Coinbase has launched a new matching engine on Deribit, capable of processing over 100,000 orders per second

August 12th, Coinbase announced the gradual deployment of a new generation high-performance matching engine on Deribit. The engine is built on dedicated infrastructure, capable of processing over 100,000 orders per second, with a matching latency of less than 1 millisecond, aimed at enhancing the execution speed, scalability, and liquidity performance of institutional derivative trading.

This upgrade will also connect Deribit to the same core execution infrastructure as the Coinbase International Exchange. Coinbase stated that the new engine will introduce a built-in 'speed bump' mechanism for certain trading pairs, allowing liquidity providers to have more response time in fast-moving markets through brief order delays. It is expected to help market makers offer tighter bid-ask spreads and larger order sizes.

Coinbase mentioned that later this year, all its perpetual futures contracts will also migrate to this matching engine. By then, options and perpetual futures will share a more unified trading infrastructure to support a more consistent trading experience, broader product coverage, and deeper liquidity.