Overview
Trade listed derivatives from the same Coinbase Prime account you use for spot trading, custody and financing. Derivatives are offered by Coinbase Financial Markets, Inc. (CFM), a futures commission merchant registered with the CFTC and a member of the NFA. Choose one or both venues:
U.S. Derivatives: futures and perpetual-style futures on Coinbase Derivatives Exchange (CDE).
Global Derivatives: options, futures and perpetuals on Deribit.
Get started with derivatives
Applies to both venues.
U.S. Derivatives
Futures and perpetual-style futures on Coinbase Derivatives Exchange (CDE), a CFTC-regulated US exchange.
Before you trade
Products and trading
Margin and risk
Settlement
After the trade
Global Derivatives
Options, dated futures and perpetuals on Deribit, through CFM.
Before you trade
Understanding risk and margin
Placing and managing trades
Settlement and expiry
Margin events
After the trade
Other features
Our Venues
U.S. Derivatives (CDE) | Global Derivatives (Deribit) | |
|---|---|---|
Who can trade | US entities and eligible non-US entities. Please contact your Account Manager for the full list or to confirm eligibility. The requirements are the same for both venues. | Same requirements as U.S. Derivatives. |
Offered by | Coinbase Financial Markets (CFTC-registered FCM, NFA member) | Coinbase Financial Markets, through a foreign broker |
Where it trades | Coinbase Derivatives Exchange (CFTC DCM); cleared by Nodal Clear | Deribit; collateral held by CFM in a Rule 30.7 secured account and delegated to Deribit |
Products | Monthly futures, perpetual-style futures, commodity and equity index futures | Linear options, inverse options, linear perps, inverse perps, linear futures and inverse futures |
Collateral | USD; USDC can auto-convert to meet margin calls | USDC, BTC, ETH (no USD) |
Margin | Exchange margin plus CFM multiplier; entity-level margin calls; cross-margin with spot for eligible clients | Standard or Portfolio Margin, per portfolio and per settlement currency; no cross-margin with spot or U.S. Derivatives today |
Trading hours | Crypto 24/7 (Fri 5–6 PM ET break); commodities and equity indexes 23×5 | 24/7 |
Daily settlement | 5 PM ET; fees and margin calls settle next business day | 08:00 UTC |
Ways to trade | Prime UI, Prime API, FIX; Prime Trading Desk | White-label UI, Prime API |