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Deribit holds about 96.6% of Coinbase derivatives OI ahead of Sept. 9 migration
Coinbase expects roughly 30 minutes of downtime for the Sept. 9 move, which transfers International Exchange open positions and infrastructure totaling about $227.0 million.
Nearly all of the open interest shown on Coinbase’s derivatives dashboard is already concentrated on Deribit ahead of Coinbase’s scheduled Sept. 9 migration of institutional positions from Coinbase International Exchange. CryptoSlate reports that an Sept. 1 dashboard snapshot at 15:42 UTC showed $40.65 billion of daily open interest across three venues, with Deribit accounting for $39.26 billion, or about 96.6%.
The same snapshot put Coinbase Derivatives at $1.17 billion, while International Exchange accounted for $226.98 million. Coinbase says the Sept. 9 transfer covers the International Exchange book of $226.98 million, including client accounts and trading infrastructure, while open interest of about $39.26 billion already at Deribit remains on the venue.
CryptoSlate notes that Coinbase expects the cutover to be operationally significant even though International Exchange represents less than 1% of the displayed open interest. Coinbase’s materials project about 30 minutes of downtime, and the company states the migration date depends on client readiness and regulatory approvals, and remains subject to change.
Coinbase also outlined migration mechanics for institutional traders, including that all open International Exchange orders will be canceled, positions will be settled at the mark price with profit and loss crystallized and funding paid. Coinbase describes how the resulting balances will be transferred and positions recreated on Deribit through matched migration trades during the migration window, tagging those trades as administrative records.