Coinbase has announced plans to migrate institutional clients from its International Exchange to Deribit on September 9, 2026, consolidating its global derivatives operations onto a single platform following the completion of its $2.9 billion acquisition of the crypto options exchange.

The migration is expected to take approximately 30 minutes. During the transition, all open orders will be canceled, positions settled at mark price, and balances transferred to newly provisioned Deribit subaccounts. Positions will then be recreated on Deribit at the same settlement price through matched migration trades.

Clients who do not wish to migrate must close all positions and their International Exchange accounts by August 28. Any accounts remaining open after that date will be considered to have accepted the migration. Starting August 31, Deribit subaccounts will be accessible in a read-only state, allowing institutions to verify access, generate new API keys, and confirm portfolio mappings ahead of the cutover. Existing International Exchange API keys and margin loans will not carry over.

The consolidation follows Coinbase's agreement to acquire Deribit in a $2.9 billion deal — one of the largest acquisitions in the crypto industry's history. Deribit has long been the dominant venue for crypto options trading, consistently commanding the majority of global BTC and ETH options volume. By bringing that market leadership under one roof, Coinbase gains an established options infrastructure that would have taken years to build organically, while unifying liquidity that was previously divided across two platforms. The combined entity is positioned to offer broader product coverage — including a full options suite — a more scalable matching engine, and enhanced risk infrastructure.

Operational Changes and Post-Migration Framework

The transition entails significant operational adjustments. API endpoints must be updated to Deribit, as International Exchange APIs will no longer support trading after September 9, though historical data will remain accessible for approximately 12 months. Clients are advised to save their trading records before migration, as they will not be available on Deribit.

Settlement and funding mechanics will also change. Perpetual contract settlement will shift from five-minute intervals to once daily at 08:00 UTC. Funding, previously applied hourly without rate clamps, will accrue continuously under Deribit's framework. This system includes a damper that reduces the funding rate to zero when the mark price is near the index, as well as caps that vary by asset.

Margin requirements will be modified as well. All migrated accounts will default to Cross Standard Margin, with the option to switch to segregated or portfolio margin modes. Existing margin loans must be closed prior to migration. Post-cutover capital efficiency will be managed through custom institutional arrangements.

Legal and counterparty structures will vary by client. Some institutions will retain Coinbase Bermuda Limited as broker and custodian, with orders routed to Deribit. Others will trade directly with Deribit FZE while maintaining Coinbase custody. Certain third-party custody arrangements will be transitioned to Deribit Panama.

The combined platform will operate under a larger insurance fund. Coinbase has confirmed that no trading or settlement fees will be charged during the migration itself. The acquisition, which was announced in 2025 and is subject to regulatory approval, represents a major step in Coinbase's broader strategy to diversify beyond spot trading and compete more directly with established derivatives-focused exchanges in the global crypto market.