Coinbase launches new matching engine for Deribit with 100,000 orders per second

Coinbase is launching a new, powerful matching engine on derivatives platform Deribit. The engine processes more than 100,000 orders per second with a processing time of under one millisecond, laying the foundation for faster execution and better scalability for institutional players.

In brief:

• Coinbase is introducing a new matching engine on Deribit that can handle more than 100,000 orders per second.
• The upgrade brings Deribit onto the same execution infrastructure as Coinbase International Exchange.
• Later this year, Coinbase will also migrate all perpetual futures to the new engine.

The same infrastructure as Coinbase International Exchange

With the launch of the new engine, Deribit connects to the same core infrastructure already used by Coinbase International Exchange, Coinbase reports. This means the two platforms will now run on a shared technical foundation, which improves consistency and reliability for users.

The engine is built on proprietary, dedicated infrastructure. For clients, this results in faster order processing, higher capacity, and a system designed to meet the demands of the institutional derivatives market, where large volumes and high speed are crucial.

Delay for aggressive orders during fast market movements

In addition to the speed gains, the new engine also introduces an adjustment for certain situations. For selected instruments, aggressive orders are subject to a short delay at times when the market is moving quickly. This gives liquidity providers room to adjust their price quotes before an order is executed.

Coinbase further announces that later this year all perpetual futures will be migrated to the new engine. This makes the migration a broader operation that will ultimately place the platform’s entire derivatives product on the upgraded infrastructure.