Coinbase to Migrate Institutional Clients to Deribit in 30-Minute Window

Coinbase has announced plans to migrate its institutional clients from the International Exchange to Deribit, a move that will see positions settled and recreated within a 30-minute window.

The cutover is scheduled for September 9, but clients who do not wish to migrate must close their positions by August 28 or be deemed to have accepted the new terms.

During the migration process, open orders on the International Exchange will be canceled, and positions will be settled at market prices. The resulting balances will then move to Deribit, where the positions will be recreated at the same settlement price through matched migration trades.