CryptoSlate
Coinbase completed the migration of Coinbase International Exchange trading to Deribit on Oct. 1, 2026. The former venue is now read-only, with no parallel trading window. Coinbase marked migration maintenance complete at 10:02 UTC. The change affects non-US institutional accounts in selected jurisdictions; available products still depend on account type and location.
Why it matters
Coinbase says the move pools derivatives liquidity previously split between the two venues. For institutions, that consolidation comes with an immediate operational cutover: API and FIX users need Deribit endpoints and new API keys. International Exchange keys will not work, and existing IP allowlists do not carry over. Instrument names and order attributes also change.
Open orders on International Exchange were canceled at the halt, not transferred. Clients that still want those orders must recreate them on Deribit. Coinbase Bermuda Limited remains the broker, custodian and primary counterparty for affected institutional clients, routing their orders to Deribit.
Market impact
Migrated perpetual positions now settle daily at 08:00 UTC instead of every five minutes. Settlement adjusts cash balances for profits or losses without closing positions; funding accrues continuously and cash-settles at the same daily time. The quoted eight-hour funding rate is a separate convention.
Migration-tagged block trades recreate positions at the former venue's settlement price. They are booking entries, not fresh buying or selling, though a difference from Deribit's mark at reopening can produce immediate unrealized profit or loss. Legacy trade history does not appear on Deribit; Coinbase says historical trade and order APIs will remain available for approximately 12 months. The cutover does not make every derivatives product available in every jurisdiction.
Frequently asked questions
-
Which Coinbase clients are affected by the Deribit trading migration?
The migration affects non-US institutional accounts in selected jurisdictions. Product availability still depends on account type and location.
-
Can institutions keep using their International Exchange API keys?
No. API and FIX users need Deribit endpoints and new API keys. Existing IP allowlists do not carry over.
-
What happened to open orders on Coinbase International Exchange?
Open orders were canceled when trading halted, rather than transferred. Clients must recreate any orders they want to place on Deribit.
-
How does settlement change for migrated perpetual positions?
Positions now settle once daily at 08:00 UTC instead of every five minutes. Settlement adjusts cash balances without closing positions, and accrued funding cash-settles at the same daily time.
-
Where can institutions find their pre-migration trade history?
Legacy International Exchange history does not appear on Deribit. Coinbase says historical trade and order APIs will remain accessible for approximately 12 months after migration.
Crypto News
CoinTelegraph
TheBlock
WatcherGuru
CoinDesk
WuBlockchain