Coinbase migrates institutional derivatives to Deribit on Sept. 9
In brief
- Coinbase International Exchange institutional accounts migrate to Deribit Sept. 9 with ~30-minute planned downtime
- Opt-out deadline is Aug. 28; leaving accounts open constitutes acceptance of migration terms
- API keys won't work on Deribit; institutions must update endpoints and archive historical records
- Margin loans don't transfer; post-migration margin requirements depend on Deribit mode
The cutover mechanics
On migration day, Coinbase expects about 30 minutes of downtime. All open International Exchange orders would be canceled. Positions would then be settled at the venue's mark price, with PnL crystallized and funding paid, before the resulting balances move to Deribit. Coinbase plans to recreate the positions at the same settlement price through matched migration trades.
Migrated positions remain open and enforceable, and the process does not constitute an ordinary closure and reopening. That distinction matters for tax and accounting purposes. Yet there's a price-risk caveat: if their prices differ, clients may see immediate unrealized PnL when Deribit reopens.
The migration will not incur trading or settlement fees.
Opt-out, API updates, and historical data
Clients that do not want to migrate should treat Aug. 28 as the boundary. Accounts left open will be deemed to have accepted the new terms and migration. New Deribit subaccounts are expected to be available in a read-only state on Aug. 31, giving institutions a preview before the live cutover.
Existing International Exchange API keys will not work on Deribit, so clients must update endpoints and credentials. Legacy International Exchange APIs should remain accessible for historical trade and order data for about 12 months, but history will not appear in Deribit. Institutions that need records for reporting or tax purposes are advised to save them before migration.
Margin loans and custody arrangements
Existing margin loans will not move to Deribit and must be closed before cutover. Post-migration margin requirements will depend on the selected Deribit mode and any custom institutional arrangement.
Custody structures vary. Some clients will retain Coinbase Bermuda Limited as broker and custodian, some will trade directly with Deribit FZE while retaining Coinbase custody, and certain third-party-custody arrangements will move to Deribit Panama.
Coinbase says all stated dates, timelines and milestones remain estimates and may change. The change applies to International Exchange institutional clients, not the retail migration path for Coinbase app and website users.
