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BTC Coinbase完成Deribit整合，推出“Coinbase全球交易所”
2026年10月7日，Coinbase在官方博客中宣布，其对期权交易所Deribit的整合工作已全面完成，由此诞生了名为“Coinbase全球交易所”（Coinbase Global Exchange）的统一平台。
市场规模与交易优势
据公告显示，截至9月30日，该综合平台连接的比特币期权未平仓合约价值超过300亿美元，年处理交易量超过1万亿美元。这一举措旨在使Coinbase能够更直接地参与衍生品市场。Coinbase指出，历史上全球加密货币交易中约80%的活动集中在衍生品领域。
此次整合引入了多腿期权执行、策略构建工具以及跨投资组合保证金抵扣功能，旨在降低同时持有现货和衍生品头寸的交易者的抵押品要求。
监管合规与机构支持
公告还详细介绍了Coinbase Financial Markets的角色。这是一家受美国监管的商品期货交易委员会（CFTC）授权的期货佣金商（FCM），于2026年5月获得许可，连接美国客户至全球加密货币衍生品市场。Coinbase表示，CFTC授权所需的特定监管地位和公司结构是“Coinbase独特满足的”，凸显了此次发布背后的监管基础。
杠杆率与风险管理
Through the platform's spot margin lending function, traders can use leverage of up to 10 times on their main assets and leverage of up to 5 times on other supporting assets. Traders can also enjoy a more favorable fee level when their qualified trading volume reaches US$10,000.
The company views unified risk management for derivatives and spot trading as a core advantage, allowing institutional and active retail traders to manage risk exposure from a single account without having to switch back and forth between different trading platforms for options and spot positions. Coinbase believes this structural change will reduce the fragmentation of collateral that has historically forced veteran traders to move to offshore derivatives venues.
Return of professional trading platforms
It is worth noting that Coinbase also announced that its original Coinbase Pro platform will be re-launched at the end of the year as a dedicated professional trading venue. The platform was discontinued in 2022 to replace a unified retail and professional experience. The move shows Coinbase believes that sophisticated traders want a streamlined, independent interface that is completely different from its mainstream consumer apps, even as the exchange is integrating its spot and derivatives infrastructure under the new "global exchange" brand.
