Coinbase is preparing for a Sept. 9 merger with Deribit, with spot liquidity already consolidated on Coinbase and most reserve assets placed in its custody. Greeks.live Research Institute’s Adam said the transaction would go beyond a brand integration by combining Coinbase’s spot market, global users and institutional network with Deribit’s options, derivatives liquidity and trading infrastructure. The planned system would bring spot, perpetuals (futures without expiry), options and futures onto one platform, using a new-generation matching engine to consolidate previously fragmented liquidity.