately $14 billion, with a substantial portion of positions concentrated above $80,000, which could serve as an important volatility and positioning anchor in the coming weeks. Until the supply above $83,000-$86,000 is absorbed, Bitcoin will continue to trade in a range, with $62,000-$65,000 serving as the primary downside reference zone.
Analysis: Bitcoin Volatility Drops to Year-to-Date Low, but Options Market Warns of Pullback Risk
Odaily News: Bitcoin's volatility has recently neared zero, but market risks have not been resolved. Data shows that spot Bitcoin ETFs have not seen any outflows in the first week of August, with cumulative net inflows of approximately $754 million. However, Bitcoin's price remains around $64,700, while the options market is heavily focused on downside protection near $62,000 and $63,000.Market signals are showing divergence: on one hand, demand for spot ETFs has picked up again; on the other hand, derivatives traders are positioning in advance for a potential pullback, especially ahead of the latest U.S. employment data release.However, looking at the overall positioning structure, the market still leans bullish. Bitcoin call options account for approximately 60.7% of total open interest, indicating that investors' long-term expectations remain positive, with recent trading more concentrated on short-term risk hedging. Meanwhile, the cost of volatility protection remains low. Deribit's DVOL index, which reflects Bitcoin's expected volatility over the next 30 days, is currently around 35—a significant drop from the high of 90 earlier this year—suggesting that the market sees limited potential for major swings in the short term.That said, U.S. macroeconomic data could break this balance. The market expects U.S. non-farm payrolls for July to increase by approximately 97,500, up from 57,000 in June, with the unemployment rate expected to hold at 4.2%. If the employment data comes in stronger than expected, it could push U.S. Treasury yields higher and reinforce expectations of Fed rate hikes; if the data is weak, it could push yields down, but also heighten concerns about slowing economic growth.Currently, the Bitcoin market presents a pattern of "ETF inflows underpinning spot prices while the options market hedges against downside." Potential risks remain a concern in a low-volatility environment. With low market participation and insufficient liquidity, even small changes in supply or demand could trigger sharp swings in asset prices. (CoinDesk)
Analyst: US Stock Trading Shifts to Coinbase, Expecting Unified Trading Experience After Merger with Deribit
Odaily News, Greeks.live Research Institute Adam posted on the X platform that recently, the IV for selling options has been relatively low and option premiums have thinned out, prompting him to explore other types of trading. He mentioned that he has always done some US stock trading, previously primarily through Chinese-language brokers, but following the tax audit风波, it has become less convenient to use them. After last month's announcement by Coinbase and Deribit, he has moved his US stock trading to Coinbase, aiming to have his margin used for both US stock and options trading after the future merger. He also expressed anticipation for the post-merger user experience, noting that spot liquidity is decent, and Advanced Trading offers products such as spot and perpetual contracts, providing a more unified trading experience without the need to switch between multiple platforms. He added that anyone trying out Coinbase's international exchange INTX ahead of time can reach out to him privately if they encounter issues.
Fee rates have been reduced, and Deribit's adjusted fee schedule has taken effect this month
Odaily News, Greeks.live Research Institute's Adam posted on the X platform, stating that Deribit's adjusted fee schedule has taken effect this month, and institutionalization is expected to become more pronounced moving forward. Overall fee rates have decreased, particularly the cap for deep out-of-the-money options for large traders, which has dropped significantly. Liquidity for deep out-of-the-money options is expected to improve, and activity in daily options is likely to increase. Spot trading will now incur transaction fees in the future, and the rates are not low.
Volmex Launches Bitcoin Implied Volatility Index Perpetual Contract on Hyperliquid
Odaily reports: Bitcoin News posted on X that Volmex has launched the Bitcoin Implied Volatility Index (BVIV) perpetual contract on Hyperliquid. The contract is based on options data from Deribit and OKX, reflecting traders' expectations for Bitcoin's volatility range over the next 30 days, rather than the direction of spot prices; the recent BVIV reading is in the mid-to-high range of the 30s.The contract settles at 1 USDC per index point, uses an isolated margin model, supports up to 5x leverage, and features an hourly funding rate as well as an open interest cap during the initial launch period.
Coinbase Discloses Post-Acquisition Integration Progress for Deribit: Over 100 USDC Settlement Contracts Launched
Coinbase Chief Business Officer Shan Aggarwal posted to detail the integration progress following the acquisition of crypto options trading platform Deribit, stating that the joint integration efforts are "proceeding well overall." To date, multiple milestones have been achieved, including: the launch of over 100 new USDC-settled contracts across five market sectors, covering pre-IPO perpetuals, marking the largest expansion of perpetual contracts in Deribit's history; the first-time listing of equities and ETFs for trading as perpetual contracts; the introduction of a new matching engine to upgrade core trading infrastructure, enabling faster and more stable execution under high volumes while preserving the existing user experience; and the integration of Coinbase spot liquidity into Deribit spot trading. Shan Aggarwal added that significant work remains ahead in the platform integration process, with additional phased milestones to be announced subsequently.
