Exchange Ranking
Top Exchanges
24h Volume Ranking
Popularity Ranking
Exchange BTC Balance
Proof of Reserves
Decentralized Exchanges
Funding Rate
Funding Heatmap
Liquidation Data
Max Pain
Long/Short Ratio
Whale L/S Ratio
Binance/Okex/Huobi L/S
Bitfinex Margin L/S
ETF Tracker
Solana ETF
XRP ETF
Hong Kong ETF
Bitcoin Treasuries
Crypto Reversal
Ethereum Reserves
HyperLiquid Wallet Analysis
Hyperliquid Whale Watch
Large Transactions
On-chain Movement
Bitcoin ROI
Stablecoin Market Cap
Options Analysis
News
Articles
Economic Calendar
Features
Wallet
Contract Calculator
Security
Collections
Watchlist
FollowingCoinbase 获准自主清算衍生品交易，完成三大联邦注册构建端到端业务闭环
Coinbase 已获得批准，可自行清算其衍生品交易。这一举措标志着该公司完成了三项关键的联邦注册，使其能够独立运营期货业务的全流程，无需再依赖外部租赁服务。
美国商品期货交易委员会（CFTC）于周一正式将 Coinbase Clearing LLC 注册为衍生品清算机构。在此之前，Coinbase 已经持有另外两项关键资质：Coinbase Derivatives, LLC 作为指定合约市场，以及 Coinbase Financial Markets, Inc. 作为期货佣金商。
自主清算带来的变革与优势
拥有自己的清算所彻底改变了 Coinbase 的产品构建能力。公司在声明中表示：“这是首次，我们可以直接创建并结算完全抵押的合同。”这一基础设施的完善预计将加速新产品开发进程，并在推出新业务时减少对第三方的依赖。
Coinbase 将其称为首个以 USDC 为核心的清算所。该清算所接受稳定币作为抵押品，并提供全天候结算服务，旨在“为未来永不间断的市场量身打造”。
传统清算所通常以现金和国债为基础，并遵循银行日历进行结算。而接受稳定币作为保证金，则消除了衍生品交易场所必须在周末停止交易的必要性，实现了真正的 7x24 小时运行。
Business boundaries and competitive landscape
Currently, Coinbase Clearing mainly handles fully collateralized contracts. As a result, its margin derivatives business and planned perpetual contracts for stocks such as Apple, Tesla and Nvidia will still be temporarily cleared through existing partners.
Molly Abraham, Coinbase's general counsel, said: "Today's CFTC approval marks the complete establishment of Coinbase's end-to-end derivatives infrastructure."
In terms of competitors, Kraken's parent company Payward spent US$550 million to acquire Bitnomial last year, thus obtaining dual registration qualifications as an exchange and clearing house, which is exactly the same as Coinbase's current self-built model. Payward has begun to leverage these qualifications and plans to provide perpetual contracts to U.S. customers through Hyperliquid, with Bitnomial responsible for market creation and clearing, while running on the public blockchain.
Coinbase, which has its own clearing house, is licensed to try a similar business, although the company has not yet announced a specific implementation plan.
Various developments in a busy month
This approval comes at a busy period for Coinbase's business development. On the same day, the company deepened cooperation with Citibank and allowed its institutional customers to accept stablecoin payments at checkout. Last week, Coinbase teamed up with Morpho to launch a USDC loan based on Bitcoin fixed rate. In addition, in August this year, Coinbase also launched a tokenized stock service on its Base chain for non-U.S. users.
