Coinbase deploys enhanced matching engine for Deribit
Coinbase deployed an enhanced matching engine for Deribit, its institutional derivatives venue, and its shares rose 0.96% to $150 in pre-market trading. The new engine uses the same execution technology as Coinbase International, can handle more than 100,000 orders per second with matching latency under one millisecond, and includes a strategic speed bump for selected instruments to give liquidity providers time to update quotes. Coinbase says the consolidation will reduce technical fragmentation, deepen resting liquidity and narrow bid-ask spreads, and it plans to migrate perpetual futures to the unified engine later in 2025.
Deribit now runs a matching engine handling over 100,000 orders per second
Context
Coinbase upgraded Deribit's matching engine after investing in derivatives infrastructure. The system now shares technology with Coinbase International. The company plans to move perpetual futures to this engine later in 2025.
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