Institutions that miss the Aug. 28 opt-out deadline face automatic settlement of open positions. Margin loans must close before Coinbase's Deribit cutover.
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Coinbase expects to move institutional accounts and open positions from Coinbase International Exchange to Deribit on Sept. 9, a planned cutover that cancels open orders and settles positions at the venue's mark price. The change applies only to International Exchange institutional clients. Retail users on the Coinbase app and website are not part of this migration.
Clients who do not want to migrate face a firm deadline. Coinbase's institutional migration FAQ calls Aug. 28 the last day to opt out by closing positions. A client that does not wish to migrate must close its International Exchange account before that date. Accounts left open will be deemed to have accepted the new terms, the exchange said. Coinbase says all stated dates and timelines are estimates and may change.
Coinbase expects new Deribit subaccounts to appear in a read-only state on Aug. 31. Institutions get about a week to verify access, generate API keys, confirm portfolio mappings and request position or withdrawal limits before the cutover.
Migration day includes about 30 minutes of downtime, Coinbase expects. Open International Exchange orders are canceled first. Positions are then force-settled at the venue's mark price, which crystallizes PnL and pays funding before balances move to Deribit. Coinbase plans to recreate the positions at the same settlement price through matched migration trades.
The two venues settle their markets independently before cutover. If their prices differ at that point, clients may see immediate unrealized PnL when Deribit reopens, the exchange said. Positions are recreated at Coinbase's settlement price, and any gap with Deribit's mark at the open is day-one PnL. The migration will not incur trading or settlement fees.
Existing International Exchange API keys will not work on Deribit. Clients must update endpoints and credentials. The legacy APIs should remain accessible for historical trade and order data for about 12 months, Coinbase says, though that history will not carry over to Deribit. Institutions that need records for reporting or tax purposes are advised to save them before migration.
Margin loans will not move to Deribit. They must be closed before cutover. Post-migration margin requirements will depend on the selected Deribit mode and any custom institutional arrangement, Coinbase said.
Custody and counterparty structures vary by client. Some will retain Coinbase Bermuda Limited as broker and custodian. Others will trade directly with Deribit FZE while keeping Coinbase custody. Certain third-party-custody arrangements will move to Deribit Panama. The exact instructions depend on the client's account setup and jurisdiction. Coinbase says account managers will provide additional steps where required.
Coinbase's International Exchange trading rules state that migrated positions remain open and enforceable, and that the process does not constitute an ordinary closure and reopening.
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