Coinbase to Migrate Institutional Derivatives Business to Deribit on September 9

Coinbase is consolidating its global institutional derivatives business by migrating International Exchange accounts, balances, and positions to Deribit on September 9, 2026. The transition requires a 30-minute trading pause during which open orders will be canceled, positions force-settled at mark price, and instantly recreated on Deribit. Institutional clients must opt out by August 28, 2026, or accept the migration. The move follows Coinbase's $2.9 billion acquisition of Deribit in August 2025.

Institutional derivatives migration timeline

• ▪Coinbase will provision new Deribit subaccounts in a read-only state starting August 31, 2026, to allow clients to verify access and generate API keys.
• ▪Coinbase International Exchange institutional clients who do not wish to migrate must close their positions and accounts by August 28, 2026.
• ▪Coinbase will migrate its International Exchange institutional accounts, balances, and positions to Deribit on September 9, 2026.
• ▪Coinbase expects approximately 30 minutes of trading downtime on the migration day of September 9, 2026.

Position settlement mechanics

• ▪Independent pricing on Coinbase International Exchange and Deribit before the cutover may cause immediate unrealized gains or losses for clients due to price divergence.
• ▪Coinbase will recreate settled positions on Deribit at the same settlement price through matched migration block trades.
• ▪Coinbase will cancel all open International Exchange orders and settle existing positions at the venue's mark price on the migration date.

API credential replacement requirements

• ▪Existing Coinbase International Exchange API keys will not function on Deribit, requiring clients to generate new credentials and update endpoints.
• ▪Legacy Coinbase International Exchange APIs will remain accessible for historical trade and order data for approximately 12 months post-migration.

Deribit fee tier structure

• ▪Coinbase will establish each institution's opening Deribit fee tier using the client's historical International Exchange trading volume.
• ▪Subsequent fee tiers after the migration will be calculated using Deribit's rolling 30-day trading volume schedule.

Custody counterparty arrangements

• ▪Some institutional clients will retain Coinbase Bermuda Limited as broker and custodian, with orders routed to Deribit for execution.
• ▪Certain institutional clients will trade directly with Deribit FZE while retaining Coinbase custody, while others using third-party custody will move to Deribit Panama.