Unifying global liquidity under a single margin system is transforming crypto market infrastructure and US market access. Even as jurisdictional regulatory regimes previously fragmented liquidity pools between US and offshore venues, Coinbase’s integration of Deribit establishes a unified risk engine and single-collateral architecture, allowing institutional and retail participants to trade perpetuals and options without liquidity bifurcation. “That points to how we acquired Deribit... the biggest milestone is the integration—to bring in one margin system, one risk system, one liquidity pool... coming this month, US institutions and US retail will be able to trade in a single pool of liquidity on perps and options, something which is completely unheard of.” — Usman Naeem — VP, Global Head of Derivative Sales & Prime Trading, Coinbase In case you missed it, listen to the original space here: https://x.com/i/spaces/1XGyggddwEYxM?s=20(Deribit)