Coinbase Migrates Derivatives Clients to Deribit Amid Expected Downtime

Coinbase is set to migrate its institutional derivatives clients onto Deribit, the crypto options giant it acquired for approximately $2.9 billion last year. The migration will take place on October 1, 2026, and is expected to cause up to an hour of downtime.

The process involves transferring accounts, portfolios, balances, and open positions from the existing International Exchange infrastructure to new subaccounts on Deribit. This 'hard migration' will cancel all open orders on the International Exchange, with existing positions settled at the International Exchange mark price and recreated on Deribit through matched 'Migration' block trades executed at those same prices.

Critical for automated trading systems is that existing International Exchange API keys will not work on Deribit. Traders relying on algorithmic strategies will need to generate new API keys and reconfigure their connections before the switch. Coinbase has provisioned read-only access to new Deribit accounts since September 22, giving clients about nine days to inspect their new accounts, create API keys, and map portfolios before the actual cutover.