Coinbase's Derivatives Open Interest Dominated by Deribit Ahead of September 9 Migration

Nearly all of Coinbase's derivatives open interest is currently held by Deribit, its global derivatives venue. According to a snapshot taken on September 1, $40.65 billion of daily open interest was displayed on Coinbase's derivatives dashboard, with Deribit accounting for $39.26 billion, or about 96.6%. The remaining $226.98 million in open interest is held by the International Exchange.

The transfer of institutional positions and accounts from the International Exchange to Deribit is scheduled to take place on September 9. During this time, there may be a short period without control of positions, new APIs and records, different settlement and funding mechanics, and a client-specific counterparty map for traders.

Coinbase has stated that all open International Exchange orders will be canceled, positions settled at the mark price with profit and loss crystallized and funding paid, resulting balances transferred, and positions recreated on Deribit at the same settlement price through matched migration trades.