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Coinbase schedules Sept. 9 Deribit migration for institutional clients
The cutover includes canceling open orders, force-settling positions at Deribit mark prices, and requiring institutions to close International Exchange accounts or positions by Aug. 28 if they do not want to migrate.
Coinbase has scheduled a migration for its International Exchange institutional clients to Deribit, with the planned cutover set for Sept. 9, according to CryptoSlate. The move would shift accounts, balances, and positions to Deribit, cancel open orders, settle positions at market prices, and then recreate those positions on Deribit.
Coinbase says Aug. 28 is the opt-out boundary for institutions that do not want to migrate. Its institutional migration materials indicate that clients should close positions and, separately, close their International Exchange account before Aug. 28, because accounts left open will be treated as having accepted the new terms.
On migration day, Coinbase expects about 30 minutes of downtime. It also expects Deribit subaccounts to be available in a read-only state on Aug. 31 to let institutions verify access, generate new API keys, confirm portfolio mappings, and request position or withdrawal limits.
Coinbase said the migration is not expected to incur trading or settlement fees. However, existing International Exchange API keys will not work on Deribit, legacy International Exchange APIs are expected to remain accessible for historical trade and order data for about 12 months, and any existing margin loans must be closed before cutover.