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Coinbase to migrate International Exchange institutional accounts to Deribit
The cutover is set for Sept. 9, with about 30 minutes of downtime and a planned Aug. 28 opt-out boundary for clients that want to avoid migration.
Coinbase plans to move its Coinbase International Exchange institutional accounts, balances, and positions to Deribit in a scheduled migration, with Sept. 9 set as the planned cutover date, according to CryptoSlate.
The process would cancel all open International Exchange orders, settle positions at the venue mark price, and crystallize PnL before balances transfer to Deribit. Coinbase expects downtime of roughly 30 minutes on migration day, and then recreate the positions at the same settlement price through matched migration trades, rather than treating the move as a typical close and reopen.
The migration is intended for International Exchange institutional clients, not the retail migration path for Coinbase app and website users. Coinbase cites Aug. 28 as the boundary for clients that do not want to migrate, including instructions to close positions and, separately, to close the International Exchange account before Aug. 28; accounts left open are deemed to have accepted the new terms.
Coinbase also says clients will need to update Deribit API endpoints and credentials because existing International Exchange API keys will not work on Deribit. It expects new Deribit subaccounts to be available in read-only form on Aug. 31 for institutions to verify access and mapping, and it says the migration will not incur trading or settlement fees, while existing margin loans must be closed before cutover.