According to CoinMeta, Coinbase and Deribit are scheduled to merge on September 9th, integrating the spot and derivatives trading systems. Adam indicates that the spot liquidity of Deribit has been merged into Coinbase, and the reserve assets have been entrusted to Coinbase in preparation for the merger. After the merger, Coinbase will integrate the spot market, global users, and institutional systems with the options and derivatives liquidity as well as the trading infrastructure of Deribit. The derivatives backend will utilize a new generation of matching engines to consolidate the dispersed liquidity.