Coinbase Moves Institutional Accounts to Deribit Amid Cutover

Coinbase plans to migrate institutional accounts from its International Exchange to Deribit on September 9, marking a significant shift in the cryptocurrency trading landscape.

According to Coinbase, all open positions will be settled at market prices, with PnL crystallized and funding paid before being recreated at the same settlement price through matched migration trades. The process is expected to take around 30 minutes, during which time there may be some downtime.

Clients who do not want to migrate their accounts must close positions and International Exchange account before August 28, which Coinbase has labeled as the last day to opt out. Existing margin loans will also need to be closed before the cutover, as they will not move to Deribit.

It's worth noting that this change only affects institutional clients of Coinbase's International Exchange and does not apply to retail users of the Coinbase app and website.