Coinbase Derivatives and Deribit posted a combined $4.75 billion in daily trading volume alongside $28.9 billion in open interest, numbers that underscore just how thoroughly the exchange has reshaped the crypto derivatives landscape since closing its blockbuster acquisition last year.
The numbers behind the milestone
The volume breakdown reveals where the real engine sits. Deribit, the crypto options platform that Coinbase acquired for $2.9 billion in a deal finalized on August 14, 2025, contributed between $1.1 billion and $1.8 billion in daily trading volume during the July 10-13 period. Coinbase Derivatives added between $380 million and $500 million on top of that.
But the open interest figures tell an even more compelling story. Of the nearly $28.9 billion in total open interest across both platforms, Deribit accounted for somewhere between $27.4 billion and $27.8 billion. That means Deribit still holds roughly 95% of the combined open interest, a testament to its entrenched position as the go-to venue for crypto options traders.
Why the Deribit deal changed everything
