Coinbase to move institutional positions to Deribit on Sept. 9

Coinbase plans to migrate institutional International Exchange accounts, balances and open positions to Deribit on Sept. 9. The migration will cancel open orders, settle positions at venue mark prices with profit-and-loss crystallized and funding paid, transfer resulting balances to Deribit and recreate positions through matched migration trades during an expected 30-minute cutover.

The company’s guidance says all open International Exchange orders will be canceled before settlement. Coinbase and Deribit will independently settle their markets prior to the switch; if settlement prices differ at reopen, institutions may see immediate unrealized PnL when positions reappear on Deribit. Coinbase expects the migration will not generate trading or settlement fees.

Institutions that do not wish to migrate must close positions and their International Exchange account by Aug. 28. Accounts left open after that date will be treated as having accepted migration and the new terms. New Deribit subaccounts should be available in a read-only state on Aug. 31 so clients can verify access, generate API keys, confirm portfolio mappings and request position or withdrawal limits. All dates are estimates and may change.

Technical changes include new API keys and updated endpoints and credentials for Deribit; existing International Exchange API keys will not work on the new platform. Legacy International Exchange APIs are expected to remain accessible for roughly 12 months for historical trade and order data, but that history will not appear on Deribit. Institutions that need records for reporting or tax purposes are advised to export and save them before migration.

Existing margin loans will not transfer and must be closed prior to the cutover. Post-migration margin requirements will depend on the selected Deribit mode and any institutional agreements in place. Custody and counterparty arrangements will vary by client: some will retain Coinbase Bermuda Limited as broker and custodian, some will trade directly with Deribit FZE while keeping Coinbase custody, and certain third-party custody setups will move to Deribit Panama. Account managers will provide specific instructions based on each client’s account setup, legal entity and jurisdiction.

Firms should confirm API connectivity, portfolio mappings and any required limits in the days between read-only subaccount availability and the Sept. 9 cutover to ensure positions reappear and remain enforceable under the migration process.