--- title: "CFTC批准Coinbase Clearing注册，含29亿美元Deribit的衍生品全链条成形" description: "美国商品期货交易委员会（CFTC）已注册Coinbase Clearing LLC，Coinbase就此摆脱对Nodal Clear的依赖，把经纪、交易、清算收进同一家公司；几天前，斥资29亿美元收购的Deribit整合刚刚上线。中间商的收费归了Coinbase，中间商的风险也一并继承。" publisher: "The Inference" section: "Money" published: 2026-10-08T23:17:11.362Z modified: 2026-10-08T23:17:11.362Z canonical: https://theinference.org/article/cftc-registers-coinbase-clearing-completing-a-derivatives-stack-that-now-includes-the-2-9-billion-deribit/zh-CN language: zh-CN keywords: "Coinbase, CFTC, Derivatives, Crypto, Deribit, Regulation" --- # CFTC批准Coinbase Clearing注册，含29亿美元Deribit的衍生品全链条成形 > 美国商品期货交易委员会（CFTC）已注册Coinbase Clearing LLC，Coinbase就此摆脱对Nodal Clear的依赖，把经纪、交易、清算收进同一家公司；几天前，斥资29亿美元收购的Deribit整合刚刚上线。中间商的收费归了Coinbase，中间商的风险也一并继承。 9月28日，[CFTC将Coinbase Clearing LLC注册为衍生品清算组织（DCO）](https://chainarticles.news/coinbase-wins-cftc-approval-to-run-its-own-derivatives-clearinghouse/)，一家中间商就此丢了客户。自2020年起，[Coinbase](https://theinference.org/markets/companies/coinbase)的美国期货交易所一直通过Nodal Clear清算交易，付钱请第三方站在买卖双方中间。如今这活改由Coinbase自己干：清算全额担保的期货、期货期权和掉期，以USDC作保证金，结算7×24小时运转，而非迁就银行营业时间。杠杆产品暂时不在新清算所的业务范围内。[1][3] 这次注册是三层架构的最后一块砖，无论哪一类的交易所，能拼齐这套架构的都寥寥无几。Coinbase Financial Markets以期货佣金商（FCM）身份持有客户资金；运营交易场所的是Coinbase Derivatives LLC，其前身FairX[自2020年11月起即为指定合约市场（DCM）](https://www.financemagnates.com/cryptocurrency/exchange/coinbase-completes-us-derivatives-infrastructure-with-cftc-clearing-registration/)；交易则交由Coinbase Clearing清算。产品上线、客户接入、清算，全部在一家公司内部完成。[1][3] "我们补齐了Coinbase端到端的衍生品基础设施。"总法律顾问莫莉·亚伯拉罕（Molly Abraham）表示。她列举的依据，是原生USDC保证金与7×24小时结算。[1] ## 收费站拆了，风险还在 变了的，是谁收费、谁担违约。注册所依据的监管文件显示，全额资金覆盖的结构让Coinbase Clearing[无须设立违约基金，也无须收取变动保证金](https://theinference.org/article/coinbase-now-clears-its-own-derivatives-with-no-default-fund-behind-them)。这对Coinbase更省钱，对客户更省事，但原本由外部清算所吸收的对手方风险，如今记在Coinbase自己的账上。公司留下过路费，也接过尾部风险。[1][3] 这个时间点并非巧合。10月7日，Coinbase[完成了对Deribit的整合](https://cryptobriefing.com/coinbase-global-exchange-deribit-us-derivatives/)，把这家2025年8月斥资约29亿美元收购的期权巨头并入新推出的Coinbase Global Exchange。门后是：截至9月30日超过300亿美元的比特币期权未平仓合约（数字由Coinbase提供），以及Deribit过去一年超过1万亿美元的交易量。衍生品约占加密货币交易总量的80%。2026年5月的CFTC指引，让Coinbase Financial Markets成为首家受美国监管、通过单一保证金池将美国客户接入这片全球流动性的FCM。[2][4] [Coinbase承诺数周内推出机构期权和永续合约](https://www.leaprate.com/news/coinbase-says-deribit-integration-is-complete-but-its-30bn-liquidity-pool-is-still-soon/)；美国零售期权则要等到今年晚些时候。这座桥架在指引上，而指引是可以修订的。[2] ## Takeaway Coinbase Clearing完成注册，经纪、交易、清算全链条就此补齐；摆脱Nodal Clear及随之而来的费用的同时，违约风险也改由公司自己扛。 ## Sources 1. [Chain Articles, Coinbase wins CFTC approval to run its own derivatives clearinghouse (collected 8 October 2026)](https://chainarticles.news/coinbase-wins-cftc-approval-to-run-its-own-derivatives-clearinghouse/) 2. [Crypto Briefing, Coinbase connects US traders to global derivatives liquidity, 7 October 2026](https://cryptobriefing.com/coinbase-global-exchange-deribit-us-derivatives/) 3. [Finance Magnates, Coinbase Completes US Derivatives Infrastructure with CFTC Clearing Registration, 29 September 2026](https://www.financemagnates.com/cryptocurrency/exchange/coinbase-completes-us-derivatives-infrastructure-with-cftc-clearing-registration/) 4. [LeapRate, Coinbase says Deribit integration is complete, 7 October 2026](https://www.leaprate.com/news/coinbase-says-deribit-integration-is-complete-but-its-30bn-liquidity-pool-is-still-soon/) --- CFTC批准Coinbase Clearing注册，含29亿美元Deribit的衍生品全链条成形 — The Inference. Canonical: https://theinference.org/article/cftc-registers-coinbase-clearing-completing-a-derivatives-stack-that-now-includes-the-2-9-billion-deribit/zh-CN