Coinbase and Deribit Plan September 9 Merger, Integrating Spot, Perpetuals, Options, and Futures into a Unified Trading System
Odaily News: Greek.live Research Institute's Adam stated on the X platform that Deribit has been continuously rolling out updates more than once a week recently. Spot liquidity has now been merged into Coinbase, and the majority of reserve assets have been custodied with Coinbase. These arrangements are aimed at preparing for the merger on September 9.Adam stated that Coinbase may deserve more attention than many expect, as this merger is not a simple brand integration. Coinbase's spot trading, global user base, and institutional framework will be integrated with Deribit's options, derivatives liquidity, and trading infrastructure.For traders, spot, perpetual, and options trading were previously spread across different platforms. After the merger, Coinbase will consolidate spot, perpetuals, options, and futures into a single trading system. The derivatives layer will leverage a new-generation matching engine and further consolidate previously fragmented liquidity.
Bybit Options Market Share Jumps to Second Globally in 1H 2026, ETH Options Surpass Deribit for First Time, Retail Breakout Strategy Validated by Market
Blockchain media ChainCatcher recently released the report "Options Market Enters New Paradigm: 2026 H1 Landscape Evolution and Key Features," systematically reviewing the global crypto options market in the first half of 2026 based on data from platforms such as CoinGlass, with Bybit's options business listed as a core case for focused analysis.
Coinbase: Advancing the "Every Asset, Every Market, One Platform" Strategy in H1
Coinbase released a monthly review on July 1, stating that in the first half of the year, it advanced its product layout around the strategy of "every asset, every market, one platform," covering tokenized stocks, pre-IPO perpetual contracts, stock options, crypto options, stock index perpetual futures, AI tools, payments, stablecoins, and on-chain infrastructure. Coinbase stated that the tokenized stocks are 1:1 backed shares of US companies, expected to include dividends, on-chain trading, holding, and redemption functions, and are not available to US persons. Coinbase also noted that its pre-IPO perpetual contracts will start with SpaceX and then expand to OpenAI and Anthropic, and will offer crypto options through integration with Deribit. Coinbase CEO Brian Armstrong said on July 3 that Coinbase is one of the companies with the highest level of AI application globally. Coinbase also stated that it has launched a direct INR on-ramp in India, become the official deployer of the USDC treasury wallet for Hyperliquid, partnered with Ethena across over $50 billion in assets, and mentioned transferring approximately $4.4 billion USDC to the Hyperliquid deployer. (Bitcoin.com News).
Coinbase CEO: Coinbase will support pre-IPO perpetual contracts, stock options, and tokenized stocks
Brian Armstrong posted on the X platform, stating that Coinbase now includes pre-IPO perpetual contracts, stock options, and will soon support tokenized stocks. Coinbase has also redesigned Coinbase Advanced and has begun integrating global liquidity between US and international users, as well as between Coinbase and Deribit users. CoinbaseDev is providing stablecoin payment capabilities for enterprises, launching fully managed accounts based on its compliance technology stack, and introducing a new developer tools dashboard. On the Base side, Coinbase announced the launch of private transactions and a web-based Base App. Coinbase is also becoming the financial account for AI, supporting wallets for AI agents, providing AI-driven financial advice, and connecting Coinbase accounts to users' commonly used LLMs.
Related news
Deribit officially merges with Coinbase International
Odaily reports: Deribit posted on X that the migration of Deribit and Coinbase International has been completed, with both customers and liquidity now consolidated onto Deribit. Users can trade spot, options, perpetual contracts, and futures across crypto, equities, and pre-IPO markets on the same platform.
Volmex Launches Bitcoin Implied Volatility Index Perpetual Contract on Hyperliquid
Odaily reports: Bitcoin News posted on X that Volmex has launched the Bitcoin Implied Volatility Index (BVIV) perpetual contract on Hyperliquid. The contract is based on options data from Deribit and OKX, reflecting traders' expectations for Bitcoin's volatility range over the next 30 days, rather than the direction of spot prices; the recent BVIV reading is in the mid-to-high range of the 30s.The contract settles at 1 USDC per index point, uses an isolated margin model, supports up to 5x leverage, and features an hourly funding rate as well as an open interest cap during the initial launch period.
