Coinbase institutional clients have until Aug. 28 to opt out of automatic migration to Deribit. After that, accounts move, API keys change, and funding caps apply. New keys and margin close-out required.
Coinbase institutional clients have until August 28 to opt out of an automatic migration to Deribit. After that date, staying on the platform counts as consent. Accounts, balances, and open positions move over without further action.
The migration process starts with every open order on Coinbase International Exchange being canceled. Positions are then settled at the prevailing mark price. That locks in profit and loss. Any funding owed is paid out. The same positions are recreated on Deribit at that settlement price through matched migration trades. Clients cannot trade or adjust positions while this happens. Once finished, positions appear in new Deribit subaccounts tagged as migration trades so they are not confused with regular activity, Coinbase said.
Who a client’s counterparty and custodian becomes after the move depends on their existing setup. Someone with only a Coinbase International Exchange account keeps Coinbase Bermuda Limited as both broker and custodian, with orders routed through CBBM to Deribit for execution. A client already trading on both platforms keeps CBBM as custodian only but trades directly against Deribit FZE. Clients using third-party custodians move to Deribit Panama. Those holding both a Coinbase International Exchange account and a separate Deribit Panama account will see one of those relationships close and consolidate into the other, based on custody setup. Account managers are reaching out individually where more is needed, the company said.
Some tasks remain for clients. Existing Coinbase International Exchange API keys will not work on Deribit. New ones must be generated after the Deribit subaccount is provisioned. Margin loans do not transfer. They need to be closed out before the migration. Trading history stays reachable through Coinbase International Exchange’s own APIs for roughly 12 months after the migration, Coinbase said. It will not appear inside Deribit or Coinbase Prime, so bookmarks and integrations pointing at the old endpoints need updating.
Two structural changes affect how positions behave: settlement frequency and funding. Positions stay open through the daily settlement. Only session profit and loss is realized and reset on that clock. The funding change is more substantial. Instead of a rate that can move freely with no ceiling, Deribit’s structure caps how far it can go. Coinbase flagged the shift in funding rate design. For desks running strategies built around funding-rate volatility, including basis trades or funding arbitrage calibrated to Coinbase International Exchange’s uncapped swings, the company noted that Deribit’s caps may matter more than the settlement-clock change. If the caps bind with regularity, expected returns on funding-sensitive positions could shrink measurably once trading moves over.
Coinbase will initially set a client’s Deribit fee tier using their existing Coinbase International Exchange trading volume. After that, tier status follows Deribit’s own 30-day lookback system, which allows daily tier upgrades. On margin, clients default to Cross Standard Margin, which pools collateral across assets so Bitcoin holdings can support an ether-settled position. Clients who want something else can switch to a fully segregated version or one of two portfolio-margin variants applying scenario-based risk to either a single asset or the whole account. Each subaccount can choose independently.
Coinbase has flagged all of these dates as estimates. Timelines remain subject to change with notice where required, the company said. For institutional desks, the practical task between now and September 9 is less about deciding whether to migrate and more about making sure API integrations, margin positions, and funding-sensitive strategies are ready for a venue running on different rules than the one they are used to.
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