Coinbase's Deribit Deal Opens 24/7 Futures Trading
US crypto exchange expands derivatives offering as traders seek round-the-clock access to crypto markets
Coinbase has launched 24/7 Bitcoin and Ethereum futures trading hours after announcing a $2.9 billion acquisition of options giant Deribit.
The move, which went live on May 9, marks a significant expansion of Coinbase's derivatives business and positions the company to capture a larger slice of the $1.9 trillion Bitcoin futures market.
For the first time, US traders can now react to Bitcoin price movements at 3 AM on a Sunday, a crucial need in a market that never sleeps. Previous restrictions limited trading to traditional market hours, leaving American investors vulnerable to overnight volatility.
"Extending futures trading to a 24/7 cycle is a fundamental evolution in market structure and one that requires robust risk management around the clock," said Paul Cusenza, CEO and Chairman of Coinbase in the announcement.
Read: Coinbase's $2.9B Power Move 🧿
Deribit contributes $22.1 billion to April's futures volume, making it a significant player in the derivatives space. The exchange primarily serves sophisticated traders, complementing Coinbase's traditionally retail-focused business.
The derivatives push addresses a fundamental challenge: US retail crypto penetration is approaching saturation. By expanding into 24/7 futures, Coinbase taps into a new revenue stream while reducing its dependency on spot trading volumes.
This also positions Coinbase against global competitors like Binance, Bybit, and OKX, which have dominated the derivatives market while US exchanges faced regulatory constraints.
The crypto-friendly regulatory environment under the Trump administration provides tailwinds, though macro uncertainties remain.
While institutional traders celebrate the expanded capabilities, the introduction of leveraged futures trading to retail investors carries significant risks.
Inexperienced traders now have unprecedented access to complex financial instruments that could amplify losses during volatile market conditions, a concern that has sparked calls for enhanced educational resources.
For traders, the ability to respond to market movements at any hour represents both opportunity and danger. The weekend price crashes that previously happened while US traders slept can now trigger cascading liquidations around the clock.
Coinbase's dual announcements reveal a company aggressively positioning for the next phase of crypto market evolution.