Analysis: Bitcoin Surges Over 40% This Quarter, Outperforming Gold; "Double Bottom Breakout" Could Open Path to $100,000
Odaily News: Bitcoin (BTC) has gained over 40% this quarter, outperforming major assets including gold and the S&P 500. On Monday, gold prices fell nearly 4%, pressured by long-term U.S. Treasury yields rising to their highest level since 2007 and a strengthening dollar index; during the same period, BTC briefly dropped to around $82,500 before rebounding to near $84,000, a decline of approximately 1%.Jurrien Timmer, Director of Global Macro Research at Fidelity Investments, said that BTC breaking above $80,000 has triggered a "double bottom breakout" pattern. If the breakout above the key resistance level of approximately $82,800 is confirmed, the technical target could point to $100,000. However, Timmer also cautioned that technical patterns are not a guarantee of further gains, and a failed breakout could lead to a rapid price pullback.The options market also reflects bullish expectations. On Deribit, open interest for BTC $90,000 call options stands at approximately $2.45 billion, $95,000 call options at approximately $2.33 billion, and $100,000 call options at approximately $1.79 billion. (CoinDesk)
Analysis: $1.56 Billion BTC Options Expiry Pauses Rally, XRP and SOL Rise Against the Trend
Odaily News: Bitcoin fell back to around $83,600 on Friday, down about 1% from the previous trading day, after briefly touching around $87,000, reaching that level for the first time in months. Market analysis suggests that the expiry of $1.56 billion in Bitcoin options on Deribit may have exacerbated short-term volatility, as market makers typically unwind their hedging positions after options expiry.Over the past 24 hours, BTC open interest and trading volume fell by 14.39% and 13.68% respectively, with long and short liquidations relatively balanced—long liquidations totaled $161.96 million and short liquidations $156.1 million—indicating that leveraged funds are readjusting. On the technical side, BTC's 50-day moving average remains above its 200-day moving average, forming a "golden cross," and the short-term trend is still viewed as relatively strong.Meanwhile, Bitcoin spot ETFs saw net inflows of $299.09 million on Friday, though this was lower than the single-day inflow levels seen earlier in the week. By contrast, XRP rose 4.37% over the past 24 hours and 15.45% over the past 7 days, currently trading at around $1.58; Solana rose 3.36% over the past 24 hours and 9.33% over the past 7 days, currently trading at around $119.84. The next macro data points the market is watching are the U.S. Personal Consumption Expenditures (PCE) inflation data due on September 30 and the September nonfarm payrolls report due on October 2. (Decrypt)
Bitcoin stabilizes around $84,000, with the 10-year U.S. Treasury yield pulling back from its highs.
According to CoinDesk, bitcoin traded above $84,000 on Friday, essentially flat over the past 24 hours after briefly dipping below $84,000 on Wednesday. Most major tokens saw volatility of less than 2%, while ONDO rose 27% to around $0.54 and QNT gained 39% to near $100. Meanwhile, selling pressure in the US bond market has eased slightly, with the 10-year US Treasury yield retreating 2 basis points to 5.17% after climbing more than 20 basis points cumulatively over the previous two trading sessions. Brent crude oil fell about 1% to $105 per barrel as markets focused on reports that the US and Iran may reopen the Strait of Hormuz via a phased agreement. FxPro Chief Market Analyst Alex Kuptsikevich stated that Bitcoin's recent pullback is more of a temporary pause within an uptrend, noting that the current upward momentum has not yet ended. Even if BTC falls further to $70,000, it could exert significant pressure on short-term traders, but he believes it remains insufficient to disrupt the broader bullish trend. Additionally, Bitcoin is approaching Friday's Deribit options expiration. The current price sits below $85,000, which is one of the strike prices with a high concentration of call open interest in this expiry batch.
About $15 billion in Bitcoin options expire on Friday, with bulls targeting $100,000
Odaily News: Approximately $15 billion in Bitcoin options are set to expire at quarterly settlement on Friday (September 25), with September 25 contracts accounting for more than one-third of Deribit's total Bitcoin options open interest. The put/call ratio is 0.70, with the largest call positions concentrated at strike prices of $85,000, $90,000, and $100,000.Bitcoin is trading at around $84,258, down 2% on the day, above the max pain price of $76,000, and below the $85,000 level where call positions are most densely concentrated. Large-scale options expirations are typically accompanied by volatility, while market maker hedging may dampen price swings; Bitcoin's recent strength has been linked to the U.S. Treasury expanding buybacks, a weaker dollar, and the price rising above the 365-day moving average.