Coinbase Consolidates Derivatives Operations onto Deribit

Coinbase is consolidating its global derivatives operations onto Deribit by transferring institutional clients' International Exchange accounts, balances, and open positions to the platform on September 9. The migration will result in approximately 30 minutes of downtime while Coinbase cancels orders, settles positions, transfers balances, and rebuilds those positions on Deribit.

Existing International Exchange API keys and margin loans will not transfer, requiring clients to make technical and financing changes. Existing positions will be settled at the venue's mark price, crystallizing profit and loss, and paying any accrued funding. The resulting balances will then be transferred into corresponding Deribit subaccounts.

Coinbase plans to recreate each position at the same settlement price through matched migration trades. These administrative entries will appear as block trades labeled 'Migration' in clients' Deribit trading histories. Clients that currently use only Coinbase International Exchange will generally retain Coinbase Bermuda Limited as their broker and custodian, with orders routed to Deribit for execution.