Coinbase Migrates Institutional Positions to Dominant Deribit Venue

Coinbase's derivatives platform is undergoing a significant change on September 9. On that day, institutional positions at its smaller International Exchange will migrate to Deribit, which already holds nearly all of Coinbase's open interest.

According to a snapshot taken on September 1, Deribit accounted for $39.26 billion, or 96.6%, of the $40.65 billion in daily open interest across three venues. The remaining positions were held by Coinbase Derivatives and International Exchange, with the latter contributing just 0.6%.

The migration is expected to result in a short period without control of positions, as well as changes to settlement and funding mechanics. Institutional traders will need to adapt to new APIs and records, and clients will require new credentials for connections.