Luuk, Head of Derivatives at Coinbase, explained why Deribit chose to join Coinbase, highlighting a 50-60x performance improvement in its upgraded matching engine, and elaborated on the acquisition's significance for the exchange's product roadmap. He also discussed the expansion of equities, commodities, and Pre-IPO perpetual futures, noting that some demand exceeded expectations while others fell short. Given the limited new capital inflow into the crypto options market, Coinbase is focusing on unlocking liquidity from existing institutional holdings, improving capital efficiency, and expanding access for U.S. traders. Looking ahead, Luuk sees a moderately bullish bias in options positioning and the futures market but a lack of strong directional consensus.