Coinbase Shifts Institutional Derivatives to Deribit

Coinbase will transfer its institutional derivatives accounts to Deribit on September 9. This move affects all overseas derivatives exchange services used by institutional clients, who must either close their positions and shut down their accounts or agree to the new terms by August 28.

The transfer process involves suspending trading for about 30 minutes, canceling open orders, and rebuilding existing positions on Deribit after profit and loss are settled at a reference price from Coinbase. Existing API keys will not work on Deribit and must be newly issued, while margin loans also won't be transferred.

Coinbase emphasizes that the transfer does not mean positions are being closed, but unrealized profit or loss could appear if Coinbase and Deribit use different reference prices. The company advises institutional clients to close their positions and accounts by August 28 if they don't want the transfer.