Coinbase Moves Perpetual Futures to Deribit Ahead of Schedule
Coinbase is moving its international perpetual futures trading infrastructure to Deribit on September 9, marking the completion of an integration that has already consolidated nearly all of its derivatives open interest at the exchange it acquired last year.
A snapshot from September 1 showed $40.65 billion in venue-level open interest across Deribit, Coinbase Derivatives, and International Exchange, with Deribit holding a dominant 96.6% or $39.26 billion of that total.
The migration will be largely automatic for users trading perpetuals through the Coinbase app or website, although there may be brief periods of unavailability during the transition.
Open positions will be settled at the prevailing mark price, and traders' economic exposure will be preserved as their positions are reconstructed on Deribit at the same settlement price using matched trades flagged as migration transactions. No trading or settlement fees will be charged for the migration itself.