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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 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.
Kraken Plans to Launch CFTC-Regulated Perpetual Futures in the US Within 30 Days
Kraken has announced plans to launch CFTC-regulated perpetual futures contracts in the United States within the next 30 days. The exchange stated that, upon approval, the relevant contracts will be listed on Bitnomial Exchange; Bitnomial is a CFTC-regulated exchange recently acquired by Kraken's parent company, Payward. Kraken said it submitted an application on Friday and indicated that US customers will soon be able to trade perpetual futures on Kraken Pro. As of early Sunday morning, no application specifically for Bitcoin perpetual futures had been identified in Bitnomial's recent CFTC filings. On April 17, Payward announced it would acquire crypto derivatives platform Bitnomial for up to $550 million to offer its perpetual futures products to Kraken Pro clients. Previously, the CFTC had approved KalshiEX to trade Bitcoin perpetual futures contracts, and Coinbase Financial Markets also began providing US institutional clients with access to global crypto options and perpetual futures markets through regulated futures commission merchant Deribit. (cointelegraph)
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.
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).
Bitcoin options traders bet on $50,000 put options
Bitcoin briefly dropped to $57,700, its lowest level since September 2024, before recovering to $58,800; the market saw $395 million in liquidations, with open interest rising to 768,000 BTC. On Deribit, put options across all maturities traded at a premium over call options, with one block trade betting on a Bitcoin put option expiring in September with a strike price of $50,000. (CoinDesk)
Bitcoin fell below $63,000, pressured by consecutive ETF outflows and the expiration of $10.6 billion in options
Bitcoin further declined toward $62,000 on Tuesday, continuing its weakvolatility amid a sixth consecutive week of spot ETF outflows, a hawkish shift in macro interest rate expectations, and pressure from quarter-end options expiration. Ethereum fell below $1,700 on the same day, with both BTC and ETH retreating nearly 20% over the past 30 days.This week's market pressure primarily stems from two key factors. First, the Federal Reserve maintained interest rates at 3.50% to 3.75% during the June 18 FOMC meeting, but the statement noticeably reduced dovish language, and the dot plot shifted from previously hinting at rate cuts to suggesting rate hikes. Among the 18 officials, 9 now expect at least one rate hike this year, and the probability of a December rate hike has significantly increased compared to a month ago.Second, geopolitical risks have once again disrupted the market. The previous expectation of a US-Iran ceasefire had pushed Bitcoin above $67,000, but the situation broke down during the signing ceremony on June 19, with Iran withdrawing from negotiations. Due to the crypto market's 24/7 trading, Bitcoin was the first to reflect this shock.Additionally, Deribit is set to see approximately $10.6 billion in options expire on June 26, further intensifying the quarter-end market观望 sentiment. Analysts believe that current leverage has been largely cleared, and market positioning is defensive. However, the next directional move still depends on Thursday's PCE inflation data and whether spot ETF fund flows can turn positive again.
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.
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.
Kraken Plans to Launch CFTC-Regulated Perpetual Futures in the US Within 30 Days
Kraken has announced plans to launch CFTC-regulated perpetual futures contracts in the United States within the next 30 days. The exchange stated that, upon approval, the relevant contracts will be listed on Bitnomial Exchange; Bitnomial is a CFTC-regulated exchange recently acquired by Kraken's parent company, Payward. Kraken said it submitted an application on Friday and indicated that US customers will soon be able to trade perpetual futures on Kraken Pro. As of early Sunday morning, no application specifically for Bitcoin perpetual futures had been identified in Bitnomial's recent CFTC filings. On April 17, Payward announced it would acquire crypto derivatives platform Bitnomial for up to $550 million to offer its perpetual futures products to Kraken Pro clients. Previously, the CFTC had approved KalshiEX to trade Bitcoin perpetual futures contracts, and Coinbase Financial Markets also began providing US institutional clients with access to global crypto options and perpetual futures markets through regulated futures commission merchant Deribit. (cointelegraph)
Related news
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.
Deribit now offers direct routing via Coinbase Exchange, sharing cross-platform access and liquidity advantages
Odaily News: Coinbase stated on the X platform that Deribit now provides direct routing through Coinbase Exchange, with access and liquidity advantages now shared across platforms.
Coinbase to Migrate International Perpetual Trading Infrastructure to Deribit on September 9, 2026, Eligible Users Can Trade Crypto Options
Odaily News: Greeks.live researcher Adam stated on X platform that Coinbase is expected to migrate its international perpetual trading infrastructure to Deribit on September 9, 2026, enabling eligible Coinbase users to directly trade crypto options such as Bitcoin and Ethereum. Coinbase officially stated that this integration will bring deeper liquidity, a higher-performance matching engine, and a more complete derivatives ecosystem. Adam noted that Deribit is one of Coinbase's significant acquisitions in recent years, and this integration will cover products including spot, perpetuals, and options, while unifying liquidity and risk management systems.
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.