Coinbase finishes Deribit migration, halts International Exchange

Coinbase completed migration of its International Exchange to Deribit on Oct. 1, 2026, marking the cutover at 10:02 UTC. Trading on the legacy International Exchange stopped and the old venue was set to read-only while active execution moved to Deribit’s matching engine.

The change applies to selected non‑U.S. institutional accounts. Order execution, settlement timing and recordkeeping for those accounts now occur on Deribit. Institutions that used API or FIX connections must switch to Deribit endpoints and create new Deribit API keys because International Exchange keys no longer function.

Deribit’s migration guidance notes that API-key IP allowlists do not transfer, instrument names and order attributes differ on the new venue, and there was no parallel trading window. Open orders on the International Exchange were canceled at the halt and must be recreated on Deribit if clients wish to reinstate them.

Operational and legal arrangements remain layered. Coinbase Bermuda Limited retains the role of broker, custodian and primary counterparty for affected institutional clients and continues to route orders to Deribit. Trade and account histories are split: legacy trade and order APIs for the International Exchange will remain accessible for about 12 months, but those records do not appear on Deribit.

Perpetual contracts migrated to Deribit now settle once daily at 08:00 UTC, replacing the International Exchange’s five‑minute settlement cycle. Daily settlement will credit profits or deduct losses from cash balances without closing the positions. Funding for migrated perpetuals continues to accrue continuously and is cash‑settled at the same daily time; the platform’s quoted eight‑hour funding rate is a separate convention from the daily cash settlement.

Block trades tied to the migration are recorded as bookings tagged “Migration” that recreate positions at the International Exchange settlement price. Those entries are accounting artifacts rather than new buys or sells. A gap between the settlement price used for the migration and Deribit’s mark price at reopening can produce an immediate unrealized gain or loss on rebooked positions.

Retail customers who trade through Coinbase’s app and website keep their Coinbase accounts and core workflows, though screens and market‑data sources will reflect the Deribit gateway. Not all derivatives products are available in every account type or jurisdiction immediately. Coinbase continues to identify its CFTC‑regulated Coinbase Derivatives futures separately, and U.S. Prime options access follows a different timetable. The company’s retail FAQ indicates plans to offer in‑app options for eligible users in selected non‑U.S. jurisdictions from late October, subject to regulatory permissions.

Institutions affected by the migration must review connectivity settings, recreate any canceled orders they still want, and reconcile separate historical records for pre‑ and post‑migration activity. Coinbase described the change as a consolidation of derivatives liquidity onto Deribit while maintaining Coinbase account and custody relationships for institutional clients.