Deribit Swallows Up Coinbase's Derivatives Open Interest
Coinbase's derivatives open interest on Deribit has reached a staggering 96.6%, surpassing Coinbase's own derivatives venue, according to a snapshot taken on September 1st. This figure is significant as it indicates that nearly all of the $40.65 billion in daily open interest displayed on Coinbase's dashboard already sits on Deribit.
The migration of institutional positions from the International Exchange to Deribit is scheduled for September 9th, but this has not affected the existing open interest on Deribit. The International Exchange accounts, open positions, and balances are set to migrate to Deribit on this date, with Coinbase expecting about 30 minutes of downtime.
The migration will also bring changes in settlement and funding mechanics, as well as new APIs and records. For traders, the immediate consequences will be a short period without control of positions, different settlement and funding mechanics, and a client-specific counterparty map.