Inside a Major Platform's 2025 Trading Expansion Across Spot and Derivatives

Source: Coindoo Original Title: Inside Coinbase’s 2025 Trading Expansion Across Spot and Derivatives Original Link:

A major compliance-focused exchange closed 2025 with a clear message to global markets: crypto trading is no longer fragmented. Over the past year, the platform quietly rebuilt its trading stack across spot, futures, and options, expanding access, liquidity, and execution while positioning itself as a single hub for advanced crypto and hybrid financial products.

Rather than relying on one standout product, this exchange spent 2025 scaling in every direction at once. Spot markets grew broader, derivatives became more sophisticated, and global infrastructure expanded well beyond U.S. borders. The result was a platform that increasingly resembles a full-scale financial marketplace rather than a crypto-only exchange.

Key takeaways

• Aggressive expansion across spot, futures, perpetuals, and options in 2025
• U.S. futures trading shifted to a 24/7 model with growing liquidity
• Global perpetual markets scaled in leverage, collateral flexibility, and asset coverage
• A major acquisition gave the platform a dominant position in crypto options
• The company is moving toward a unified, multi-asset trading platform in 2026

U.S. futures move into a new phase

The most visible shift came from the platform’s U.S. derivatives arm, where futures trading evolved from a limited offering into a continuously operating market. By introducing perpetual-style futures that trade around the clock, the exchange removed one of the biggest structural gaps between U.S. and offshore platforms.

Liquidity followed quickly. Open interest in U.S. futures climbed past the $1 billion mark mid-year and continued to grow, supported by the launch of new contracts covering major cryptocurrencies. The exchange also stepped beyond pure crypto exposure by debuting a hybrid equity-crypto index future, blending large-cap technology stocks with digital assets in a single instrument.

The platform has also signaled that its derivatives roadmap extends into tokenized finance. The decision to support USDC as futures collateral starting in 2026 points to a longer-term strategy built around always-on markets and onchain settlement.

Global perpetual markets scale aggressively

Outside the United States, the platform’s international exchange focused on scale and flexibility. Throughout 2025, the platform rapidly expanded its perpetual futures lineup, nearly doubling the number of available contracts and increasing leverage limits to levels typically reserved for professional trading venues.

Collateral options were broadened as well, allowing traders to deploy a wider range of assets while maintaining margin efficiency. These changes helped push open interest in perpetual futures to new highs, with aggregate positions across the platform’s derivatives venues reaching a peak close to $5 billion in the fourth quarter.

The expansion reflects a clear shift in strategy. The platform is no longer just competing on compliance and security, but on depth, tooling, and capital efficiency traditionally associated with offshore derivatives giants.

Options market reshaping

A defining moment of the year came with the platform’s acquisition of a major options venue, a move that instantly gave the company dominance in crypto options. The options platform entered the ecosystem as the largest options venue by both volume and open interest, adding an entirely new dimension to the derivatives stack.

Options activity surged in the months following the acquisition, with open interest climbing above $60 billion and monthly trading volumes reaching record levels. The platform also used this acquisition to push deeper USDC integration, rolling out USDC-based rewards and introducing linear options designed to appeal to a broader class of traders.

With options, futures, and spot markets now under one umbrella, the exchange moved closer to offering an institutional-grade derivatives suite comparable to traditional financial exchanges.

Spot markets focus on depth, speed, and efficiency

While derivatives grabbed headlines, the platform’s spot markets also underwent major upgrades. The exchange expanded its tradable universe to more than 350 assets, reflecting both new listings and growing demand for long-tail liquidity.

Infrastructure improvements played a key role. A new matching engine and upgraded connectivity standards improved execution speed and reliability, while cross-margin functionality allowed traders to deploy capital more efficiently across spot and futures positions. These changes quietly transformed the spot market from a retail-first venue into a more flexible trading environment suited for advanced strategies.

A unified platform takes shape

By the end of 2025, the broader picture became clear. The platform is building toward a single, integrated marketplace where spot trading, futures, perpetuals, options, and tokenized collateral coexist within one system. The company’s focus for 2026 centers on deeper integration, new index products, expanded equity-linked instruments, and further use of stablecoins like USDC as core trading infrastructure.

Rather than chasing short-term trends, this exchange appears to be positioning itself as a long-term market operator, blending crypto-native innovation with structures familiar to traditional finance.