[DigitalToday reporter Chi-gyu Hwang] Coinbase Prime, the institutional services arm of the largest U.S. cryptocurrency exchange Coinbase, has introduced regulator-approved futures trading and a cross-margin function that integrates spot and derivatives, The Block reported on Thursday.

As a result, investors can access more than 20 futures contracts around the clock through Coinbase Financial Markets. Coinbase Financial Markets is a futures commission merchant service overseen by the Commodity Futures Trading Commission (CFTC) and includes perpetual futures. Coinbase expanded its perpetual futures service late last year as competition in the derivatives market intensified.

The integrated cross-margin introduced this time assesses spot and derivatives positions together within the same portfolio framework. Previously, spot and futures trading required separate collateral pools and independent risk systems. Integrated cross-margin supports using the entire account balance as shared collateral.

Coinbase said the feature will boost capital efficiency for hedging strategies such as basis trades that combine spot buying with futures selling.

Coinbase has been expanding prime brokerage services for institutional clients. Its goal is to build an integrated portfolio management platform that bundles custody, risk management, financing, lending and trade execution. Since last year, Coinbase has promoted an "Everything Exchange" and has been expanding its business into stock trading, tokenisation and prediction markets.