Tonight, Coinbase releases its Q3 earnings report, with OKX predicting a 65% probability of exceeding expectations. However, the real focus is whether Coinbase can escape the "profit in bull markets, suffer in bear markets" fate of exchanges after acquiring Deribit. In the past, Coinbase primarily relied on spot trading fees: the better the market and the more frequent retail trading, the more it earned; when the market was sluggish, revenue shrank rapidly. Deribit fills precisely this gap. Coinbase excels in the US market, spot trading, and compliance, while Deribit excels in the global market, institutional users, and crypto options. With their combined strengths, Coinbase now covers spot, perpetual, futures, and options, upgrading from a retail spot exchange to a global crypto financial infrastructure. Tonight's earnings report will focus on three key data points: 1. Can spot trading revenue stop declining? 2. Can Deribit bring incremental growth in derivatives? 3. Can USDC-related revenue continue to grow? However, the integration of Coinbase and Deribit's unified platform was only completed on October 1st, so Q3 is more like a "pre-integration baseline," and management's guidance for Q4 is more important.