Coinbase will transfer institutional clients' International Exchange accounts, balances, and open positions to Deribit on September 9. The migration is expected to pause trading for about 30 minutes. Institutions that do not want to participate must close their positions and International Exchange accounts by August 28.
Migration Details
Coinbase will provision clients' Deribit subaccounts in a read-only state on August 31, allowing institutions to confirm account mappings, test access, and create API credentials. On September 9, Coinbase will cancel every open International Exchange order, settle existing positions, and transfer the resulting balances into Deribit subaccounts.
The company will then recreate the positions at the same settlement price through matched migration trades, which will appear as block trades tagged 'Migration' in Deribit's records. Existing Coinbase International Exchange API keys will not work on Deribit, and clients must create new Deribit credentials and change their endpoints before trading resumes.
Post-Migration Changes
Margin loans will remain behind, and institutions must close all existing loans before the cutover. Deribit will use clients' International Exchange volumes to establish their opening fee tiers, and later tiers will depend on rolling 30-day Deribit trading volume. The migration itself is free, but regular trading fees will follow Deribit's schedule afterward.