Institutions have until Aug. 28 to opt out before Coinbase migrates International Exchange accounts to Deribit. Trading pauses for 30 minutes on Sept. 9 during the cutover.
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Coinbase will transfer institutional clients' International Exchange accounts, balances and open positions to Deribit on Sept. 9. Trading will pause for about 30 minutes during the cutover.
The company set Aug. 28 as the deadline for institutions that do not want to participate. Those clients must close their positions and International Exchange accounts before that date. Accounts left open will be treated as having accepted the updated terms and the migration.
The transfer pushes Coinbase's global derivatives consolidation forward. Coinbase completed its acquisition of the crypto options exchange in August 2025 after agreeing to pay roughly $2.9 billion. At closing, Coinbase described Deribit as the largest crypto options venue by volume and open interest.
Coinbase expects to provision clients' Deribit subaccounts in a read-only state on Aug. 31. Institutions can use that window to confirm account mappings, test access, create API credentials and request withdrawal or position limits.
On Sept. 9, Coinbase will cancel every open International Exchange order. It will settle existing positions at the venue's mark price, crystallize profit and loss, pay accrued funding and transfer the resulting balances into Deribit subaccounts.
Coinbase will then recreate the positions at the same settlement price through matched migration trades. Those entries will appear as block trades tagged "Migration" in Deribit's records. Coinbase says they will be administrative entries, not new trades initiated by clients.
International Exchange and Deribit price and settle their markets independently before the cutover. A gap between their market prices could produce immediate unrealized gains or losses when Deribit reopens. Coinbase says this would reflect the price difference during downtime, not a migration charge or realized loss. No trading or settlement fees will apply to the transfer itself.
Existing Coinbase International Exchange API keys will not work on Deribit. Clients must create new Deribit credentials and change their endpoints before trading resumes.
Coinbase's current INTX perpetual trading endpoints will retire on Sept. 9. The replacement gateway uses JSON-RPC 2.0 through HTTP and WebSocket connections. Coinbase says it will support trailing stops, market-limit orders and WebSocket order entry. The company's claims of "deeper liquidity" and lower latency describe expected product benefits rather than independently measured outcomes.
International Exchange trading and order records will not appear inside Deribit. Coinbase expects to keep its legacy APIs accessible for historical data for roughly 12 months. It has advised institutions to save their records before migration for audits, taxes or regulatory reporting.
Margin loans will also stay behind. Institutions must close all existing loans before the cutover. Accounts will initially enter Deribit's Cross Standard Margin system, though clients can select other margin models based on portfolio and contractual arrangements.
Deribit will use clients' International Exchange volumes to set their opening fee tiers. Later tiers depend on rolling 30-day Deribit trading volume. The migration is free, but regular trading fees follow Deribit's schedule afterward.
The migration does not create one legal structure for every institution. Clients using only Coinbase International Exchange will generally keep Coinbase Bermuda Limited as their broker and custodian, with orders routed to Deribit for execution.
Institutions already trading directly on both venues may keep Coinbase Bermuda as custodian while using Deribit FZE as their trading counterparty. Some clients using outside custodians will move their trading relationship to Deribit Panama. Coinbase said account managers will send instructions where additional action is required.
The providing entity depends on the institution's jurisdiction and account type. Relevant entities include Coinbase Bermuda Limited, Dubai-regulated Deribit FZE, DRB Panama and Coinbase Financial Markets, a U.S. futures commission merchant and National Futures Association member.
Coinbase cautioned that every announced date remains an estimate. The company could change the Aug. 31 provisioning date or Sept. 9 migration date and provide notice where required. Product access will also vary by country and client eligibility.
The consolidation follows Coinbase's effort to turn Deribit into the main venue for its global derivatives business. When the acquisition closed, Deribit had roughly $60 billion in open interest and had processed more than $185 billion in July 2025 trading volume, according to company figures.
Coinbase reported $1.03 trillion in crypto derivatives trading volume during the second quarter of 2026, almost unchanged from the preceding quarter. The company said its derivatives market share reached a record level and increased for a third consecutive quarter. It identified unified U.S. and international liquidity through Deribit as one of its next operational steps.
As crypto.news previously reported, the acquisition gave Coinbase an immediate position in the institutional options market rather than requiring it to build an equivalent venue internally.
The international migration sits beside Coinbase's regulated U.S. derivatives expansion. In May, the Commodity Futures Trading Commission confirmed that specified Deribit perpetual contracts could receive treatment as foreign futures under certain conditions. Staff also provided conditional relief involving customer crypto collateral transferred through Coinbase Financial Markets.
In related coverage, crypto.news reported that Coinbase opened Deribit options access to eligible U.S. institutions through its regulated futures commission merchant. That route is separate from the Sept. 9 migration of International Exchange accounts, though both initiatives use Deribit as the underlying derivatives venue.
The next firm deadline is Aug. 28 for institutions opting out. Participating clients must test their Deribit access from Aug. 31, close margin loans and replace API connections before the planned Sept. 9 cutover.
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