Coinbase is not just playing the crypto game, it’s rewriting the rules. The exchange made two massive moves that shook the digital finance world: launching 24/7 futures trading for Bitcoin and Ethereum and signing a $2.9 billion deal to acquire Deribit, the world’s top crypto options platform.
These bold steps mark a seismic shift in the crypto derivatives space, positioning Coinbase as the first U.S. CFTC-regulated exchange to offer round-the-clock futures trading, and soon, perpetuals.
Key takeaways:
- Coinbase is acquiring Deribit to lead the global crypto derivatives market.
- Platform now offers 24/7 Bitcoin and Ethereum futures trading.
- Perpetual futures and broader access for U.S. traders are coming soon.
Let’s break it down.
Coinbase Acquires Deribit for $2.9 Billion
After months of chatter, Coinbase finally sealed the deal to acquire Deribit, the #1 crypto options exchange, for $2.9 billion. A massive discount from the $4–5 billion it reportedly rejected from Kraken earlier this year.
The backstory? Deribit began exploring buyout options in January. But after Kraken passed, Deribit lost key market share, exited Russia under EU sanctions, and saw shrinking bids.
The deal includes $700 million in cash and 11 million shares of Coinbase Class A stock. It’s expected to close by the end of the year, pending regulatory approvals.
Here’s why it matters:
- $30 billion in open interest
- Over $1 trillion in annual trading volume
- Instant global scale for Coinbase’s derivatives business
“With Deribit, Coinbase becomes the #1 global platform for crypto derivatives,” the company stated. Deribit CEO Luuk Strijers echoed the enthusiasm: “Together with Coinbase, we’re set to shape the future of the global crypto derivatives market.”
But this is just phase one.
Round-the-Clock Futures Are Here
As of May 9, U.S. traders now have access to 24/7 leveraged futures trading on Coinbase Derivatives Exchange (CDE), the first of its kind on a CFTC-regulated platform. No more waiting for market open. No more weekend blackouts. Just continuous, uninterrupted trading for Bitcoin and Ethereum futures, day or night.
Coinbase Financial Markets CEO Andy Sears called it “a game-changer,” and he’s not wrong. Crypto markets don’t sleep, and now, neither does CDE.
Key benefits include:
- 24/7 execution and risk management
- Full weekend access for crypto futures
- Real-time response to market events, volatility, and news cycles
“Extending futures trading to a 24/7 cycle is a fundamental evolution in market structure,” said Paul Cusenza, CEO of Nodal Clear, the firm providing clearing infrastructure for this initiative.
Backing the exchange are industry giants like Virtu Financial (market maker) and Futures Commission Merchants including ABN AMRO, Wedbush Securities, and Coinbase Financial Markets. The ecosystem is built to handle high-volume, high-speed, no-sleep trading.
Coinbase is expanding its global footprint by securing FIU registration in India, enabling crypto trading services in one of the fastest-growing tech markets. Meanwhile, in the US, Coinbase is launching Bitcoin and Ethereum futures trading.Read Now
Futures trading in United States was announced by Coinbase just last month, and they’ve made good on their promise. But, more is coming!
Perpetual Futures Coming Soon
Coinbase isn’t stopping with standard futures. The company confirmed it’s developing BTC and ETH perpetual futures, the most popular crypto derivatives globally. And it wants to do it under full CFTC regulation.
Best crypto exchanges in United States
That means U.S. traders may soon have access to perps with the kind of compliance guardrails Wall Street usually demands. It’s a major step toward merging the speed of crypto with the credibility of traditional finance.
Why This All Matters
These moves solidify Coinbase’s position as the go-to platform for serious crypto traders. With spot, futures, and soon options and perpetuals under one roof, Coinbase is creating a seamless, capital-efficient ecosystem built for institutional and retail traders alike.
Even better? These services are baked into a fully regulated framework. That’s huge for compliance-conscious investors and institutions waiting on the sidelines.
Coinbase is now:
- The only CFTC-regulated exchange with 24/7 crypto futures
- The soon-to-be home of regulated perpetual futures
- The owner of the world’s top crypto options platform
Oh, and its stock just surged 37% in the last month. Not a coincidence.
Coinbase Buys BUX: CFDs Coming to Europe
But Coinbase isn’t just busy in the U.S. On January 4, 2025, Coinbase quietly bought the Cyprus unit of BUX, a Dutch fintech, and renamed it Coinbase Financial Services Europe Ltd.
Why does this matter? One word: CFDs. The deal gives Coinbase a CySEC license, unlocking CFD trading across the European Economic Area (EEA). That’s 30 countries’ worth of access to professional and institutional clients.
CFD and perpetual futures trading both enable speculation on crypto prices without owning the asset, but they differ in contract nature, margin requirements, and costs. CFDs involve spread and financing charges, while perpetual futures use funding rates and have exchange-set margins.Read Now
It also fills the gap left by BUX, which exited the CFD business to double down on stocks and ETFs. Now Coinbase has Futures and options in the U.S., Perpetuals on the way, and CFDs across Europe!
From January until March, Coinbase also acquired additional regulatory licenses in United Kingdom, Argentina and India, boosting their number of licensed countries and states to over 50. That’s not global reach, it’s global domination in motion.
Meanwhile… Kraken Makes a Power Play Too
Kraken isn’t letting Coinbase take all the glory, despite its deal with Deribit not working out. Back in March, Kraken snapped up NinjaTrader for $1.5 billion. That gave Kraken a CFTC-regulated FCM license and a launchpad into U.S. crypto futures.
Kraken is acquiring NinjaTrader for $1.5 billion, merging crypto and traditional finance in a historic deal. This move positions Kraken as a leader in U.S. futures trading, while giving NinjaTrader access to millions of global users.Read Now
It’s a TradFi-meets-crypto mega-merger. With NinjaTrader, Kraken gained access to U.S. futures trading, a path into equities, and more firepower for 24/7, multi-asset trading.
After the NinjaTrader acquisition, Kraken followed up by launching FX Perpetual Futures (EUR/USD, GBP/USD with 20x leverage), and commission-free U.S. stock trading for 11,000+ tickers.
Kraken now offers commission-free trading on over 11,000 U.S.-listed stocks and ETFs to select U.S. clients. This marks a major step in unifying crypto and traditional finance under one platform.Read Now
In short: Kraken’s going full Wall Street meets Web3.
Kraken vs Coinbase: Who’s Winning the Futures War?
Let’s compare the battlefield:
| Feature | Coinbase | Kraken |
|---|---|---|
| 24/7 Bitcoin/ETH Futures | ✅ (Live) | Coming soon via NinjaTrader |
| Regulated Perpetuals (U.S.) | ✅ (In dev, under CFTC) | Not yet |
| Options (Global) | ✅ (Deribit) | ❌ |
| CFDs (Europe) | ✅ (via BUX/CySEC) | ❌ |
| Stocks (U.S.) | ❌ | ✅ (Live as of April 2025) |
| FX Perpetuals | ❌ | ✅ (EUR/USD, GBP/USD w/ 20x) |
Both exchanges are racing toward the same goal: be the everything app for global traders. But as of now, Coinbase leads in derivatives, while Kraken leads in TradFi integrations.
One thing’s for sure: the battle for crypto’s Wall Street is officially on.
Ready to Trade 24/7?
Coinbase is flipping the switch on traditional finance. With 24/7 regulated futures, a global options empire, and CFDs in Europe, it’s creating a full-stack derivatives machine built for both crypto natives and Wall Street pros.
Want in on the action? Visit Coinbase to explore futures trading today. And stay tuned as perpetuals are just around the corner.
