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Coinbase to move $227 million in derivatives positions to Deribit on Sept. 9
Deribit already held about $39.26 billion of Coinbase derivatives open interest, and Coinbase expects roughly 30 minutes of downtime for the cutover.
Coinbase is scheduled to migrate institutional derivatives positions from its smaller International Exchange to Deribit on Sept. 9, moving about $226.98 million of the International Exchange book, client accounts, and trading infrastructure, CryptoSlate reports.
Ahead of the cutover, a Sept. 1 Coinbase derivatives dashboard snapshot showed $40.65 billion of daily open interest across three venues, with Deribit accounting for $39.26 billion, or about 96.6%, while Coinbase Derivatives held $1.17 billion and International Exchange held $226.98 million.
Coinbase says open interest already displayed at Deribit will remain there, and it cautions that the Sept. 9 date depends on client readiness and regulatory approvals and could change, according to its migration materials. The company also expects about 30 minutes of downtime for the migration.
Coinbase’s institutional FAQ says all International Exchange open orders will be canceled, positions will be settled at the mark price with profit and loss crystallized and funding paid, then resulting balances and positions will be recreated on Deribit at the same settlement price through matched migration trades. The company notes that open interest is a measure of outstanding derivatives positions, not customer assets or exchange revenue, and that the dashboard figures are live snapshots.